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Corsa Sport » Message Board » Off Day » House Day » Buy to let investors and landlords? » Post Reply
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RichR |
posted on 23rd Dec 11 at 07:13 |
Depends on your area Baza. We have a waiting list on our flats. Last week we found out the lass renting the main upstairs flat at £90p.w. was moving out at the end of her 6month tenancy at the end of Dec. we got her text at 6am, by 10.30 we had 4 people interested and by lunchtime we had a deposit down by the new couple moving in. We've increased the rent on that flat by £5 a week now as two people are moving in. By comparison, Jim in the downstairs flat has paid the same £70 per week since he moved in 4 years ago. We look after the tenants in other ways-free broadband and water rates | |
baza31 |
posted on 22nd Dec 11 at 23:26 |
quote: 1st time buyer or not looking to try make 5% or 8% or whatever IMO is the wrong way to go about it. Houses are long term investments fact, they can't be used for quick money inless sold. It's ok saying add a percentage on but if your after money after paying your mortgage then increase length of mortgage to bring payments down. I have two houses I rent off and every penny goes to paying the money I owe off . I keep a float incase anything goes wrong but I find keeping the prices down and realistic means you keep your tenant from looking for a better deal. I have a friend who rents similar house locally but for 90 more a month, doesn't sound much but his keeps becoming empty and mine are full . Am no property mogul but it's what's worked for me | |
ste_p23 |
posted on 19th Dec 11 at 22:27 |
quote: It depends on what kind of investor you are tbh, for somneone who is startting out in the game im sure they would be happy at a 4-5% yield, However a more serious investor will aim for around 5-8% as a minimum this is so the money they use can be re-invested increasing a portfolio size it all just depends on the each individual view :thumbs: | |
baza31 |
posted on 18th Dec 11 at 23:59 |
how i see it if thier rent covers expenses then why worry about 7% profit? they stay there till the money owed is paid and every penny less tax is profit and you own a house someone else has paid for | |
jrsteeve |
posted on 29th Nov 11 at 14:24 |
You should be looking to achieve at least 6-7% return for it to be viable, though 10%+ can also be done if you buy well. If you know the areas well you can't go too far wrong, though the real money is in turning them round quickly. Only problem with turning them round is finding the right mortgage product to facilitate it, most have tie ins, penalties etc. | |
RichR |
posted on 29th Nov 11 at 13:07 |
The rental income on the two flats is £715.00 a calendar month combined for a property value of £120,000. | |
Conway563 |
posted on 29th Nov 11 at 08:53 |
Surely it depends on the area? | |
ste_p23 |
posted on 28th Nov 11 at 21:15 |
Im just looking for some info to see if you have noticed any trends with your returns on investments or if you have noticed any change in your letting time scales. The reason im asking is that i have just bought a house ( non buy to let with a very small mortgage) and i currently have some money invested which i should see a nice return on so im looking to purchase a property around the 50-80k mark as a long term buy to let investment so any help would be great as the current market seems to be steadily growing for buy to let :) |