Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

    • TallGirl
    • By TallGirl 16th Sep 16, 3:46 PM
    • 4,286Posts
    • 8,876Thanks
    The trials & tribulations of a 1st time landlord & investor
    • #1
    • 16th Sep 16, 3:46 PM
    The trials & tribulations of a 1st time landlord & investor 16th Sep 16 at 3:46 PM
    Dear all
    I've been around a long time on this MFW for a long time and I love it. Keeps me on track and helped me pay off my mortgage 9 years early. I'm on the verge on starting something new so I thought I would start a new diary and focus it more on money saving and less on personal stuff. My life was quite steady and stable until April 2015 when I left my husband and took a one year job in London all made easier and more ore possible because I was mortgage free.

    My job ended in July 2016 and I had hoped to stay within the organisation in a new job but I didn't get it and they didn't recruit anyone else. I am a great believer in that things will happen for the right reason and good things come to good people. Whilst on holiday and on my birthday I was told my ex had died and as we were still married I now owned the whole house plus his pensions and share in the small family business.

    I applied for a new job whilst on holiday and I start that Monday its 28 hours a week with Friday's off and it's obviously on less month than my previous full time one.

    I have been busy in the last two months sorting the house out so I can rent I out from October which will give me an income as well.

    I have been trying to get his affairs in order so I can apply for probate and I'm getting there. So good folks if you want to read about the following kinds of topics then please feel free to read and or comment:
    • How to be an accidental landlord
    • How to go about getting probate and IHT sorted
    • How to invest an inheritance
    • How to keep accounts as a landlord
    • How to save money on everyday things whilst living in London

    There will be more and I often stray into personal totally unrelated money stuff so just gloss over that if you find it boring.

    So here we are start of something new so a quick update on where we are with the above topics.

    1. Property should be ready after 27/9 as carpets going down then. Estate agent doesn't want to market it before it's completely ready. Once painter is done need to arrange final clean and my old cleaner to hang curtains.

    2. My accountant friend has suggested the valuation of the family business is ok to use and my new IFA confirmed the two pensions are outside inheritance tax so I should be able to more forward on this very soon.

    3. Meeting the IFA 30/9 potential inheritance will be around 190k will need to pay funeral expenses but want to invest most of it.

    4. I need to read up on how to keep accounts as a landlord not sure I need an accountant but as I'm now a part business owner I might have too. Will definitely register with Inland Revenue but as house isn't rent out yet nothing has changed.

    5. Finally I love saving money from getting the best deal to using coupons and tokens. I'm very good but can also be very bad. It's expensive to live in London but I'm a property guardian so my rent is so so cheap so I should really save lots of money. I promise I'll do a budget once I get my new wages, I would rather live on this than have to use my income from my property but might be difficult .

    Ok I will end there and try and keep on the straight and narrow in terms of sticking with money saving stuff.
    Last edited by TallGirl; 17-06-2017 at 10:25 AM.
Page 25
    • TallGirl
    • By TallGirl 3rd Jun 18, 10:17 PM
    • 4,286 Posts
    • 8,876 Thanks
    Where did that weekend go? Golf Friday at the range, Saturday slow round so only played 13 today 18 it was so hot and 5 hours but dg played under 54 hcp she is getting there.

    Bit sun burnt but luckily had suntan lotion on some bits forgot others. Dg fits into the clothes that too big for me and she got a new light weight Golf top cheap from SportsDirect. Didn't have sleevesless one other than white but found it online so ordered three. Also some spikes but the ones she bought Friday lasted one round they are rubbish shame we ordered another two packets online actually dislike SportsDirect a lot.

    Decathlon on the other hand does Golf too good prices not much in stock but got a branded cap doe 7 that is half price of all other shops so happy days.

    Running tomorrow going to try to get three runs and one squat track done this week we haven't so far but let's hope we can do it.

    Next weekend is Billy Joel concert in Manchester my Christmas present. Not got hotel yet but it will be expensive but that's fine. I'll pay.

    So tired need sleep for sure.
    • TallGirl
    • By TallGirl 5th Jun 18, 8:45 PM
    • 4,286 Posts
    • 8,876 Thanks
    Omg what have we done booked 6 night in Benidorm of all places and for Gay Pride. So not me but looks so much fun and why not embrace it and have some fun before we get too old for it. Actually good value for money half board all tickets and transfers 500 each incl flights at decent times from Gatwick.

