43 Properties And Ready To Retire

by Readers Question

5 months ago

43 Properties And Ready To Retire

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43 Properties And Ready To Retire

To say that I’m jaded with how the property rental business has been vilified and increasingly taxed, legislated against and reviled by public opinion over recent years is an understatement. I’ve had my fill and need to get out.

I’ve been following Mark Alexander and his wife both here, and on Facebook, growing increasingly envious of their lifestyle now they have left the UK. In fact I’m planning to do pretty much the same thing as they have done and emigrate to Malta.

I met with Mark and his wife in Malta a few months after they first went over there. I paid for a few hours of consultation time and realised that wasn’t really enough. Mark has so much experience and knowledge I wanted to suck as much information out him as possible. Therefore, I came up with a cunning plan and took them to a nice restaurant and had a good three or four hours getting to know them both a lot better. That was a great investment, although it might have been cheaper to pay for the extra consultancy than the amount of food and drink we managed to consume!

I purchased most of my properties in the mid 90’s though to the mid naughties and I haven’t yet decided whether to sell up. However, if I do I might as well pay CGT on gains since April 2015 as opposed to paying CGT on gains from when they were first purchased! Apparently, this is automatic as soon as I become resident in Malta, providing I stay out of the UK (except for holidays) for at least five years.

The other idea I’m toying with is handing over the management of my portfolio to LettingSupermarket.com, as Mark did before he went to Malta. I appreciate this is very different to selling up, because decisions still need to be made and work still needs to be done. However, it seems a decent half way house if I am am able to work say 20 hours a week as opposed to the 60+ I spend running my business and managing everything myself. I predict my income will probably drop by about 20% if I do this. I arrived at this figure on the basis that I will have to pay other people to do things I could do better myself. If I’m over-rating the value of my own abilities then so be it and I will be much better off. I’ve crunched the numbers and I think I’ve thought this all through very deeply, perhaps even too deeply. I hope to be on my way to Malta by the end of next month and if you’re reading this Mark, it would be great to meet up for a few beers when I get settled in.

I’ve been to Malta several times since, and have just got back. The grand opening of the Valletta 2018 City of Culture event was spectacular. You missed it Mark, but it seems you are having a good time in the Russian snow. I am very pleased to see from Facebook that you are feeling better following your health scare a few weeks ago. On that note, I’ve heard the hospitals in Malta are very good but I have private medical cover here and would probably do the same there.

Apart from having to endure family and friends wanting to visit me all the time for a free holiday, and having 300 days of sunshine every year, am I missing anything?

Les

Note Added By Mark Alexander

It will be great to meet up when you’re settled Les, the first round is on me 🙂

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Comments

Neil Patterson

5 months ago

I have booked with friends to descend on Mark in May so I might see you then Les 🙂

Anya Hirota

5 months ago

Has Mark ever tried short letting? I have read that landlords can benefit from short letting more than longer lets.

Mark Alexander

5 months ago

I have looked into it but most of my properties are better suited to family use and are in areas which don't have particularly high demand for short term lets or the service industries capable of the supporting such arrangements for overseas landlords, e.g. Norfolk, Wolverhampton, Sheffield etc.

Martin Dance

5 months ago

Off topic probably. Les mentioned LettingSupermarket.com and I am strongly considering using their services which are strongly promoted on this platform.
I am would really appreciate if fellow landlords who have used LettingSupermarket.com give their opinion and feedback of the quality of service received and if they would recommend.
Thank you

Mark Alexander

5 months ago

Reply to the comment left by Martin Dance at 23/01/2018 - 11:50
Hi Martin

Why don't you ask LettingSupermarket.com to put you in touch with a few of their happy clients. Lots of their clients will not read this article and even those who do may prefer not to post comments on a public forum. They might be happy to chat with you over the telephone though.

Anya Hirota

5 months ago

Reply to the comment left by Mark Alexander at 22/01/2018 - 14:40
Yes. From my research, I found that short let property management companies, or rather Airbnb management companies, like Hostmaker and Pass the Keys (http://www.passthekeys.co.uk/), are only in bigger cities that boast high tourism. But the industry is rapidly expanding. Maybe in the next couple years, the market will move to other areas.

What are your thoughts on this?

Mark Alexander

5 months ago

Reply to the comment left by Anya Hirota at 23/01/2018 - 13:08
I am keeping an open mind.

I'd certainly give it a go if the opportunity existed to try it.

Simon Coppen

5 months ago

Reply to the comment left by Martin Dance at 23/01/2018 - 11:50
Martin, I've only ever used their £97+vat advertising, referencing and rent guarantee package, but have always been pleased with the service. Obviously this type of package doesn't require much service, but they've always got the advert online quickly, forwarded on enquiries and answered my queries pretty quickly.

JohnCaversham

5 months ago

I've made a conscious effort NOT to do those menial day to day low rent tasks that take time that i could otherwise be using to progress my rental/development business..All those maintenance, paperwork and organising jobs i used to do have now been outsourced to free my time to go look at more property opportunities.
So i would say yes hand over the running of you portfolio free your time and go make some proper money doing further deals and investments with Mark and his business colleagues!
AND save a place for me i'll be along in a year or two!
J

Mark Alexander

5 months ago

Reply to the comment left by John Maynard at 25/01/2018 - 08:33
Hi John

There comes a point where it is no longer about money, it’s about lifestyle and freedom to be wherever you want to be whenever you want to be, and doing whatever you want to do.

Surely that why we all started our businesses and investments?

After 30 years I decided to work less, stop investing and live life to the full.

When you’re ready to join in I will be very happy for you.

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