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I want this flat, but wont pay the rent....
Benefits_Blagger
Posts: 537 Forumite
.... they are asking for!!!
http://www.rightmove.co.uk/viewdetails-17197027.rsp?pa_n=1&tr_t=rent
some of you might have heard of these properties, these are the ones that were in the guardian which have fallen from £250,000 to just a shade of £100k.
i;ve just read in another thread that 3 of these properties were sold at auction of £111k,£112k & £113k at auction yesterday.
considering this, the rent on these places are just too high.
e.g. £700*12=£8400 =7.56% yield, there is no way iam going to pay this.
however i would be prepared to pay £500-£550 a month, which would represent a yield of 5.4%-5.94% to anyone who has just purchased one of these repossed properties.
how do i go about negotiating the rent with an agent, or finding someone who has just bought one of these at a knockdown price ?
if it helps, i would be paying my rent up front.
http://www.rightmove.co.uk/viewdetails-17197027.rsp?pa_n=1&tr_t=rent
some of you might have heard of these properties, these are the ones that were in the guardian which have fallen from £250,000 to just a shade of £100k.
i;ve just read in another thread that 3 of these properties were sold at auction of £111k,£112k & £113k at auction yesterday.
considering this, the rent on these places are just too high.
e.g. £700*12=£8400 =7.56% yield, there is no way iam going to pay this.
however i would be prepared to pay £500-£550 a month, which would represent a yield of 5.4%-5.94% to anyone who has just purchased one of these repossed properties.
how do i go about negotiating the rent with an agent, or finding someone who has just bought one of these at a knockdown price ?
if it helps, i would be paying my rent up front.
0
Comments
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I'd be up front about it. Tell them what you're prepared to pay and what your situation is.0
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May be you should look at some of these, in the same development, but cheaper?
http://www.rightmove.co.uk/viewdetails-20414498.rsp?pa_n=1&tr_t=rent
http://www.rightmove.co.uk/viewdetails-16852378.rsp?pa_n=1&tr_t=rent
http://www.rightmove.co.uk/viewdetails-19830323.rsp?pa_n=2&tr_t=rent
http://www.rightmove.co.uk/viewdetails-17119810.rsp?pa_n=2&tr_t=rent
http://www.rightmove.co.uk/viewdetails-16815748.rsp?pa_n=3&tr_t=rent...much enquiry having been made concerning a gentleman, who had quitted a company where Johnson was, and no information being obtained; at last Johnson observed, that 'he did not care to speak ill of any man behind his back, but he believed the gentleman was an attorney'.0 -
BenefitsBlagger - would you be hoping to sub-let your car parking space by any chance?
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They're all minging... and over half a normal, everyday person's monthly takehome pay... no wonder there aren't enough tenants to go round.0
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BenefitsBlagger - would you be hoping to sub-let your car parking space by any chance?
LMAO, that's what I was thinking.
(I used to have a weekend job in an estate agents and we had a lot of flats on the books in a development at the top of the road. They almost always used to rent without the parking space, because the LL could make more from renting the parking space separately to the owners of the businesses on the ground floor :rolleyes: )They deem him their worst enemy who tells them the truth. -- Plato0 -
PasturesNew wrote: »They're all minging... and over half a normal, everyday person's monthly takehome pay... no wonder there aren't enough tenants to go round.
I quite like 'em
(But you'd have to see some of the disgusting pits in the SE I have rented to understand why perhaps). They deem him their worst enemy who tells them the truth. -- Plato0 -
Hi Blagger so you want to pay 5.4%-5.94% of the less the new half price purchase price. Thats so kind of you so you want it for less than the interest the buyer will be paying and all your repairs for free! Well good luck to you but as a landlord i would not buy a property for someone else to live in at my expense.Debts as of 01/june/08
[strike]Dad 15,500[/strike] [strike]11,000[/strike] [STRIKE]9000[/STRIKE]
[strike]Friend[/strike] [STRIKE]5000[/STRIKE]
[strike]Other 1000[/strike] 0.0
Egg [strike]7633.14[/strike] [strike]6000@0%[/strike]:T0 -
Hi Blagger so you want to pay 5.4%-5.94% of the less the new half price purchase price. Thats so kind of you so you want it for less than the interest the buyer will be paying and all your repairs for free! Well good luck to you but as a landlord i would not buy a property for someone else to live in at my expense.
LOL, Thats the market isn't it?
He pays your interest and you pay off the capital, thereby in 10 years you own a 100k house... which probably has grown to 200k
Isnt that the typical business model? Or do you want him to just pay all the mortgage on the property as well?
Some BTL landlords are crazy lol.... i will shed a tear when they get burnt.0 -
Hi neas if you check the business model for BTL the rental income is supposed to be 120% of the mortgauge payments regardless if its capital repayment or interest only to cover void periods, repairs etc. If blagger can get away ith it fine but as he says "I want the flat..." then he should pay the asking price. As for capital growth using the figures he provided it works out at oner MINUS 100% and if it did go up to 200k thats still 50K less than the original selling price! As you say thats the gamble just don't complain about the price as no-one is holding a gun to your head to pay the rent.Debts as of 01/june/08
[strike]Dad 15,500[/strike] [strike]11,000[/strike] [STRIKE]9000[/STRIKE]
[strike]Friend[/strike] [STRIKE]5000[/STRIKE]
[strike]Other 1000[/strike] 0.0
Egg [strike]7633.14[/strike] [strike]6000@0%[/strike]:T0 -
LOL, Thats the market isn't it?
He pays your interest and you pay off the capital, thereby in 10 years you own a 100k house... which probably has grown to 200k
Isnt that the typical business model? Or do you want him to just pay all the mortgage on the property as well?
Some BTL landlords are crazy lol.... i will shed a tear when they get burnt.
Therefore, I take it you will never be a landlord!
May you always sell your house and never hold onto it for any reason whatsoever.
BTW, you have to buy first.Tough times never last longer than tough people.0
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