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started in 2012, had a run, stopped a couple of years ago after getting to 5 to build up cash doing buy-refurb-sell, 3rd one going on the market on friday next week, time to go again on btl, looking at getting 3 over the next 2 years.
i dont worry about legislation, i dont worry about tax, i dont worry about brexit, right now the numbers stack up
im buying for £73k
refurb prior to renting £2k
fees and stamp duty £3k
rent will be £500 pcm
interest only mortgage payments will be £127 pcm
for anyone wanting advice its simple, just do it, what the worst that can happen
Congratulations Broose. Whereabouts in the UK are your properties located?
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
im north east based v, my properties are ts6 ts10 ts11, with global warming in around 200 years the ts postcode will be the new french riviera and ill be rich
indeed andrew, however im pretty risk adverse, i just see the simplicity in it
i spent a lot of my working life contracting in construction, and learnt that if when tendering for work you consider everything you win nothing, sometimes youve just gotta take it on and see how it goes
having a large portfolio frightens the life out of me, ill stop before breaching double figures for my sanity
ill go and pursue my interests and hobbies, digging holes, putting things in them, taking ceilings down, putting ceilings up, hunting water sources, and so on
``having a large portfolio frightens the life out of me ill stop before breaching double figures for my sanity``
no you wont because you will grow with your portfolio .
10 is nice and round so a good number to aim for but then your mind wont stop
entrepreneurs dont just shut down . they say they will of course - but secretly they dont
this is how it will go
12 - well you buy a dozen eggs so a dozen properties is good
13 - no one stops at 13 because thats unlucky
14 - boring and non descript so time to buy one more
15 - any multiple of 5 has a nice ring to it
16 - you can do stuff at 16 you cant do at 15
18 - you can do stuff at 18 you cant do at 16
20 - multiple of 5 and 10 so double joy
21- an important coming of age date - time to celebrate
but even then you will come up with another excuse to buy again
The gardening can wait a little while longer .
The meadow look is quite fashionable these days anyway
Jonathan Clarke. http://www.buytoletmk.com
But at what figure does the income requirement get satisfied before moving onto the vanity stage?
I know it's an unpopular statement, but I think getting what you need with as few as possible is the way forward for the individual and society. Look at everyone's favourite spokesman for the PRS, Fergus Wilson, basically controlled an area and could serve 100 S21's in a day to get his point across.
I don't think it does us any favours.
Building like DL and others are doing, that's a different story. No-one can complain about that. But hoarding an area as the Wilsons managed to do, not good!
I know it's an unpopular statement, but I think getting what you need with as few as possible is the way forward for the individual and society
It may be unpopular, but its not said often enough! I have one rental property which is sufficient for my needs. I do plan, however, just one more investment for life's little luxuries and as a backup income/retirement fund.
Unsurprisingly, I am not pressurised by constantly changing legislation and regulations or political and social opinion.
A good teacher must know the rules; a good pupil, the exceptions.
Martin H. Fischer
Vanity is a very individual thing
its a visual thing often - make up, flash cars, flash clothes
fergus had his 1000 before social media ever got hold of him I`m guessing
so walking down the street no one knew who he was so no evidence of vanity
Unless he felt the need to tell everyone he met who he was and how many he had
He was driven to achieve yes and nothing wrong with that
Macdonald`s try the same thing to make more money .
Just business not vanity I reckon and we all got to eat
Does Fergus come across well though - not in my view - but that`s just him
should 1 person have that much control in this business - probably not
should there be a law stopping him from issuing 1000 sec 21`s in a small area on the same day
Monopolies commission rules do not apply i guess to the PRS
Not sure i understand the less is more argument
We are housing providers . We prevent homelessness
Handled sensitively we are a positive force for good as a social service provider
The council and housing associations and Barrett Homes are housing providers too
Are they just vain or driven
And many in the PRS do a better job than the council .
The council can hide behind the anonymity of the committee
We as individuals can be shot down with ease if we transgress
Its an image problem the PRS have I agree but not because we are vain I suggest