    My tenant sent some lovely pictures of my old garden looks so much better now than when she took it over she's done a fab job. Would be nice if she wanted to buy it but how do you broach that without sounding like you need her out.

    Work a bit manic as one staff is off the other quite busy right now. I'm still enjoying it and learning much but trying to turn stuff around outside my team is hard work and someone who is paid a lot of money is useless and wastes everyone's time.

    Soon need to look at my tax return and shuffle money around for savings. Got charges 12 in late payment fee on credit card forgot when you change from min payment to max it cancels one month so stupid. Well live and learn.
    • wishingthemortgaheaway
    • By wishingthemortgaheaway 5th Jun 18, 11:09 PM
    • 1,533 Posts
    • 7,469 Thanks
    Why don't you send a card/email letter thanking her for the work she's done on the garden and spell it out honestly.

    Whilst I'm not looking to sell the house, and as long as you wish to remain a tenant, I will be happy to be your landlord, should you wish to consider purchasing the property yourself, I would be willing and open to have that conversation with you.
    The 100 payment countdown (each payment = 400) 2018 Starts at 13/100 o/s 34,750.
    Jan 18 14/100 Feb 15/100 March 18/100 April 19/100 May 20/100 June 21/100
    Term Mortgage free date: October 2029 Current mortgage free date: April 2025 March 2024 Jan 2024
    MFW 2018 Challenge Member #162 1600ish/2,500
    • TallGirl
    • By TallGirl 10th Jun 18, 9:06 AM
    • 4,286 Posts
    • 8,876 Thanks
    Why don't you send a card/email letter thanking her for the work she's done on the garden and spell it out honestly.

    Whilst I'm not looking to sell the house, and as long as you wish to remain a tenant, I will be happy to be your landlord, should you wish to consider purchasing the property yourself, I would be willing and open to have that conversation with you.
    Originally posted by wishingthemortgaheaway
    That's a really good idea I'll think of that might be a way forward but not sure we know when the move will happen maybe wait a bit.

    Been a heck of a week as DG had so much work on she needed to get up at silly o'clock and work or be in the office. She's helping a friend of mine get housed in Cornwall step one completed but it's a long road. I'm glad she's helping my friend isn't good right now.

    Wednesday was my first counselling session it was only meant to be an assessment but I told him my story some in quite detail. It was hard talking of the day I was told ex dh had been found and I had to tell his family. I'm sure there is stuff there unresolved. I've now got six more sessions I think it will be worth it and I should hopefully cope better with work too keep them more seperate.

    Went to an evening event and then worked from home the next day. Quite a bit of work to do as two member of staff was off but got it done and reports submitted on time. Ceo has been off from Thrus to Tues so has been quiet at least.

    Friday got email I have been selected for interview for a trustee role linked in the field of dream job really happy about that might not get it but it's great to be selected. Interview 20th and need to so short presentation. Not a great day to be off work counselling in the morning and team meeting pm which I will miss. Not good but cannot be helped.

    This weekend has been nice saw Trooping of the colour got really close and saw the parade, the waves on the balcony and the flyover. Only spend zone 1 ticket and three coffees in Pret. Cheap day out and important to do London stuff as we are here.

    Today haircut at 12.15, then chill and meal prep for week then golf range again tonight. Had lesson Thursday my swing almost sorted DG has a way to go. Did go last night too but important to work on after a lesson.

    Still not transferred Danish money might have go a sending small amount also need to do accounts for house.

    Might have quick nap so nice not having to get up early. Only managed two runs last week but still we got out and DGs work was manic.
    • gallygirl
    • By gallygirl 10th Jun 18, 12:20 PM
    • 16,612 Posts
    • 109,705 Thanks
    Omg what have we done booked 6 night in Benidorm of all places and for Gay Pride. So not me but looks so much fun and why not embrace it and have some fun before we get too old for it. Actually good value for money half board all tickets and transfers 500 each incl flights at decent times from Gatwick.
    Originally posted by TallGirl
    Never fear TG - if it all gets too much for you there is an excellent train service going a bit north to Denia and Calpe and buses run regularly to villages in the hills. People say how lovely the Old Town is in Benidorm, personally I didn't think it was that great but just so much better than the Brittidorm of the North Beach!
    A positive attitude may not solve all your problems, but it will annoy enough people to make it worth the effort
    Mortgage Balance = 0
    "Do what others won't early in life so you can do what others can't later in life"
    • TallGirl
    • By TallGirl 14th Jun 18, 6:56 AM
    • 4,286 Posts
    • 8,876 Thanks
    Thanks for the tip Gallygirl I'll remember that glad there are escape routes might well be needed. We are staying right in the old town so at least that's something.

