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    • TallGirl
    • By TallGirl 16th Sep 16, 3:46 PM
    • 4,298Posts
    • 8,892Thanks
    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 26
    • TallGirl
    • By TallGirl 20th Jul 18, 12:24 PM
    • 4,298 Posts
    • 8,892 Thanks
    Done my tax return profit for the rental income will be 8800 not too shabby that is what I expected really. Tax to pay 2000+ and I need to pay upfront for next year which is fine prefer that actually.

    Not done much work but hey that's how it goes weather a bit sad but Golf will be nice this afternoon
    • TallGirl
    • By TallGirl 30th Jul 18, 6:48 PM
    • 4,298 Posts
    • 8,892 Thanks
    Nice weekend fab concert in a day VIP was good but it sure 120 was worth it spent 100 on drinks was 28 for a bottle of wine so did well with Soda water etc.

    Sunday a bit tired so just a bit of golf on the range. Didn't sleep well woke up feeling crap so took a day off sick. Dg did the same so lie in then brunch before 9 holes on a par three course we used to play. Didn't do well but nice to be back. Stopped at South African shop and got Biltong lovely it is and healthy.

    Feeling blue this evening don't want to go to work tomorrow not sure why. Think I wish I always in Denmark for my birthday on Wednesday rather than here but should be nice day as lunch with team and then late picture Mama Mia.

    Think living in London is also getting me down feels like a waiting game until we can move back but work is good and job prospects down south aren't ideal in my sector in fact pay is really poor.

    Didn't even get interview for trustee post should have listen to person I know who said they don't need my skill sets right now agents always big you up.

    Holiday is now just over a month away so that's good but think it's going to be a long month still at least there a bank holiday my birthday a long weekend away with Golf and my birthday treat later this month.

    Had a big muscle food order delivered all frozen and packed away for dinners and lunches portion sizes going back down and lunches now slightly bigger but had to last two days. Marinated grilled chicken and chicken sausages so all good stuff also Home made burgers.

    Think that is it from me as I'm feeling sorry for my self on a Monday night lol. No running for a week but going tomorrow.
    • TallGirl
    • By TallGirl 31st Jul 18, 8:39 PM
    • 4,298 Posts
    • 8,892 Thanks
    Booked fligths to Denmark for Thursday crack of dawn coming back Monday late I can see everyone and it's two family birthdays including my dads. 300 but you can't beat family time and two are ill as my mum told me yesterday. Will be well worth it and I'm feeling better now I've done it. Work ok CEO was fine today I'm ok too with her. Counselling tomorrow so later start run first (didn't this morning as !!!!ing down).

    All good again here ready to face my birthday which I think will be fine but it's two years since I learnt ex dh was found dead.
    • TallGirl
    • By TallGirl 8th Aug 18, 7:56 AM
    • 4,298 Posts
    • 8,892 Thanks
    Had a lovely birthday spoilt by DG and went out for lunch with team plus got cards and one had make sweet cupcakes it was so nice really enjoyed the day. Watch Mama Mia at the pictures 241 of course.

    Trip to Denmark really good y mums partner went into hospital just as I arrived he isn't good but it let my mum enjoy her self a bit more and have time for my niece and me Thursday. Went to a climbing centre with my niece while mum visited him really good fun wasn't brave enough to go on the top one.

    Friday saw my dad got his birthday present and a bit of shopping also watch the start of a cycle race with both my niece and nephew. Friday evening my sister and BIL arrived and they had our foster sister with them. Lovely time spent with all and saw my dad on his birthday Saturday and then more time with everyone Sunday before they went back. Monday shopping with mum got so many presents as everything was on sale. Also managed to see my friend who has just sold her house nd is finalising divorce all good there.

    Flight home really good landed at 8pm Home just after 9pm DG picked me up. Perfect so glad I went even if I didn't get to se my uncle.

    Dg and I are making more plans and it's really exciting, she's going alone as a consultant from April and my job end in Aug 19 so don't know if I'm staying or not. Looking at me doing the CILEX course which was eventually see me qualified as a solicitor in one special subject and I can work for DGs firm. I could start now on the learning but need three years 20 hours legal experience so unsure if current job would count but even if it didn't could still do the learning. Then when this job end I can work with dg and won't have to look for work or end up having to commute for hours ever again,

    Need a lot more research and the course is 10k total so migth need to hold back some money and not invest it just yet. More thinking to do but seems to make sense and I'm very excited about it.
    • Moneyfordreams
    • By Moneyfordreams 8th Aug 18, 9:40 PM
    • 1,070 Posts
    • 5,222 Thanks
    happy birthday

    they seem like exciting plans... good luck with them
    Mortgage restart June 2018 119950
    zero personal cc
    6x166 for sofas ending November 2018
    2500 on DD1s car cc
    • TallGirl
    • By TallGirl 10th Aug 18, 7:09 PM
    • 4,298 Posts
    • 8,892 Thanks
    Thank you Moneyfordreams I do love your username so apt.

