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  • Stickies & Evergreen

    How to get started in BTL ... in 10 easy steps.

    Taking into account the Budget changes does getting into BTL mean the same thing as we normally understand
    Is getting into holiday rental homes BTL
    Is buying a B & B BTL!??
    I know Vanessa is a fan of Holiday homes
    Is the tax treatment of holiday lettings significantly different from 'normal' residential lettings to make it a more tax effective way of investing in property?
    Yes it requires more hands on and is sometimes NOT consistent rent income
    But if one has a fair amount of residential letting property might exiting that and entering the holiday lettings market be a way of circumventing the attack on LL income
    I ask this as someone who hasn't got a clue whether holiday letting might be a better way for LL to remain in property and make more or less the same level of income they presently do under the existing residential lettings tax regime.
    It would require a major change to the way LL have got used to being.
    But perhaps a move to some delightful spot where one can manage directly one's holiday homes and not have the hassle of residential tenants anymore might be an attractive proposition for some weary BTL LL!!??
    I'm sure holidaymakers in general are a more affable type of temporary tenant!!
    Just think no eviction issues etc; etc
    Perhaps Vanessa can make a case for the holidays letting industry being now superior as far as actual returns could be once the full impact of these Budget tax changes kick in!?
    Simplistically would it be a wise move for a LL to sell up all his residential property and invest the proceeds in Holiday lettings and B & B's???
    Presupposing that the tax changes wouldn't affect holiday lettings
    I am just conjecturing here cos I don't really have a clue
    Others will be more the wiser such as Vanessa and give us a heads up as to whether the PRS could en masse convert to the holiday lettings market!!!!?????
    Feel free to shoot me down in flames over my queries
    I would just like to know!!
    I was speaking to a Talk Talk rep who had a degree in Business Management and spoke Spanish seemed to be well switched on.
    He suggested UK LL invest in City Centre Student properties which by all accounts are ALWAYS in high demand and profitable!!
    Not sure about the Spanish tax regime but it surely must be worthwhile PRS LL considering moving their property investment capital to other countries with a more benign tax regime for such PRS LL!??
    It seems the UK now has it in for PRS LL
    Is it time to leave for sunnier shores and more exotic locations!??
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    Comprehensive and such a useful list. Thank you Vanessa good work on this one for all of us newbies.

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    I just found this video by Tony Law which gives a quick and snapshot way of determining supply and demand in an area.



    ​I just tried it on a couple of areas I know well, and it worked for both sales and lettings.

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    Thanks for adding my little video Vanessa - very much appreciated. :-)

    As of course you know - this should only be used as a quick indicator of "Demand" and I feel it's particularly useful when trying to measure one area against another. I hope it helps someone - and Vanessa - keep up the good work! :-)

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    Here is the new 10 point plan for getting started in btl

    Forge a career in international finance

    Accept an advisory role in the treasury

    Encourage 'your son' to take an interest in housing policy

    Get chatting to a big insurer & do a deal to become chairman if you can help it win business

    Help 'son' write a report that would pave the way for that insurer to push out competitors in housing market

    Push said report to chancellor & others in treasury with a few well placed helping hands to gain support

    convince chancellor to make the report law so big insurer can open groundbreaking factory building prefab houses for BTR

    accept job as chairman of large insurer on decent wedge and big share option package

    lead large company through intense period of change as it enters new market

    live happily ever after

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    Good one Pipllman,

    Yep, for the rest of us - The Writing's on the Wall ...

    Reminds me of the song of same name somehow!

    Angela

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    "It is the small decisions you and I make every day which shape our destinies." Anthony Robbins

    Spot On quite clever really

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    Learn Change and Adapt ?????

    Just up-dating this thread with two new relevant posts that give additional detail on some of the suggestions in the original post:

    Low risk strategy to get started in BTL 

    How to assess tenant demand in an area

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