Buying a Flat to Rent Out

davidmcn

newlandlord555 said:

AdrianC said:

newlandlord555 said:

But I dont really trust the law courts in this country.

Starting a business here seems an odd move, then, given that you live elsewhere.

Im not starting a business.

To be fair, this bit's true, as the whole thing is yet another of the OP's fantasy threads. 

newlandlord555

lisyloo said:

Putting money into other investments can involve very little effort and some have tax benefits e.g. 25% tax free lump sums on pensions (all legislation can be changed).

I keep hearing thing like this without ANY evidence or details whatsoever. I think they are stocks and shares investments as I have already said i consider that as gambling. What investments do you talk of ?

Comms69

newlandlord555 said:

lisyloo said:

Putting money into other investments can involve very little effort and some have tax benefits e.g. 25% tax free lump sums on pensions (all legislation can be changed).

I keep hearing thing like this without ANY evidence or details whatsoever. I think they are stocks and shares investments as I have already said i consider that as gambling. What investments do you talk of ?

Have you tried google.com ?

[Deleted User]

Comms69 said:

newlandlord555 said:

lisyloo said:

Putting money into other investments can involve very little effort and some have tax benefits e.g. 25% tax free lump sums on pensions (all legislation can be changed).

I keep hearing thing like this without ANY evidence or details whatsoever. I think they are stocks and shares investments as I have already said i consider that as gambling. What investments do you talk of ?

Have you tried google.com ?

@newlandlord555 could even scroll on down to the Savings & Investments board.

lisyloo

newlandlord555 said:

lisyloo said:

Putting money into other investments can involve very little effort and some have tax benefits e.g. 25% tax free lump sums on pensions (all legislation can be changed).

I keep hearing thing like this without ANY evidence or details whatsoever. I think they are stocks and shares investments as I have already said i consider that as gambling. What investments do you talk of ?

I hadn't see your attitude to investments, which is unusual but up to you.

Let me rephrase then, you still need to work out whether this is better than a high st savings account considering the costs, hassle, work and risks involved. Have you priced it all up? factored in your time? and worked out what the return is?

What return do you expect? and is that after offering your time for free? (you'll still have to communicate and deal with the agent even if they do the rest of the legwork - my agent contacts the landlord every time there's a decision to make).

BTW - you'll be "gamling" or taking a risk on a tenant. They might damage the place, leave it flea infested, not pay etc. A single property is considered riskier than a balanced portfolio of funds.

csgohan4

OP have you done a business case and researched it for yourself, relying on a bunch of internet strangers to do your math is ill advised. 

If you are genuine, you seem to be playing down the negatives of having tenants who are not always 100% to pay rent or treat your place with respect.

Do you know how much a new boiler costs? Repair costs, obligations e,t,c?
A couple of real life scenarios for you to digest

https://forums.moneysavingexpert.com/discussion/5896992/evicting-tenants-via-court-and-bailiffs/p1

https://forums.moneysavingexpert.com/discussion/5983050/taking-tenant-to-small-claims-court 

csgohan4

IAMIAM said:

I SENSE WHENEVER A BUY TO LET LANDLORD ASKS FOR ANY ADVICE, ITS THE DO NOT DO IT BRIGADE AS USUAL ON HERE. ALL NEGATIVITY.

Is that due to your own advice from your own thread which you didn't like, accidental clueless landlord?

https://forums.moneysavingexpert.com/discussion/6165196/accidental-landlord-do-i-pay-tax/p1

Grumpy_chap

I see the OP is looking to get a BTL near a University town.  Lots of reason why that is a good idea and reason to show caution.  I just wonder, particularly, in these times with coronavirus whether the OP has considered and assessed if there will be a demand in University towns that changes the market.  Normally University town is a sure-fire and as the Universities take more students every year, there is always a shortage of properties to the demand, so it is a sensible location.  Will there be the same number of students attending in person on site at Universities following lock-down?  An important consideration and I genuinely do not know what Universities are doing from the start of the new academic year.

MaryNB

newlandlord555 said:

I know about them because I watched a 10 minute video on youtube today. Seemed to cover it all. The agent will i guess thoroughly vet the tenant before letting to them and also get a sizeable deposit from them and some sureties . But I dont really trust the law courts in this country. Im all for protecting tenants from unscrupulous landlords but landlords also need protection . 

Unfortunately, you guess wrong. I know you think people are being rude in this thread but this is very naive. They won't thoroughly vet them. The tenant's behaviour is a huge risk. Some people just don't know how to live in a house. I've lived in professional houseshares for 6 years and every time the landlord or agency has asked for references and financial details.

I've lived in houses/flats where there's been a housemate who done at least one of the following: 
- repeatedly paid rent late
- lived in squalor (stench from some people's bedrooms has been unbearable) 
- had been in charge of bills but paid none of them (essentially stealing from other tenants) and then absconded
- reported numerous non-issues that result in a plumber being called out at the landlord's expense (several housemates have fit this bill) because they don't understand basic plumbing.
- ignored a major gas leak in the house
- would frequently open the all windows if the house was too warm but would leave the heating on full blast (bills included in the rent at that property)
- left ground floor windows wide open when they went out (despite numerous warnings from me, all ignored)

In the last year or so, careless behaviour from professional tenants (or their friends) in my building (four flats) has resulted in us having to call out the fire brigade, and another time the police. One lot caused a leak into another property because they didn't unblock the shower drain (they let the shower overflow), and another smashed a very large old sash window.

theartfullodger

newlandlord555 said:

No . I saved the 90,000 overseas on a low salary over 25 years work. I cant see the problem if I have good tenants in and I buy at 80,000. 

This cannot be serious, surely!