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20 Nov 18, 06:19 PM |
#1
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Guest
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any uk landlords on tonight ? ? ?
Is it really as good as it seems
My brother owns 5 houses down in Kent and is making aprox £4000 profit a month out of them He has asked me to join him, i said i wont as i dont want to risk our house my remortgaging our family home to prove a point that it works, he wants to setup a joint venture near me, he stumps up the £55000 and i run it, 50/50 split on profits I know he is doing well and i know he wants me to benefit in the gains, so is proving a point, no risk to me as its his money |
20 Nov 18, 06:30 PM |
#2
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Imagineer
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If its all done via a solicitor go for it. Make it legal then you have no worries.
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20 Nov 18, 06:37 PM |
#3
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Imagineer
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Living in Kent I will give you my 2p worth.
The rental market here is very strong & most properties will rent very well & theres high demand all over the place I moved out of my rented home in maidstone in the summer. I was paying £650pm As my landlord was a family friend so just wanted to cover his £500 mortgage, the cost of the boiler on finance with a tiny but extra for repairs. If we hadnt been friends the going rate in its condition was £850-950. Was in a lovely area 12min walk into the town centre. 2 bed upper maisonette with garage and garden. If you can get a 2 bed near any of the towns at a good price you will probably do well renting but bare in mind some tennants will trash the place and leave you with the expense or be annoying (eg friend rents out his place as he is in the army, his tennant called him from aldershot to maidstone as the bedroom light was broken & they needed it replacing asap.. it was a bulb. Very annoying and an expensive journey for him) Id also recommend regular checks and a good deposit to keep an eye on them & secure an honest person who will always pay up on time Ps Avoid Chatham! (ps apologies to any plesent people in Chatham, there arent many!
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20 Nov 18, 06:45 PM |
#4
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Imagineer
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I'm a landlord we've recently down sized our rental portphilo it can make you money but one bad tennant can cost you a fortune
We've had one in 20+ years but the 2properties we have left have great long term tenants If you are not near the property it can cost a fortune in trips to check it carry out repairs etc and if not employing an agent you have to make sure someone can ta key care of issues when you go on holiday Etc We won't sell our current rentals unless the tennants moves out Would we do it again not sure now as tenants seem to have more rights than the landlords at times. |
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20 Nov 18, 06:50 PM |
#5
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Imagineer
Join Date: Aug 14
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is the 55k to buy another house in Kent ?
4k a month/ 48k per year profit... how much is rent ! |
20 Nov 18, 07:16 PM |
#6
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VIP Dibber
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20 Nov 18, 07:26 PM |
#7
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VIP Dibber
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We used to enjoy watching a programme about landlords and tenants and it was shocking the rights tenants have. There were so many cases where tenants paid rent for a couple of months then refused to pay and it took the landlord months and months to get them out even after court orders and many had to pay baliffs to get them out never getting their money back.
But if it is just your brother investing and there is no a risk to you then go for it. I assume the £4k profit a month is for all 5 houses?
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20 Nov 18, 07:47 PM |
#8
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Guest
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20 Nov 18, 07:48 PM |
#9
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Guest
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20 Nov 18, 08:05 PM |
#10
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Imagineer
Join Date: May 10
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Is the £4K profit gross or net?
I am a LL and have a few properties. My advice would be Only buy in an area you know Have a good buisness plan, know who you are aiming your properties at. Only buy with money you can afford to lose Have a good amount of cash available for replacing boilers or other emergencies. Ask to see your brothers accounts, people often over exaggerate their net profit Remember that tax is payable at your nominal rate if his profit is 4K a month he will certainly be paying heigher rate tax. You will never make £4K with an investment of £55K Many people myself include have benefited from house price inflation, that has now gone in most areas. Don’t forget that if you own a property you stamp duty will be 3%. Take into account: Mortgage payments Insurance Landlord Association membership Cost of voids or non payment of rent Cost of court action if needed (I have only done this once) but if you work it means time off to attend and time off to meet bailiffs etc. Lock smiths if you need to change locks I only let unfurnished if furnished then cost of replacement Redecoration and wear and tear. Service charges and ground rents (if rented) Management fees if you are not available 24 hours a day 365 days a year. You will pay capital gains on any profit when you sell! Get a very good accountant. This was just a brain storm so I have probably missed a lot. |
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