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Well, we're in the last quarter of this year and the decade is coming to a close, so how have things gone for you generally business-wise?
This has been my first full decade of self-employment and looking back it's been an eye-opener.
Prices in my locale have gone up pretty much year on year and are now crazy - so crazy that I was hoping to buy at the beginning of this year but there was no stock, now there is and the prices don't make it worthwhile.
What started with a 3 in 2010 now starts with a 5. What started with a 1 in 2011 now starts with a 3, and the stock is all needing a full refurb!Adding in the extra stamp duty, well, the payback time is in decades, so no thanks.However, due to price increases LTV has reduced from 75% to in the 40s so each positive usually has a negative - you can't have it both ways.
That's just one of the changes I've seen over this decade, and there have been many that have changed our industry a lot.Overall, I have a lot more knowledge now than 10 years ago thanks to great places like PT to learn from and will hopefully have a lot more in 10 years time.
So, how's this decade been for you?
Property Investor from Surrey
2010 to 2019 has been a very interesting time for me - S24 has played a major factor in the past 10 years
If I judge it in simple terms, I am making more profits than I did in 2010 an I have a lot more property
All property purchased without refinancing and all property on Capital and Repayment
I now own a Company and my business is far more professional than it was in 2010 !
Lets hope 2019 to 2029 gives me the same results - more property and more profit. It will be full steam ahead if I can buy the property with the right yield.
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.
May I ask if you are a South East / London LL Adam?
All about location I guess.
2010-19 has been a lost decade for me!
As a Northern LL I have had some good capital growth but this has been offset against other props still not being worth what I paid in 2005-8 leaving me with a LTV virtually unchanged from the noughties.
Cashflow has improved with continued low IR's but again this has been offset against increased regulation complance, repairs and agency fees as I will no longer risk doing my own management for fear of falling foul of regs. Have sold off a chunk of property to reduce my overall risk and give a little cash reserve.
Fortunately I did start young in the 90's with my first props bought before I was 20 and intend to get back to where I was and beyond in the next decade if possible! Will probably change props into a better location if I can to get better capital growth.
Generally muddling along but keeping positive for the future!
I agree with you If a Northern Landlord had purchased 2005 to 2007 Capital Values would be low
Rents over the period of 2003 to 2019 have been stagnant an are not growing fast
Do do have concerned over regulation and Taxation for BTL
But I have the confidence to put that to one side (I hope I am Right )
I still see opportunity but I am very very fussy on what I buy and I stick to my 8% yield bench mark
I think it will still take a further ten years before we see the prices of property purchased in 2004 to 2007 back to where they started
so from 2004 to 2025 are lost years in terms of capital growth = who would have thought that some owners will have never see capital growth in 21 years in the North ?
If my gut feeling is right, the SE will go through similar pain starting in 2017 /18 up until 2025 or longer.
Yes, south-east. The price rises have been in addition to the Stamp Duty + S24, in that unless you want to put many more £thousands into a property in the location you know, you're priced out.
Its been hell of a ride!
10 years ago I was working 9 to 5 in a corporate job, that was more like 9 to 7 + two and a half hours commute. I was knackered all the time, had no life and generally felt quite rubbish about my prospects.
I always thought that property could be my saviour. After years of ifs and buts I finally took the plunge in 2014 when I spotted a small bungalow 2 streets from my house, the sale of which had already fallen through 3 times. My cheeky offer was accepted and it let very quickly to a lovely tidy lady. Suddenly I had an extra £600 per month.
Things haven't always gone smoothly, but now my living costs are covered by my BTLs and I work part time. My aim is to double my BTL income in the next 18 months.
Ten years ago I just had 3 terrace houses in Liverpool. It was a great but run down location, handy for the university and hospital and it was being regenerated by the council.
So now that location has been gentrified and looks stunning, cobbled streets, old fashioned street lamps and matching iron railings all the way down the streets, put there by the council during the regeneration.
During that time renting to students, I had no voids but the capital values had dropped drastically from what I had paid a few years before. I was working a low paid job but I never took any money out, just let it accumulate and over time I saved up and bought a couple more houses nearer home.
I made a big mistake, buying a leasehold property and had a big legal tussle which lasted years, cost loads and stopped me for about 4 years from moving forward. Lesson learned there and no more leaseholds for me.
So then off again, I converted a house to two flats, I developed an HMO, I bought a 50% BMV house at auction which I kept, remortgaged and rented out and then I bought a multi unit block of flats/studios and only then did I start drawing income.
Now in the process of selling the original 3 and buying some properties nearer home so I'm not at the mercy of the managing agent.
I have to say that I was helped to start when I did by the 85% Mortgage Express mortgages which were around at the time also by same day remortgages and then interest rates falling to record lows. My original mortgages fell from £450 a month to just £165. I doubt whether it would be possible to get into property in the same way nowadays as I had very little capital to start with. I was very lucky with the timing of everything, I admit it was pure luck and I can't claim to have been clever in timing the market.
All comments are made in good faith and are given to the best of my knowledge and experience but I would advise you to consult an expert before making important decisions and I accept no liability for comments made.
You are so right - Timing was right - I too did the ME thing and my cash flow rocketed
You're so right that what was achieved before the crash can't happen now
Different world/different lending criteria