Tiny Portfolio – Any advice for accidental landlordMake Text Bigger
I am a landlord by default. My mother had a stroke in 2011 and needed full time care so I quit my job and moved from Northumberland back to Norfolk with my husband. We let out our house as had no time to sell it.
Five years on, as we both have no decent pension to come to us, our tenants have been in situ for the entire time, with absolutely no problems, so we purchased another small flat in January 2016 in Norwich where we now live which has a long term tenant on a yearly shorthold tenancy agreement. I am still caring for my mother so have no income whatsoever apart from the two rental incomes – which total £11,640 a year gross. We have a mortgage of £65,000 interest only and the two properties are worth approx £220,000 in total.
I also have inherited a house from my father which I jointly own with my brother which is where me and my husband currently live, my brother is not pushing us to sell and this has no mortgage. It is worth approx £500,000.
My husband is a CCTV engineer so earns a decent, but not high salary. This year, I filled in my own tax return as I was still under the tax threshold, but next year, I will be slightly above.
I am wondering what the best way forward is to keep all things legal and avoid making schoolgirl errors! Any advice/thoughts as how to improve my income would be appreciated!
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