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Corsa Sport » Message Board » Off Day » House Day » Investing in Property » Post Reply
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Cosmo |
posted on 25th Nov 06 at 18:00 |
quote: would be my main reason for not doing that :wave: | |
MarkM |
posted on 24th Nov 06 at 19:44 |
quote: Plus more often than not they will fucking trash the place... :mad: | |
Ian |
posted on 24th Nov 06 at 17:37 |
You generally wouldn't make rental income all year round in that case. Even if you can convince the existing tenants to offer you a retainer for the next academic year they will leave eventually and you'll not have new people until after the summer. | |
stuartmitchell |
posted on 23rd Nov 06 at 23:53 |
Think the best way is to invest in an area near colleges and uni's etc, fill it with cheap Ikea or (2nd hand stuff) and rent it out to students! | |
Cosmo |
posted on 23rd Nov 06 at 10:49 |
not everyone has the cash to buy an extra house, even just the 25% for the mortgage! | |
Ian |
posted on 23rd Nov 06 at 01:35 |
quote:If it were that easy everyone would have six of them. Renovating a house is difficult and expensive and unless you are very careful indeed you'll lose money on the work and the rental. I'm yet to watch any house programs on the TV without the newbie developer going massively over budget because they want fancy fittings to appeal to the upper end of the market, but they end up taking just anyone so they're not losing 700pm every month its empty after the six months they already took fixing it up. If you're buying them cash then may be, but you need at least 25% down to cover the mortgage. Then you've got to make sure its going to appreciate sufficiently to cover your legal fees and general messing by the time you sell short term. | |
STEvieXE |
posted on 22nd Nov 06 at 22:05 |
i think if u have one house u can buy a whole load using them as security too borrow more money... | |
Cosmo |
posted on 21st Nov 06 at 13:28 |
quote: too much work! Would rather it be easier, so just a place with a bit of work needed, someone in renting the place for a few years, sell it on. | |
topshot_2k |
posted on 21st Nov 06 at 13:17 |
if you have decent amount of money have you thought of buying land to build a new house/houses on? or renovation? | |
Cosmo |
posted on 21st Nov 06 at 11:42 |
quote: TBH its not because of the costs after a certain amount of time, its just not something Id want to be doing for long (5yrs max), have bigger and better ideas but this is an easier way to get a bit more money so I can do those things in the future. If they were making me a load of money then I may think about keeping them on, but I doubt the rent will be anything to write home about and just an increase in the value is what I'll be wanting. | |
topshot_2k |
posted on 21st Nov 06 at 11:36 |
i'd go for it, im currently sorting mine out, hopefully get the place in march. buying one which me and gf will live in, second is a buy to let with my parents (50% each) which we will rent out. | |
Brett |
posted on 21st Nov 06 at 11:33 |
A mates dad owns 28 houses (almost one entire street! :lol: ) | |
Cosmo |
posted on 21st Nov 06 at 11:18 |
quote: I know one person who is doing it :boggle: If I based all decisions off one persons opinion or situation then it wouldnt give me much to go on. | |
Ally |
posted on 21st Nov 06 at 11:18 |
You can never get enough advice thou Brett, im sure someone on here has experience in it as well | |
Brett |
posted on 21st Nov 06 at 11:16 |
Sounds like you've got enough family and friends who are already involved in doing that sort of thing for you to have enough info at hand without asking on a car forum. | |
Cosmo |
posted on 21st Nov 06 at 11:01 |
My dad is an IFA ;) | |
Ally |
posted on 21st Nov 06 at 10:58 |
I am looking into getting another flat, like a small flat in Newport centre and leasing it to pay the mortgage | |
Cosmo |
posted on 21st Nov 06 at 10:52 |
Have been thinking of doing this for a while ages, went off the idea when everyone seemed to be snapping houses up, but have been thinking of it seriously again for the last month or so. |