Browse All Tribes or choose a Tribe below:
By signing up I agree to Property Tribes Terms and Conditions
Already a PT member? Log In
Sign Up With Facebook, Twitter, or Google
By signing up, I agree to Property Tribes Terms and Conditions
Already a PT member? Log In
Don't have an account? Sign Up
To reset your password just enter the email address you registered with and we'll send you a link to access a new password.
See this thread to answer that:The BIG tax issue: Should I incorporate?Ideally though, you should seek professional tax advice bespoke to your personal circumstances ...
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**
This investor proves the Point I have made for a long time
Borrowing Thousands of pounds and in reality have no Tax education
GOD HELP THIS SECTOR if in 2019 we have landlords like this and still buying property who haven't a clue what there doing
Sole Trader indeed ?????????? I dont think so
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.
So right, worrying indeed.
OK I believe you
If you dont understand S24 STOP NOW
Seek advice and once you have done that and you understand which strategy your going to use and Why you want to use that Strategy
Its alarming to meet a Landlord who at your point of business has not got the S24 Message in 2019
BTL is no longer the simple game it was so get some knowledge
Your Borrowing a lot of cash Think Hard ???
Financial Consultant working with Property Tribes Financial Services.
Always cover your debts, don't leave them for your loved ones to pick up. Ask me how - email@example.com 07500 871209
This sort of question is so personal and to be fair trying to give an opinion is silly
I know nothing about you what your background is what rate of tax you pay
and most important what your dreams and aspirations are
You must do whats right for you and what you feel coftable with
Go with your gut feelings you will make mistakes we all do but thats how you grow as a Landlord is all about
As others have said, you have some way to go to make sure this purchase is right for you.
In terms of value, when you say that similar properties are "Selling for 270k", have you checked that they have actually sold for that amount or are just on the market for that? There can be a world of difference and the mortgage valuer will base value of what has actually transacted, not asking prices.
You really do need to get advice on rents and the local demand from other agents; the selling agent does not have your best interests at heart. They will not be liable to you for their informal advice - remember they are acting for the seller.
Government policy seems to support more corporate landlord operations, rather than individuals, so you do need to think about using a limited company. This is a bit more unwieldly and costly than owning property in your own name but, at the moment, is more tax efficient. You need to run through your personal figures with an accountant who understands these matters.
As for ROI, you need to decide what you are happy with. Are you going for cash or growth? Some investors (me!) have a modest yield (c4%) but own houses have grown massively in value over the last 25 years. Funds are then accessed by re-mortgage. However, others go for high yields to put cash in the bank from annual profit. Often lower yields don;t get such good capital growth. It all depends on your cash requirements, borrowings, amount of time you are wiling to spend, attitude to risk, to name a few factors.
Finally, you need to be wary of flats. I think Vanessa has given you some good reasons.