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    • TallGirl
    • By TallGirl 16th Sep 16, 2:46 PM
    • 4,382Posts
    • 9,060Thanks
    The trials & tribulations of a 1st time landlord & investor
    • #1
    • 16th Sep 16, 2:46 PM
    The trials & tribulations of a 1st time landlord & investor 16th Sep 16 at 2:46 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 9:25 AM.
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    • TallGirl
    • By TallGirl 16th Apr 19, 12:45 PM
    • 4,382 Posts
    • 9,060 Thanks
    Thanks really appreciate that perspective that is spot on if the contract wasn’t just final extension and that’s it but never mind I need to focus on what I need going forward. Thanks for letting me moan.

    Dg has left bootcamp her knee gave out and her close friend tried to kill her self it got too much really. I’m sad but she’s done well staying that long. Not spoken to her yet.

    No news about house so hopefully particulars being prepared pretty much everything I’ve earmarked on Rightmove has gone within 6 weeks so shows it’s moving.

    Tired and fed up but best get back to work taking 10 min out right now much needed.
    • TallGirl
    • By TallGirl 17th Apr 19, 6:06 AM
    • 4,382 Posts
    • 9,060 Thanks
    Oh dear this is turning into a moan diary instead sorry about that. Dg is ok she's staying in a Travellodge for a couple of nights getting her head around things. We are fine it just got too much everything and camp was too soon. Also sounds like camps was much tougher than last time we did it so we have agreed we will do it together next time and finish it but becfit before we go. Possibly October and maybe only 5 days. I'm sad she didn't finish it but she's taken a lot away with her I can hear that.

    To make matters worse yesterday the council where my house is called me as I registered for council tax on empty house, surprise they have just scrapped that rule so they now only give 1 month free. So delightful and no single persons discount. I might register myself down there I think it's outrageous you have to pay full when the discount is because you use less services as 1 person so when it's empty you obviously use none.

    Better get it sold very quickly agent is working on things he emailed yesterday. Need to be at work for 9.30 so need to eat my breakfast and get on with things. Onwards and upwards as they say.
    • Moneyfordreams
    • By Moneyfordreams 18th Apr 19, 1:10 PM
    • 1,257 Posts
    • 6,153 Thanks
    grief is awful... time does usually make things less raw, and your memories comforting. Your GF has only had a short time without her mum hasn't she? I hope she feels better soon.

    Good luck with the house stuff...
    Mortgage restart June 2018 119950
    Feb 19 mortgage 112650, 4850cc, 6500, 1489, car 7550 (holy cr@9 )
    • Tahlullah
    • By Tahlullah 18th Apr 19, 6:55 PM
    • 950 Posts
    • 5,040 Thanks
    I don't see you as moaning, just offloading, as it looks like you can't share your problems with DG at the moment as she already has so much on her plate.

    Fingers crossed everything starts to go your way soon.

    Still striving to be mortgage free before I get to a point I can't enjoy it.

    15 February 2019 - Mortgage debt - 78,400
    23 April 2019 - Mortgage debt - 85,000
    • TallGirl
    • By TallGirl 22nd Apr 19, 7:49 PM
    • 4,382 Posts
    • 9,060 Thanks
    Thanks Tahlullah yes you are right dg isn't able to take on my issues but I've made a decision I'm not getting annoyed about ceo and all that crap I'll do my job and let them do their thing but still give my options etc it's up to them if they do it.

    Mum is here and it's lovely to see her, been pottering around went to see School of Rock nightly recommend it. We had the cheap seat at the back but they were great really comfy and could see and hear it all.

    Been to golf today had to get out and enjoy the weather as we have no balcony in our fifth floor flat.

    House is now on Rightmove and first viewing was this morning. Will be interesting to get feedback. Feel strange letting it go but also good as I've got a new one to find. My mums house will be on the market soon strange as it's my childhood home but would be nice for her to get something much smaller and nearer town so she isn't so cut off in winter.

    Hope you're all enjoying the lovely weather I'm also off tomorrow as mum isn't going back until Wednesday morning .
    • TallGirl
    • By TallGirl 24th Apr 19, 8:22 PM
    • 4,382 Posts
    • 9,060 Thanks
    First buyers offered 12k under asking price then estate agent got them up to 10k under which I was happy to accept. Agent then told me to sleep on it and when she called back this morning she said they had concerns over them as they had pulled out of a purchase for no reason last year and then just last week they offered on another property. She said to keep it on the market until they book survey which I thought sounded reasonable. When she called them to let them know they just oh well we will just carry on with the one we were buying. Oh well fine leave things as they are but people viewing tomorrow haven't sold yet. There is no rush only been on since Easter Sunday so plenty of time.

    Dg came with me to volunteer today she was great and my mum got back fine so alls well. Went to a big shopping centre near work so dg could get her old phone a new battery. Took a couple of hours and I spent 67 on two dresses and a top from Mango was in the sale and really nice. Ideal for upcoming weekend away and cruise later on this year.

    Really tired going to go to bed soon.
    • TallGirl
    • By TallGirl 25th Apr 19, 8:29 PM
    • 4,382 Posts
    • 9,060 Thanks
    Packed and ready for weekend away golfing with friends from old club look forward to seeing them again been a while actually since last trip. Used to be my escape from ex but not now obviously.

    Got feedback from estate agent from second viewer didn't want to be on an estate and garden not sunny enough and too overlooked. That's ok I can live with that 3 more booked to view and early days less than a week on the market.

    Work ok but now off until Monday really happy about that. Early start so night night from me.
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