    Busy week for DG and workwise for me. Dg got up at 5.30am today and yesterday. Today I went for a run managed 35 min for the first time but it was hard. Bath and breakfast before going into work will be a long one today. We have an event this evening so I'll be home long after 9 the joys.

    Tried to transfer the Danish money across as a test before the large amount but I had to call up and I'll have to do that each time. Pain in the bum so may as well get the Bank to do it only 20 from them so not worth the hassle when you take 5 for test transfer and two phone calls will quickly amost match the 20.

    Still having quite a few lattes at worth need to stop but I sometimes need timeout of the office so I'll keep doing it after my counselling sessions. Had second one yesterday really good not as tough as the first one but I can see it's helping. Nice to know my two team members have taken up the offer as well makes me feel calmer.

    Work is interesting getting stuck into helping ceo with other work that should be done by other person who is useless sadly. I've got a plan and I can implement it but useless person needs to do some work well below her job title but as she's useless she migth not even be able to do that. It's so bad Open someone has been in a job 7 years and are still so bad and no one said anything. Too late really.

    Got interview for trustee post next week need to do a 5min presentation trying to do it but away this weekend so not looking good but I'll get it done.

    Would be amazing to get it at least I have interview I'm guessing it depends if I fit in and they need my skill set.

    Right might as well get to work early I can work on my presentation need research first anyway.
    • TallGirl
    • By TallGirl 17th Jun 18, 7:41 PM
    • 4,286 Posts
    • 8,876 Thanks
    Manchester was brilliant loved the weekend so much fun. Hotel was 5 min walk from station were Abel to check on two hours early which helped. Right next to Canal Street and all the gay bars we really wanted to see so got to visit that before the concert. Had dinner in flat nice kitchen with everything so that was very MSE we also brought snacks with us and breakfast. Really easy to get to concert security really strict so glad we left early. Fantastic view and loved the concert. Got back to hotel easy too free coffe etc in lobby and then went out to a gay club, got in for free as no cash was 2 as it as late. Cocktails 5 each really good fun. Left this morning to check out at 11 then full English which wasn't great wondering around before train at 2.30. Got home just before 6 but could have got an earlier train would also have stopped us buying crap incl Krispy Creme donuts and Greggs Meal deal.

    Dinner done just need bath then early night as shattered.

    Messaged ex colleague who will be helpful for trustee interview she's made me doubt what angle I was taking my presentiaon so rethink and need to read a huge report. Running out of time but can hopefully do a bit at work time. No counselling next week cancelled so can work from home Weds before my interview and prep a bit of I'm not done. Would be less hectic.
    • TallGirl
    • By TallGirl 20th Jun 18, 8:50 AM
    • 4,286 Posts
    • 8,876 Thanks
    Working from home today my counselling was cancelled and as I have taken half days leave it didn't make sense to battle into the office. I'll be doing prep but also need to work some big reports coming up soon.

    I feel nervous about the interview I know it's a voluntary post and not a job interview but it's an organisation I admire and it would interest me plus be helpful for furture jobs. It's something I should have looked at years ago to keep my hand in my chosen field but I didn't so not too late now either.

    Didn't get out to run this morning but had a nice lie in actually still in bed. DG was up early yesterday her work load is insane right now but she's taken on too much work which is actually her own fault. Good learning for future self employment and she'll cope I know.

    Got the paperwork done for the Danish money to come over and IFA has worked out what I'm doing with it it's all going into my pension so that's nice 20% extra on top from HMRC.

    Some good wins at work yesterday sorting something else out apart from my role and it's getting there. Did some prep with my CEO which was good for a training session on the 28th so look forward to that being sorted. We are getting along better she's still taken a big chunk of my project but not a lot I can do about that she's not willing to hand it over as it's so high profile. Just have to put up with it.

