Is this the way to do it ?

[Evans Electric]

Talking to a local sparks  I know ,  I learn that over the years he's acquired 17 houses that he rents out ,   puts him in the 40%  tax bracket .  

He put the hours in years ago ,  8 days a week etc    .   Anyone else in this game ?  

 

[Sharpend]

Sadly not, although I have met many sparks that have. Mind you I still pay in the 40% rate

 

[SPECIAL LOCATION]

Pahh!!

I just thought we all were well above that...  ONLY 17 houses???

I assumed we all owned all of the property in the most lucrative street in our neighbourhood...

had a 75% stake ownership of the local shopping centre....

Managed 60% of all electrical maintenance at the schools, colleges, swimming baths and all other council buildings in a 35mile radius of our key target locations..

Were joint owners of a printing company producing BS761 and its associated guidance notes etc.. 

Whilst in our spare time ran a Bed and Breakfast in the Scottish Highlands, A ferry to the Isle of Skye, Managed a music festival on the Isle of Wight....

And during quite times gave Tony tips on article to wright for the Knowledge base on this here forumbulator…

perhaps I have assumed Too much about the rest of you?

opcorn

:C

Well at lest ProDave has a bed & breakfast....   So he's doing his bit!!!!!!!!!!!!!!!!!!!

:coat

 

[Sharpend]

Well I worked out the cryptic name you use I just didn’t like to let your secret out. 

 

[ProDave]

If I were still a landlord mow I would be looking to exit that game, the tax rules are further turning the screw to make it harder for a LL.

Oh hang on I did exit the rental business 5 years ago but am back as an "accidental landlord" until our tenant finally makes an offer to buy the house.

 

[Evans Electric]

I was thinking of letting out a few rooms at home to be honest ,   perhaps about 80  to start with .  

 

[OnOff]

I too am an accidental landlord with two rented places. A long story as to why. Income split 50/50 between me and SWMBO, 40% tax for me. Not as lucrative as people think. These universal credit changes means one tenant defaulted recently to just over £6K. Been through evictions, ballifs, court orders, fought the DPS to return a deposit etc. Tenants who won't pay and are pleading poverty who you can't contact as they've changed numbers and email you then find are managing to run the latest iPhone. House used as a pseudo brothel, sub letting and being used as an address for credit card / mobile scams. Down to gaining access for the annual gas check, even had grief with that. I hate it all tbh. 

I would advise anyone contemplating doing it to get landlords insurance. You can't always get it depending on the  tenants circumstances and might not be able to renew the insurance if the tenants circumstances change.

However, I wish I had gone into it years ago and gotten half a dozen of more properties and done it as a day job. The time to make big from it has passed maybe. At every turn someone wants your cash. 

 

[binky]

Looked at becoming a landlord several tmes, but as house prices have shot through the roof, there is little margin in it, and 1 twot tennant can ruin the finances for quite some time. Now 25/30 yar ago when you could still buy a big Victorian terrace house for around £50k, that was the time to move into property - 20/20 hindsight is a marvellous thing! 

If anyone is still interested in going down this line, I would buy ex-council houses. OK they don't rent for as much, but are generally built out of unbreakable stuff like breeze blocks, and don't cost so much to buy in the first place. I would also be avoiding renting to any tennant on benefits, or would only rent to such people if it was a very cheap property in a lettuced area.