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@lurpack dont end up with a house of cards...I've got a few properties and now they've taken the tax relief away on mortgage interest it's much harder to turn a profit. If your remortgaging to the max each property I'm near positive you'll be seeing no profit after mortgage payments and tax (or extremely slight)...also then got 10 tenant to pay for gas safe certificates and every time their taps leaking...steady away mate
 
If you rent a house at 600pcm that's 7200....you mortgage it up to 400 Pcm...you pay tax on the 7200 of 1440 a month and pay 4800 in mortgage....that's 6240....then got maintenance and gas safe and void periods....no money it unless playing the very long game
 
Up north you buy a house 4 £70k..you put down 25% deposit..your on interest only so payments are £125 or so a month..you get dss tenants in at £550 every 28 days this means 13 payments per year instead of 12..you sit on the house for 10-15 years whilst making your deposit back and profit on rent and 99/100 the value of house has increased by 20% minimum..
 
lurpak said:
i know mate just stringing you along so such thing as a wealthy spread
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You can be a wealthy spread start early twenties work hard till your 50s buy a couple of properties on your way. But you don't think like that in your twenties. Women on the mind and good times. As I say you can take memories whith you you can't take money..
 
Lodan said:
@lurpack dont end up with a house of cards...I've got a few properties and now they've taken the tax relief away on mortgage interest it's much harder to turn a profit. If your remortgaging to the max each property I'm near positive you'll be seeing no profit after mortgage payments and tax (or extremely slight)...also then got 10 tenant to pay for gas safe certificates and every time their taps leaking...steady away mate
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tbf mate the profit is only really beer money, it’s more the equity and lending power it brings. First one i did was able to pull my initial investment out after renovation remorg.

Looking into a hmo conversion at min
 
lurpak said:
tbf mate the profit is only really beer money, it’s more the equity and lending power it brings. First one i did was able to pull my initial investment out after renovation remorg.

Looking into a hmo conversion at min
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Got a few under my belt.
 
lurpak said:
tbf mate the profit is only really beer money, it’s more the equity and lending power it brings. First one i did was able to pull my initial investment out after renovation remorg.

Looking into a hmo conversion at min
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I agree but be weary of the pulling power of equity...everytime you pull it you erode the equity and before you know it you could have half a million of houses...no profit, and then get an injury or illness a few voids and you have a big problem
 
Lodan said:
I agree but be weary of the pulling power of equity...everytime you pull it you erode the equity and before you know it you could have half a million of houses...no profit, and then get an injury or illness a few voids and you have a big problem
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He who dares wins bro. Always have a pullout plan. C
 
lurpak said:
He who dares wins bro. Always have a pullout plan. C
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Indeed...I have a few and never pulled equity...its took me a while but they have large equity, turn a profit and will not cripple me if anything goes wrong....slow and steady wins the race as the tortoise said to the hare
 
Lodan said:
Indeed...I have a few and never pulled equity...its took me a while but they have large equity, turn a profit and will not cripple me if anything goes wrong....slow and steady wins the race as the tortoise said to the hare
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deffo a safer strategy that
 
lurpak said:
low out goings? Start saving then get deposit for buy to let n retire 10 years earlier??
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@John j one of my Gf's relatives lives up your way, and he's trying to get into property. Been trying to mentor him a bit, and the properties he's showing me are piss cheap in comparison to the midlands. All relative I know, but good pickings in your neck of the wood. Anyway, if he can land one, you'll be the first person I'll recommend to him.
 
ChrispyUK said:
@John j one of my Gf's relatives lives up your way, and he's trying to get into property. Been trying to mentor him a bit, and the properties he's showing me are piss cheap in comparison to the midlands. All relative I know, but good pickings in your neck of the wood. Anyway, if he can land one, you'll be the first person I'll recommend to him.
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£80 a day
 
ChrispyUK said:
Done 6 so far. Top tip...run an advert for a month advertising rooms available. Test the area.
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Tidy. And yeah already made accounts on all the room renting apps etc. Looked into accommodation student/hospital but the big dogs all over it converting old pubs n castles n s**t
 
ChrispyUK said:
@John j one of my Gf's relatives lives up your way, and he's trying to get into property. Been trying to mentor him a bit, and the properties he's showing me are piss cheap in comparison to the midlands. All relative I know, but good pickings in your neck of the wood. Anyway, if he can land one, you'll be the first person I'll recommend to him.
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Joiner I know got a three bedder . Cant remember place now. Not bad area . Did a blind auction. Won it by 500 quid . Have a guess what his winning bid was
 
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