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Used to work with loads of them, they had zero personality between them. So the scoreis I dont want to be doing what I am currently doing when I am 60, or at least not through choice, so I was thinking of becoming a BTL ****. I am currently in the process of buying 2 flats near my home town, interest only is about £450/month, rental income would be £900/month. Cost is £160k the pair, so about 7pc yield. I am putting down 25pc deposit. Seriously, why isnt everyone with enough for a deposit(ie. pensioners) doing it?
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Replies: 77
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because you still need to pay the balance of the mortgage after the term. pensioners tend to be not alive after 25 years.
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Does this mean you will get a personality bypass Rob?
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Hank.. Believe it or not I always said I would sell out sooner or later. Even at my lowest and drunkest, now it looks like it will actually happen.
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the £450 interest isn't your only cost - presumably there are agency fees ?
Insurance, repairs, interest rates going up, vacant months £2k for a new boiler wipes out 6 months profit etc |
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No sh1t sherlck.
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well, that's why everyone is not doing it. You were the one who asked the question
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Property blight, house prices slumped, taxation, brick liquidity, costs & fees...........
Lots of reasons. And yes, most are w@nkers. You seem like you have already reached that position. |
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the return is pathetic. anybody with the money would be far better off modernising properties in good areas. can get off with a 20-40% profit in the space of a few months if you find the right ones.
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the big slump is on its way,the last one was only a taster
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Are you going to use an agent ?
if not advertise in a local paper .... in my case I advertised in a Friday evening paper .. and interviewed potential tenants before deciding on the Sunday who I would offer it to. I had gone through this process in reverse as a student. |
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Rob what you make from the rent is likely to be offset by the fall in property values.
House prices have been falling and places like London will not be differemt. Property prices will fall for the next 20or 30 years, probably longer. |
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Property prices near me are beyond obscene. They have gone completely crazy this year.
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High property prices can not be sustained by the very rich. It is the millkons of
middle and working classes who drive the market. This part of the population have falling wages and greater job insecurity. People will live from week to week inable to plan for the future with any certainty. Higher pppulation levels will(surprisingly) make this worse. |
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Mortgage fee's 2k per time are enough to put me off
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why are you buying interest Only , when the return is £900 month Rob
 I doubt you'll be getting a true 7% yield |
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How much are the Management fee's / Ground rent
That sure eats into any yield of an apartment by around 1.5% |
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I believe if you're 65 ,mortgage lenders won't give you a payback term on a mortgage of greater than 10 years ?
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Surely its 7% gross rental yield plus ( in normal circumstances anyway ) a yearly capital appreciation in the value of your properties. Sure, house prices can go down but there cant be that much of a downside when your buying at the low end of the market.
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Apparently the buy-to-let 'opportunists'/hopefuls are buying into care home rooms now. Do you really really want to be sustaining Kenny?
Hey, it's Elkie Brooks on BBC4 - just like Janice Joplin but alive. |
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I know where I live the buy to let market took off in the years before the 2007 crash. With house prices going to the moon in a short space of time rental yield was by far secondary. It was a straight up bet that the capital value of properties would go up far more than rental yield. A lot of people used the yearly increase in capital value to fund their lifestyle so when the crash came they were all in negative equity.
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Great thighs.
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It could be a slightly low yield if all fee's have to come out of it but obv depends on quality, what area of the country you're in & what your long term aim is , my trouble is i doubt i'd get the mortgage
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McMb - I wouldn't do it myself - but sometimes I think you should take an axe and kill everyone in sight. And then go somewhat further to kill a lot of people you didn't see originally. I can't help thinking you'd be happier.
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Ya don't need a mortgage with the tank your carrying McMoon.
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Bodil, this is for you old stick.
https://www.youtube.com/watch?v=N0RfTsZvk4M |
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Jeezus - there's Captain Beefheart. Stalin would have sorted him out.
Never really liked Lilac Wine, slippy. But I did like Elkie. Got an autobiography out (Finding my Voice) - will wait til it gets remaindered/kindled. |
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My god - is that the dead Winters brother?
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Who can tell them apart?
And most famous for the Simpsons' zombie episode. Actually quite funny. |
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Elkie Brooks sang the theme song 'We Love You' to A Very Peculiar Practice. Its unsourceable. I've never been able to locate it. Writing to a Radio 6 music-bod show is my last hope.
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Great song, great singer, great program - buy the DVD and you have it (like me) for ever (and repeated for ever).
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McMb - I wouldn't do it myself - but sometimes I think you should take an axe and kill everyone in sight. And then go somewhat further to kill a lot of people you didn't see originally. I can't help thinking you'd be happier.
You have a habit of hitting the nail on the head bodil, just as i'd do to crags  |
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Yes!
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Jains Joplin ( great raw blues/ rock singer) far far superior to Elkie Brooks( lightweight)
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I had an endowment mortgage,6 years ago,switched to a repayment mortgage,over payments,now owe less than 5k on a £120k property.
happy days debt free end of year |
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It can give you a great sense of freedom to have your own house and mortgage free. In a way Rob is right
to look at propery as an alternative to relying just on his 9-5 job. It will make it easier tobear office life. |
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I'd get a letting agency to do the every day running of it,to give you freedom to enjoy every day life,time is money
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Letting agents are not the way to go if you rent out property.
They take an awful lot for doing very little and you're still responsible if anything goes wrong. |
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I don't know about England, but there has been far more legislation for letting in Scotland introduced in the past two years.
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