Buy to let you need 25% deposit minimum..buy cheap rent high..get interest only and collect rent back until deposit is paid back then either sell on 4 a profit or just keep collecting rent to live on then sell a few years b4 your mortgage is up..
repay interest only?
FFS, life’s for living. I commend your efforts but you’re a slave to the system in my opinion. Work work work. Then drop dead.
Appreciated- what part of the world?
Dont need to repay if dont want to..dont need to own it outright..depends which road you want to go down.ive got 2 I pay off and 2 I dont..can just live off the rent then sell it about 2-3 years b4 your term is up,thus getting your deposit back and hopefully any profit value your house has made
That’s interesting, I’m looking at a long term so there is a paid off income to cover my kids care when I’m no longer about so want to get them paid off but may need to turn a few over first to build a bit more money
Land doesn't have strings attached , no cost or depreciation when vacant , huge profits for long term planning goals , no mortgage to worry about.
where you going?
Never know what’s round the corner
Eventually most land becomes developable , the profit is change of use , profit from self development is not that great , the bank always does ok you get the leftovers with a mortgage , life's stressful enough , many will do ok from buy to let but how they do with a house price crash is a gamble
You would have money built up in the house equity etc..on a hope house prices rise which 9/10 there do..I know some1 who's got 25..dosnt own any of them..you can always re mortgage them aswell..aslong as your not too old.say you got a 25 year interest only mortgage..after 15 years you've more than got your money back then some and built equity in the house then re mortgage it again 4 25 years so ur back to the start..there dont really care on btl mortgages aslong as there see you have sitting tenants etc and there are getting there dosh
My plan is pay my mortgage off by 40 then quitting skimming and just buying, doing up and selling one at a time. I'm probably wasting years that I could buy the second one sooner but I hate debt
Or cheapo properties up north? Can buy a house for 70k, skim it, new cheap bathroom and kitchen and carpets and sell for 90-100k. But yeah I definitely wouldn't want to rent places out
exactly, you may not want to give your kids f**k all when you see how they turn out.
Both will need special care their whole lives, worries me sick daily of who will look after them after us, got to leave a portfolio for them
Whats air b and b save me googling and showing my ignorence on here?
How old are you?
Basically rent your house for days or weeks at a time
Renting is only guna get bigger..if you can manage it it's a good earner..the tax thing wont last 4ever when there see that there need landlords..
Defo..but then again it will be the end of the world..I'd jack it all in and just sit on my arse and collect money for doing f**k all..no point having aspirarations with that old fossil in charge
I’ve done a lot of work around Preston on the HMO scene. Those at the top are making some serious coinage. Eye watering money.
Theres massive changes happening to hmos aswell cant remember what but we did one up for a landlord and he said there were bringing new rules out or sumat
