Evicting vulnerable tenant in hospital – Landlord Action response9:55 AM, 3rd July 2019
About 3 weeks ago 69
I am taking the plunge into BTL and planning to build a property portfolio over 8 years. I would like to get general opinions and people with more experience about my business plan going forward.
1. 2 people partnership A and B (husband & wife)
2. A has no salary, but will be running the property business full time
3. B salary PAYE £100,000 gross
4. Purchasing 15 single lets BTL over 8 years building up portfolio, leverage at 75% with equity release
Current suggested plan:-
1. Purchasing BTLs with Declaration of Trust / Tenancy in common A partner 100% and B partner 0% till partner A reaches rental income of £50,000 by 2020/21 (to stay under higher tax bracket), follow by purchase under limited company thereafter
2. Also all the property managed by a limited company (owned by A & B) charging 35% rental income for full management, helping to organise mortgages and remortgages/equity release, sourcing property deals
Are my plans work-able? All advice and feedback welcomed.
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