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  • Refurbish/Develop

    Fresh start with £150k what would you do?

    To illustrate your lack of understanding and flawed sweeping assumptions the tenant was not eligible for RGI as I purchase the property of them. They would not pass a credit check. I purchased the property over a decade ago and at the time it was 35% below market value. I am selling it and banking £100k proceeds so I am very happy with my business decision on this one. Cheers.

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    Well of course that is a business risk you determined worth making in light of the fact you are selling up.

    That isn't a normal situation.

    Retention of property is what most LL do.

    But I can see in your particular circumstances it was a valid business decision.

    The comment was based on a normal circumstance.

    But well done on your property transaction.


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    Hi Liam

    Great thread with some very interesting investment debate.

    QQ - where are you now with your property journey?

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    I ended up moving into the house I rennovated with my girlfriend and returned the money I had back to my parents so they could pay off their mortgage they got for me (I was paying the monthly payments). I am currently doing a qualification which will get me a promotion to be on quite abit more money. I'm still only 25 so got many years ahead of me. I have been tempted by nice cars etc but I think I want to follow my property dreams despite the hard road it will be...

    I plan to finish the qualification then I will remortgage my house and invest around 30k equity into a terraced house worth about 70/80k and rennovate it. I will get it on a 1 year fixed mortgage at about 80% LTV so I can release the profit made in the rennovating and also I will be saving around £1.5k pm from my wage. I plan to build up my portfolio that way despite it taking a little while to get the thing in motion due to my reduced amount of money I have to invest..... not the happy ending you might have expected but the dream is still alive

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    Hi Liam,

    Thanks for up-dating the thread and well done for what you have achieved and your thought processes.  You sound like a very sensible young man with a good business head on your shoulders and I think your plan has legs.  Good luck moving forwards and do please keep up-dating us with news of how your property journey is progressing.

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    Thank you for the kind words Vanessa. I will be using this amazing website as the time grows closer as it is an invaluable source of knowledge and I am glad to see people like Jonathan are still posting.

    I had hoped section 24 had been revoked due to the unfairness behind it but I guess we aren't so lucky! But at least the corporate method hasn't been rinsed dry... yet (fingers crossed).

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    impact of S24 is nil if you are not a high rate tax payer....

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    I will be earning around £47k before tax and with bonus and overtime it will probably be closer to £60k so I will be a higher rate payer

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    Interesting discussion for me it depends what other investments and wealth you have the most important thing for low risk wealth generation is time so it also depends how old you are if you are young and make mistakes you can go back into the employment market and make it back.

    Wealth preservation for me is the key - get rich slowly and manage and understand the risks you are taking on - property is certainly a key part of that but property is largely a leveraged play - great in a rising market but an increased risk. Diversification into other asset classes is therefore critical rather than an "all eggs in one basket"approach.For example I take my property income and invest that it other asset classes .

    What I love about property is it is, like gold, a physical asset - as long as you manage your leverage and debt and stress test it against spiking rates come the massive debt fuelled financial crash that is coming, physical assets will serve you well ... flat currency is paper not backed by anything - gold and property are real money.

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