Browse All Tribes or choose a Tribe below:
By signing up I agree to Property Tribes Terms and Conditions
Already a PT member? Log In
Sign Up With Facebook, Twitter, or Google
By signing up, I agree to Property Tribes Terms and Conditions
Already a PT member? Log In
Don't have an account? Sign Up
To reset your password just enter the email address you registered with and we'll send you a link to access a new password.
Hi there, really confused as to why you think it'd value up at £80k when the last 2 properties on the that street sold for £62k (2018) and £52k (2016) and there hasn't been much house price growth in the area?
hi smitha, local knowledge really, we bought one in the next street last year for £43k, refurbed it and sold it for £85k, we have currently got another 3 streets along that we paid £46k for, refurbed and have accepted an offer of £81k
Hello MODERATOR, whoever that may be ??????????????????
I see that you have suggested that I am a "Pied Piper" which I take great offence too.
To suggest that I am trying to take someone away from this site, when all I am trying to do sent them information is unbelievable.
I suggest that you go through the posting and remove ALL links to external website, and be |CONSISTENT in your moderation!
Little wonder you receive unpleasant correspondence from third parties.
So you are burnt out and want to live overseas
I can go with that and understand it
BTL and Holiday Homes are far from a stress free life
Lets say you are living in the sun and you have major issues Rent Arrears Voids ect
If your leveraged and you have to pay the Bills and income is low or un affordable how will you cope
I think if you do go down this road I would keep some of your cash behind you to pay your bills
even sunshine with worries can be un plesent place to be
I know this from experience A freind of mine did slimier and lost the lot
he relied of a solicitor and a managing agent both from what I could see let him down
If I was you get your head sorted go overseas with your cash and once you are in a better place then invest
Mental health should never be put to one side and stress could make you feel much worse
so take some books on BTL and wealth sit under the palm tree and relax and when you are in a better place
Learn Change and Adapt ?????
All comments are for casual information purposes only. If you wish to rely on any advice I have given please ensure you obtain independent specialist advice from a third party. No liability is accepted for comments made.
Hello Yiieldinvestor (Adam),
Here is some more figures for you to consider, to reach your desired annual financial targets. A 7 bed, fully licensed, HMO in the right location, with good sized rooms (all ensuite), with the appropriate level of finishes and ancillary accommodation, could generate a revenue of £120 per room, per week and based on 100% occupancy could generate a revenue of £42,000 per annum. Assuming that you are able to control the expenditure to no more than 50% of the revenue including management fees, then you would have an annual net income of £21,000 per annum which after the payment of £1,700 UK Income Tax at 20% (£21,000 - £12,500 = £8,500 at 20% = £1,700) would provide you with an annual income of £19,300 or £1,608 per calendar month, which I believe meets your immediate financial targets for income, and by owning the property you could also benefit from long term capital growth.
Whether you are able to find the right property, in the right location, with the right reconfiguration possible, at the right price, with the right organisation able and willing to organise and carry out all the works for you, in a short period of time, 3 months, 6 months, 12 months is a different matter completely !!
You could always look at joining the £100,000 club and generate this annual income from buying, extending and refurbing a number of properties over (say) a 12 month period. Only you can decide the best way forward for yourself, and the timescale that you have to put everything in place.