Something to cheer the renters up

pickles110564

neas wrote: »

Well.. obviously if everyone does as the OP tried... and buys 3 houses then theres not going to be enough houses available is there?

Never heard such ridiculous nonsense in my life.

Neas, your normal rubbish.
Those houses would make homes for renters.
Some renters dont want to buy their own home for several reasons.
As soon as the market falls back to a sensible level I will add properties so that I can supply quality homes to our poor unfortunate young renters.

the_bread_baron

eco-friendly wrote: »

You! yes you, at the back of the class, PAY ATTENTION.

ONE! ONE! ONE! ONE! property bought.

sorry sir. i was gazing out of the window at the wider economy and the whirlwind we are about to reap because of lending and borrowing like this.

doesnt matter how many times you tell people - theres NO free lunch.
theres theft and financial deciet and swindles - but no free lunch.

well, not for us anyway.
we just pay the rocks bills.

the_bread_baron

my only half useful suggestion is to split the property into two smaller more rentable flatlets. you might get a batter take up, but still. i dont think you will be able to cover the total mortgage cost and will have to sub for at least 5 years.

eitherway, if you can stick it out, you in effectively buying a property for 1/3 of a contribution.

kazd

cells wrote: »

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Yeh right, my heart bleeds for the OP.

Cells

I saw that you had posted this garbage on HPC obviously doctored by you. I never posted that, I think you should be banned purely because you are a truly nasty little bigot.

kazd

the_bread_baron wrote: »

at the end of the day, you selfishly loaded up on housing when you thought you would make money. (kids is an excuse.) now your losing your own cash its kinda like crying milk tears.

im sad that you are going to lose money, but im also sad for the 3 families you also priced out. its a case of comes around-goes around. this bust is going to hurt a lot of uk citizens. the real money people either got in before the rush at the right price, or got out before the rush to sell. you did neither. your certainly a victim in some ways, but its your baby.

theres no easy answer. do you sell now, cut your losses ? or hang on,
get into even more debt and hope the housing market suddenly bounces back without any reason or logic.

it short. you lost. id get out, unless you see something on the house market horizon i dont.
and dont believe the same media that talked you into btl to tell you a turn around is just round the corner.

its not. its over. deal with it.

For Gods sake read the thread properly




ONCE AND FOR ALL I HAVE ONE BUY TO LET PROPERTY

Geenie

kazd wrote: »

For Gods sake read the thread properly




ONCE AND FOR ALL I HAVE ONE BUY TO LET PROPERTY

It just shows kazd how people get on their high horse without even reading things through properly. I don't know how many times now you have posted ONE BTL property?!!!

As pickles110564 has posted, there are some people who don't actually want to buy a house but are happy to rent and LL's will always be needed. BTLers seem to be an easy target on here, accused of pushing prices up and reducing stock, but I don't see people complaining about all the council houses that were sold for peanuts like £14000 around my way, and now are being sold by owners for a great deal of money. Where has that left low income families who want a home and only to rent? The private sector and people like you.

Lakey

Hi all
well what a wierd thread this has turned out to be. It does make me wonder how the HPC's on one hand complain about these awful LL and BTL but if it weren't for them what would renters be living in? Would they only have HA and LA houses to rely on.
Kadz from the replies you have posted I can sense you are a very strong and sensible lady, and I know you will be fine.
Lets just wait for all the HPC's to collect lots of houses at 80% discount and we'll soon see them bleating on MSE how much their tennants are giving them grief.
One thing I've learnt in life is what goes around comes around.

kazd

VeryMeanReversion wrote: »

Another HPC'r but trying to be helpful.

My Uncle does BTL but avoids the big agent fees you are paying, he pays half or 1 month rent as a fee and then manages them himself. This should save you £350 per year, more if the tenant stays.

It's not clear from your posts whether you can afford the extra £420 per month. If you can't, there is little option but to sell, making up any losses from the equity in your main house.

If you can afford it and still think you want to keep it for your kids then realise it's not likely to be a profitable investment for a very long time. However:

(1) If you have equity in your main house, move enough to your BTL to be able to get a decent mortgage rate. I think this is your best change to reduce monthly payment by £100's.

(2) I wouldn't put the rent up until the tenant changes or they have been there for more than a couple of years. The risk of a void is too high.

(3) Make sure you are claiming every cost of managing your BTL as a tax deduction (especially your motoring costs).

Finally, can you sell the main house to live in the BTL?

VMR.

I am not sure we could just dump the current agents I think they would probably end up charging us a finders fee. The tenants have been in the property for just over a year. There is another property exactly the same as ours in the same road up for £750 but I do believe this is overpriced.

If we did decide to sell I am not sure if we would have to serve notice on the tenants first and wait for them to vacate the property before marketing it.

Could we sell our house - absolutely no way, the btl is too small, ideal for a family just starting with one or two small children. Its also a good 40 mins away, so schooling is an issue.

We have plenty of equity in our house but only started a new 5 year fixed rate at the end of last year. I did enquire with London & country about a second mortgage on our house to pay off btl but they said most lenders do not like being the second charge on a house.

kazd

RecoveringAlcoholic wrote: »

Sell the second car?

Cannot sell the second car, hub works in one county and I work in the opposite direction in another, in addition there are no bus services to my eldest secondary school so I have to have a car to collect him.

kazd

pickles110564 wrote: »

Neas, your normal rubbish.
Those houses would make homes for renters.
Some renters dont want to buy their own home for several reasons.
As soon as the market falls back to a sensible level I will add properties so that I can supply quality homes to our poor unfortunate young renters.

Can I just say that I spent my early years out of my parents nest in a country where it was the norm to rent and not buy so I also tend to view renting a bit differently. I see it from both sides of the coin and indeed my nephew is the same, has no desire to tie himself to a particular place in the country and just rents wherever he happens to be working.