    Right best get up and at it.
    • TallGirl
    • By TallGirl 23rd Jun 18, 10:47 AM
    • 4,286 Posts
    • 8,876 Thanks
    Didn't get it, sad but feedback on Monday so will know more. I can imagine a lot of more qualified candidates with big jobs and titles but hey ho I got to the interview stage. Still feels crap though.

    Danish money had arrived so 40k for my pension and 7k to save as I have promised to help dg with 10k for her new venture next year. She's agreed I can put 5k into premium bonds in her name so that will help. Just the other 2k to do something with.

    Golf today later and then completion tomorrow. Should be nice dg is out next Saturday night over night so I can play next week too which is just cool.

    That's it nothing else interesting lol
    • SuzieSue
    • By SuzieSue 23rd Jun 18, 2:51 PM
    • 3,835 Posts
    • 4,049 Thanks
    Really sorry to hear that TG. But, as you say, getting an interview is very positive. It must really hurt though, we've all been there.

    Great weather for golf. Hope you have a great time.
    • TallGirl
    • By TallGirl 23rd Jun 18, 9:07 PM
    • 4,286 Posts
    • 8,876 Thanks
    Thanks SuzieSue yes weather fab and Golf was good today not too slow and played ok need to do better for comp tomorrow though. Got my red and white outfit ready Ned to wear World Cup colours and DK is easy but bringing a flag as I don't want them to think it's England lol. We have a lot of Koreans so red and white too.
    • Tahlullah
    • By Tahlullah 26th Jun 18, 8:55 AM
    • 873 Posts
    • 4,880 Thanks
    Sorry to hear about the Trustee Role TG.

    But Benidorm and Gay Pride sound fabulous!!

    Striving to be mortgage free.
    2018 MFW #135

    600 of 2000
    • TallGirl
    • By TallGirl 29th Jun 18, 7:40 PM
    • 4,286 Posts
    • 8,876 Thanks
    Thanks Tahlullah do look forward to it balance due soon for Benidorm!

    What a week though Sunday was not good as I had a lovely game of Golf played so well but when I got in I got the cold shoulder from dg feeling very aggrieved and jealous of me that I left her behind she cannot play etc etc. I was annoyed but she shuts down when she's like this so took her out for dinner (I was out 8.30am to 5pm) and we were sort of ok although she was still sulking. Then on the Monday morning I txt her saying I was disappointed in how she had reacted she had agreed I could play in that comp I had asked if she could play but the answer was no from club as she has no hcp.

    She flipped accusing me of all sorts of stuff blaming me for everything threatening to quit etc. I said I felt like I had with ex DH and I didn't need that sort of guilt or control again. So several days of txt and some talk I had my counselling Wednesday which really helped see what it was all about so I kept the line of needing a compromise and that she just needs to do her cards and she can join in so it's not forever. Today she finally saw it this way and agreed on the compromise I play once a month in the comp and she will try to do her cards ASAP. I on the other hand mustn't try to get more games in by marking her feel guilty she is stopping me from playing. I am glad I stood my ground and we got a compromise. She grew up with domestic violence and conflict and confrontation is her worst nightmare plus she shuts down. She has admitted it's her baggage that makes her act like that and she should of course let me play.glad we got there in the end.

    Sorry for the long post but loads more happened.

    Ex FIL got in touch final invoice for grave stone etc now in and I've paid it. Emailed him back saying I would call him soon nice he got in touch and I don't feel so guilty for not contacting him.

    IFA has been in touch too about the 40k inheritance. 31k invested in my pension makes that worth an extra 7750 instantly that is a nice increase plus it's then in stocks and shares tax free.

    2000 is going into my S&S ISA and 7000 into my investment account that will be used to top up my pension and ISA when my capital runs out. I've got to transfer some money and it's all done. Yeah finally.

    That is it end of massive up date chilling tonight dg is out and she's out with friends tomorrow night staying over so guilt free Golf Sunday can't wait.
    • Moneyfordreams
    • By Moneyfordreams 29th Jun 18, 9:43 PM
    • 1,019 Posts
    • 4,959 Thanks
    enjoy your guilt free Sunday
    Mortgage restart June 2018 119950
    zero personal cc
    6x166 for sofas ending November 2018
    2500 on DD1s car cc
    • TallGirl
    • By TallGirl 3rd Jul 18, 4:39 PM
    • 4,286 Posts
    • 8,876 Thanks
    It was as great really enjoyed it and found out I have qualified for a national completion with four other ladies just so cool. I want to take DG and stay the night before so I can have a practise round. She can then potter about practicing while I play and then it's only 50 to add another night Sunday night so that's two nights, dinner bed and breakfast for 169 each in a four star. Nice little break I think and I said I would pay for a weekend away for DGs birthday so will be that just a slight change of venue but DG doesn't mind. Been before lovely hotel super expensive drinks but dinner and breakfast incl so not too bad.

