Registered with Property118.comSaturday 13th February 2016
Only things you forgot to mention, and really put a hold on FTBs are the changes in mortgage eligibility
I own three BTLs, a 3 bed house, 2 bed flat and 1 bed flat, my tenants in house, sold their house to release equity to enjoy life, they are professional people. 2 bed flat a couple whose intention is to retire to her home country, both in service type jobs, so happy to rent as she has house where they intend to retire to. 1 bed flat lady in 60s, she would never get a mortgage or want that financial burden at this point in her life. All three properties are in excellent condition and when I see some of the properties put up to rent, for higher amounts than I get, I am furious, so I think I am providing a great level of service to these people and to be fair, when it comes down to brass tacks I do not make a great deal of money from the rents, although it looks to others, who dont know any better, that you make a fortune.
This prof needs to wake up and listen, but why should he, as you say he is sitting pretty!
IS IT CLEAN, MOULD FREE AND WORKING, WELL WHATS THE PROBLEM, THE COLOUR ISNT TOO OFFENSIVE, HAVE YOU SEEN SOME OF THE CXXP THAT PEOPLE RENT OUT, ALLEGEDLY HAVING RENOVATED, GO FOR IT.
so no change in budget then, cheers tory blikered privileged wallys
If you and your spouse have taxable income of less than £86,000 (including annual mortgage interest) there is absolutely no need to even consider incorporation of an existing property rental business for tax purposes.
my husband is in 40% tax with profit from rent. I am retired with a pension but nowhere near 40%. Is your statement above a coverall for every possible permutation of income, or will specific circumstances alter that?
dont worry about courses, you would be on one for the rest of your life to learn everything you need to know. Finding a good builder is worth its weight in gold, then ask ask ask and do do do, I built a house and it is amazing how much you learn. If you dont understand do your research, and remember if its too good to be true it usually is. Get to know the area you want to develop as your BTL portfolio, pick the brains of estate agents, dont trust surveys, never had one that was any good yet, if you look at a property, look beyond the obvious, take a torch and look into nooks and crannies, at the end of the day it is your money and people will always have a hand in your pocket for some of it, trust your instincts if you dont feel right walk away there is always another deal