secondary incomes apart from Plastering?
- Thread starter johniosaif
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my old mans done that, a good quality grandfather clock can be 10k plus.
do you know how it works if they have an existing tennancy agrement in place? i pressume once its been tested and you have the paperwork and its 'safe' thats it.
we sold out, after several court actions with vat, [they wanted us to pay vat on the rents and sale of land as it was a high percentage of our turnover.] the local council was always on our backs. the income tax office could see that we had a lot of assets in our portfolio, and they did not like that! . we also brought and sold building land which was easy money but very taxable
could you not roll the money you made over, into more building land to reduce your tax liability?
Arti
Well-Known Member
is he abit cookoo............:RpS_laugh:..........oh thats cookoo clocks............soz al....:RpS_blushing:
Arti
Well-Known Member
good money in childminding..wor lass did it when we lived in germany and made a canny wedge
I used to do that, it kept me ticking over when the plastering was quiet.
are you winding me up.
essexandy
The Lake Governor
I have a mate with a large and varied portfolio, he has some small shopping centres with tenants like the Co-op ect., as you say good long term agreements.
I'm going to look into a small commercial property next year as it drives me mad that I'm renting out properties on the one hand and yet paying rent on a unit each month.
an old pal of mine always went into commercial properties, you do not have the maintenance , just keep out of the way and pick up the rent.
one was a I****n restaurant ,they would get in trouble with dept of enviorment now and again and he would ask me to go round do the alterations to meet the standards as they did not understand. others fell way behind with there rents, he offered to wipe the slate clean and start again, but they just could not make enough money. he died a couple of years ago at about 80 , i sold the shops off for him to pay for his widows costs in an old peoples home. he left me his private number plate for helping him out.
ps i would keep away from comet
the trouble is it is all unearned income therefore tax is at a higher rate.
my old labourer is sitting on a large plot of land which he want to get planing permission for 80 houses on, he has made the ownership over to his daughter, but as he is on the local council everyone keeps an eye on him
i looked at one near me that coral bookies had on a lease of 8 years to run, i think the yield was 12%
i bet they do.
we did have a unit at my mothers home until she died, then the property was returned to a merchant bank. as it was owned by a trust fund. we now have two single garages, just have to have a thin out of the stock
Jackospread
New Member
Gamekeeper?
Wait a second pal, dont give me a ticking off on the forum, im not winding anyone up, you must be getting second hand information from someone else. Lets face it, i think some one else has had a big hand in this and its not me.
essexandy
The Lake Governor
Yeah I nearly bought a pair of garages a few years back, wish I had now.
as a post script, we had another battle with fair rents at the time, the tenents would be in employment this week and on benefits the next week. fair rents would cut the costs down then offer to pay a percentage of the rent, leaving the landlord high and dry. this fair rent act could return at any time.
essexandy
The Lake Governor
But then they'd get their two months notice.
Rigsby
TPF Special Forces
21 rented properties is a lot to handle part time. I had 3 but sold 1 to my son to get him started. I have been lucky so far but I tenant verify the tenants and they need to be 100% credit worthy with something to lose if they default. I also take out rent and legal insurance for a small fee averaging 1 weeks rent per year and they know it.
Terraced houses to me are like an old car. Worn out, unreliable and environmentally unfriendly. I do have one, my first and it has cost me. I am now saving to bring it into the 21st century and I estimate £15-20k but it should be good for 20 years + with what I have in mind. The other is ex-Council 1970,s. Well built flat in a well maintained block. Insurance £75 per year and service charge £75 per year. See the tenant once a year to renew his contract and never hear from him. It is around the corner from me though and my neighbours mother keeps an eye on him. If I was to buy another terrace it would be completely gutted and brought up to date.
Just about paid them off now and saving for another. Even if it is 1 house bringing in £450 pcm it is a help when you need it. I don't need it yet and let it pay itself off but it is there if need it.
Terraced houses to me are like an old car. Worn out, unreliable and environmentally unfriendly. I do have one, my first and it has cost me. I am now saving to bring it into the 21st century and I estimate £15-20k but it should be good for 20 years + with what I have in mind. The other is ex-Council 1970,s. Well built flat in a well maintained block. Insurance £75 per year and service charge £75 per year. See the tenant once a year to renew his contract and never hear from him. It is around the corner from me though and my neighbours mother keeps an eye on him. If I was to buy another terrace it would be completely gutted and brought up to date.
Just about paid them off now and saving for another. Even if it is 1 house bringing in £450 pcm it is a help when you need it. I don't need it yet and let it pay itself off but it is there if need it.
Arti
Well-Known Member
Wait a second pal, dont give me a ticking off on the forum, im not winding anyone up, you must be getting second hand information from someone else. Lets face it, i think some one else has had a big hand in this and its not me.
its not jeremy beadle either................:RpS_sneaky:
Wait a second pal, dont give me a ticking off on the forum, im not winding anyone up, you must be getting second hand information from someone else. Lets face it, i think some one else has had a big hand in this and its not me.
chime and chime again you swing into action and come on here with your clock based puns, ive had enough, your carriage awaits its time for you to leave
when you get more experienced you find out what are the easy properties to let and which ones are more difficult. in my experience the closer to a town center the better.
i paid a barrister to draw me up an agreement that was legal and to weigh in my favour for all lettings, the council where always peering over this document.
essexandy
The Lake Governor
To be honest mate I've been lucky enough to have a few friends who are really big in lettings, without their input I'm sure I would have made some big mistakes. I've got three, three bed houses around Chelmsford and they rent real easy for reasonable money.
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