X

Sign Up

or

By signing up I agree to Property Tribes Terms and Conditions


Already a PT member? Log In

Sign Up

Sign Up With Facebook, Twitter, or Google

or


By signing up, I agree to Property Tribes Terms and Conditions


Already a PT member? Log In

Log In

or


Don't have an account? Sign Up

Forgot Password

To reset your password just enter the email address you registered with and we'll send you a link to access a new password.


Already a PT member? Log In

Don't have an account? Sign Up

  • Buy-to-Let

    How to generate passive income from £30K?



    Hi guys, I have £30k to invest into something which will bring a nice passive income.

    I will be leaving the UK for 1 to 2 years so would need enough in it to be fully managed.

    I have seen plenty of 2 bed properties in places like Lincolnshire bringing £350 pm.

    I am selling up everything here so will have no UK address.
    0
    0

    First rule is dont tell in public what you have

    30K today is a very small amount of money to start in PRS

    you need to take sound advice for a Tax specialist about your personal situation and a good Mortgage broker

    If I was you I would network with other Landlords and learn as much as you can about Taxation Regulation ect

    the BTL game has changed so learn as much as you can

    2
    0

    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.


    Thanks for the reply.

    I thought I would start on forums like this - when you say network, where would you suggest?
    0
    0

    You could start at a Local National Landlords meeting - free to non-members -  check out their webpage

    Never never pay for education in a flash hotel - they will rip you off  !

    1
    0

    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.

    Presumably you are thinking of using this as a deposit, because you'll be hard pressed to find anything for that price in Lincolnshire.

    I would suggest you look at putting £20k in a couple of the Vanguard tracker funds in an ISA and the other £2400 in a Friendly Society and the rest in a decent instant access building society account.   Being abroad and the uncertain politics situation in the UK, with the potential of an incoming Marxist government  I would suggest you look at property when you return.
    2
    0

    Staggering we have one of the most right wing government in history making life difficult to out right unbearable for the vast majority, who have decimated the economy for there own gain and are now setting there sites on the rest of us trying to make a living out of property. Incredible how, and I use the term very loosely in this instance, so called intelligent people buy into the tabloid press sentiment. There is nothing even remotely Marxist about the current Labour goverment.

    0
    0
    Hi Matt 

    As you are on a property website , I will go ahead and presume the money quoted is for a deposit 

    I would do a lot of research , and connect with local landlords 

    With regards to you moving abroad, this would have to be calculated into your costs from the beginning, as when you move abroad you will become an expat LL. This will entail increased interest rates at north of 3.5% at houses under 150k,  there are a number of hidden fees involved and more strictly followed with longer completition times. 

    I would suggest speak to a broker and see what the best expat mortgage rate you could get and base your profit off that and see if that is acceptable , this would give you a long term view on profitability  and while you are still in the UK with lower interest rates treat as a bonus 

    Cheers 

    Jon
    0
    0

    Buy a basic 2 bed house use the 30k for deposit and fees etc. The mortgage will be under 200, a letting agent management fee 50-60pcm and if you rent for 550 you will have a monthly income of around 300. Keep it simple and basic. (I know there is also tax but thats once a year and will vary)
    1
    0

    Thanks for the comments so far everyone.

    I am open to a mortgage using the money as deposit however, perhaps naively, I have been looking at properties on like this 

    https://www.rightmove.co.uk/property-for...22870.html


    0
    0

    Grimsby isn't for the feint of heart.  I live quite close to Grimsby but never chose to take the plunge and buy property there, mainly due to concerns about property getting wrecked during voids & during tenancy.  More often than not cheap properties for sale over there are boarded up when vacant, which is something that always concerns me.

    The yields are better than I get where I live, but I choose to get less yield and have more peace of mind.

    2
    0

    I have a similer view to you I dont know the area but it would ring bells just looking it on line

    0
    0

    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.