    Dg is going for her card not this weekend but the next one I get to play in the club champs and she's being marked but a really nice lady whom she likes a lot. Should be good just need the official word it's set up now.

    Was a tough week last week sorting all this out with DG but it was worth it I'm glad I'm doing the counselling makes me able to see things clearer and not make the same mistakes again.

    I'm so behind with work and not sleeping well really not good but went home after meeting today so doing a bit of work now.

    My phone deal had expired upgrade was 7 more a month turned out I can actually just stay as my discount is really good and pay the same happy days no need to change.

    Also sorted my travel card out bought my travel card on the wrong card so paid for travel the last two days. Annoying but sorted now and card cancelled it doesn't work anyway.

    Transferred all the money bar 1k I'll do that tomorrow then it's ready to be invested as for IFA.

    Take care all need to do some work counselling tomorrow quite look forward to it.
    • TallGirl
    • By TallGirl 3rd Jul 18, 6:27 PM
    • 4,286 Posts
    • 8,876 Thanks
    Also found another trustee role, ask a contact I have who is on the board if I should go for it he said no my skills are covered but then he came back do apply so spoken to agent and I'm applying. It's close to dream job but less high profile than last one, also it's much more grant giving which is what I really would like to do as a job.

    They need four people so let's see what happens. My contact is someone I've known for ages but not seen for the last five years since I left my travelling job so he isn't aware of my other skills.

    Let's wait and see interview practise will be good
    • TallGirl
    • By TallGirl 13th Jul 18, 8:49 PM
    • 4,286 Posts
    • 8,876 Thanks
    No news on trustee role been extended a week so only closed today.

    Work very busy few runnings with CEO and useless colleague but over all ok getting things done. Counselling is good but also tough talking a lot about repeating old relationship habits and there might be something in that re dg and drinking. Especially with all her childish behaviour around Golf and stopping me from playing. Playing tomorrow and then she is doing her card Sunday. I hope she plays for 54 or under then she just needs to do one more and she's done.

    Going to watch a movie now having some low alcohol beers picked up at Lidl 114 later but loads of stock and we were quite low on a lot of things.

    All Danish money invested now as per IFA need to do my tax returns soon but all ok can't wait to chill over the weekend and get out and enjoy the good weather.
    • TallGirl
    • By TallGirl 15th Jul 18, 6:42 PM
    • 4,286 Posts
    • 8,876 Thanks
    Golf was great today played in a three ball with a really nice lady we know at the club and dg did her second card and played really well better than ever so now realistic she can go for her third one really soon and play in the comps which means I can play too. Happy days and I played ok too .

    The weekend in August we are going away to play in a comp I have won two more ladies might join us Saturday night which is well cool.

    My feel are killing me and it was very hot but good to get out and we have done some food prep since we got in so lunch done and breakfast for the week.

    Spent quite a bit out of joint funds but it's nice to stay at club for a soft drink and eat a meal as we don't have outside space here.

    Work tomorrow will be busy as CEO is back and I need to attend to a matter I left off on Friday.
    • bugslet
    • By bugslet 15th Jul 18, 11:19 PM
    • 6,220 Posts
    • 29,789 Thanks
    Hi TG, not been around for a while. I think I'm an Eskimo, and want to hibernate in this heat.

    Sorry to hear about the job, their loss, maybe it was meant to be and you will get this one.

    Good luck with the golf and I hear some parts of Benidorm are really nice, you'll have lots of fun.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

1,074Posts Today

6,906Users online

Martin's Twitter
  • RT @GMB: Is it just @MartinSLewis that has an 'overseas wallet' or are you less organised with your holiday spending plans? ????

  • RT @MartinSLewis: If you've just watched #KilledByMyDebt please retweet this post so we can get more people involved in fighting the devast?

  • Today's twitter poll: The BBC's said it is sorry for distress caused to Cliff Richard. Yet will consider appealing?

  • Follow Martin