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Is buy to let an option?
Comments
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The best (possibly only) way to learn about BTL is to start small. Buy a property that is relatively cheap and do it up before renting it out.
You need to know about houses to avoid spending any income on expensive tradesmen. You need to learn about dealing with tenants, about filing tax returns. I started with one house that cost me less than £20K and now I have an empire of one
I know a lot more now than I did in 2001 and I could not have gained that knowledge at college or university (polytechnic in old money). If there is a good time to buy another property I will do so but I'd want twice as much as I could earn by simply investing in a bank or building society. I don't know of any area of the UK where this is possible at the moment - 8% is about the best that I have seen.
Maybe you could find someone with a similar interest but perhaps a different skillset, to learn the ropes together.
GGThere are 10 types of people in this world. Those who understand binary and those that don't.0 -
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electricemma wrote: »I've no idea about it, I've always switched off my brain when it's been talked about on tv, and why? Because I am not a money grabbing, greedy, finance obsessed idiot like you have branded me. I do not think I am the next BTL king as I do not know about BTL I just wondered what it was.
People who judge you on forums naff me off.
Fair enough, I guess I owe you an apology.
Sorry
. poppy100 -
izzybusy23 wrote: »
. I am a renter and I hate the whole BTL brigade as they have FORCED me into renting because of pure greed.
quote]
It shows
hehe:DThe word "dilemma" comes from Greek where "di" means two and "lemma" means premise. Refers usually to difficult choice between two undesirable options.
Often people seem to use this word mistakenly where "quandary" would fit better.0 -
izzybusy23 wrote: »Personally if I was the OP I would 1) invest the £10k in a high interest savings account or 2) pay off her OH's debts or 3) buy her own property to 'live in' and not as an investment.
No. You would spend it on rent.
GGThere are 10 types of people in this world. Those who understand binary and those that don't.0 -
I still think she should use it to build up a BTL portfolio.
Bankruptcy isn't the worst that can happen to you. The worst that can happen is your forced to live the rest of your life in abject poverty trying to repay the debts.0 -
Gorgeous_George wrote: »The best (possibly only) way to learn about BTL is to start small. Buy a property that is relatively cheap and do it up before renting it out.
You need to know about houses to avoid spending any income on expensive tradesmen. You need to learn about dealing with tenants, about filing tax returns. I started with one house that cost me less than £20K and now I have an empire of one
I know a lot more now than I did in 2001 and I could not have gained that knowledge at college or university (polytechnic in old money). If there is a good time to buy another property I will do so but I'd want twice as much as I could earn by simply investing in a bank or building society. I don't know of any area of the UK where this is possible at the moment - 8% is about the best that I have seen.
Maybe you could find someone with a similar interest but perhaps a different skillset, to learn the ropes together.
GG
its probably still possible farming dole scum in some of the glasgow estates but i doubt there would ever be any captital apreciation as the council just make the place unenhabitable then compulsory purchase the places at the market rate of an estate with 90% unocupied and crack houses in the rest.
oh and you would also get to deal with people whos first instict would be to burn the place down(or you) if they felt like it.0
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