    Friday yeah long weekend then course Tuesday so good.

    Last counselling session Wednesday feels right I've come such a long way since I started. So happy and content right now. I think final piece missing was the next job but feels like I now have a plan. Joined Cilex and got my membership and paid and booked the first years training induction 13/10.

    1500 for training and 140 for membership. Stopped paying 2000 into investment so money is there for this. Happy to spend money on my own qualification. I do have a current qualification but this is different field to mine and as dream job isn't going to happen and I don't want to work in London forever this is the right plan.

    Might seem like a quick decision to get on the course but I've been thinking about going into law for a while my original uni choice was law in Denmark but changed at the last minute.

    My two team members are fine about me wanting to do more casework one is leaving so her 25 cases will need looking after. I can do it with support from law students and my team two are actually solicitors.

    Need to buy a laptop thinking of a MAC book air, I've always had windows ones but my last one only lasted four years and battery now dead wasn't even used that much. Think I can get the Apple student discount I know I can the software free. I will get NUS card well it cost 12. Worth getting I'm sure.

    Going on the golf range now need to pack for long weekend will be such fun I know it. Raining Sunday which is a blow as it's the completion but not a lot that can be done about it.

    Hope you all have a lovely weekend
    Last edited by TallGirl; 10-08-2018 at 7:11 PM.
    • bugslet
    • By bugslet 14th Aug 18, 12:10 PM
    • 6,286 Posts
    • 30,056 Thanks
    Belated Happy Birthday TG.

    My view is that money spent on education is never wasted, so I'd go for it and it ties in with your original uni intentions.

    I think once you get a plan together about what you want to do, you will feel more your normal self.
    • TallGirl
    • By TallGirl 14th Aug 18, 7:42 PM
    • 4,298 Posts
    • 8,892 Thanks
    Thanks for popping in Bugslet very kind of you. I was going to study law back at 21 years old but chose my degree which I haven't regretted though. Done some more research and I won't ever be a solicitors I'll be a legal executive lawyer which is fine and plenty for me (can upgrade if I want to at a later date). It's all booked now and paid for first year papers should be at work so that's all good really looking forward to it but a lot to get to grips with and I can't start until I have the paper work.

    Course to day with my team and dg really good interesting and helps with an insue I'm grappling with at work.

    Weekend Golf was fab such nice ladies and nice time had. Golf wasn't great but that was fine. More Golf this weekend so all is good. Tired tonight so only quick update last counselling session tomorrow
    • TallGirl
    • By TallGirl 17th Aug 18, 10:10 AM
    • 4,298 Posts
    • 8,892 Thanks
    So much is happening and at super speeds. Counselling finished Wednesday back in the office just after 11 got message to call my mum. Her partner had died that morning. Expected and good but obviusly a chock. Meeting with team that afternoon was a bit distracted so left work early.

    Went to Apple store bought new IMac Pro and got student discount plus free headphones plus 20% off Apple care. Yes lots of money but needed new laptop so why not.

    Booked tickets to Denmark going today (working from home) and back Thursday then working from home Friday as office shut due to local event. So from today I'm not back in the office until Tuesday. Had to cancel all Golf sadly but can't be helped

    Amounts all of this dg gets an email from an agent Monday about a supervisor job one day a week sounded interesting so she got in touch. Interviews were yesterday and she's got it. It's 12k for one day a week and it's one year but if she does well they will employ people under her and increase her days. They no nothing about this area of law so needs her and her supervisor status. Dg really like them and how they operate and they have consultants as main owner is a sole practitioner.

    Opens new possibilities indeed as this could be another springboard to working down south in a year or maybe as part of them open up private side which is what dg really wants. I could well fit in if dg can employ staff later on but let's see first it's about her work realising her one day a week obviously.

    Also good news at my work taking new tactic with ceo told her how I was going to handle person leaving as I'm taking on the cases and she agreed for me to do the casework I wanted. Very happy with that feel like my confidence is coming back indeed which is nice.

    So need to pack and suss out what study stuff to take with me obviously meant to work from home today as well. Lucky it's August and not much going one.
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