Renting out a house

Discussion in 'Off Topic' started by Selectamatic, Jan 10, 2019.

  1. multi power

    multi power Member

    Location:
    pembrokeshire
    @Selectamatic unless you want the house for yourself eventually I think you would be just as well buying a few more Davy browns or a few acres of land
     
  2. Rowland

    Rowland Member

    Location:
    Northeast England
    Hillocks try something different you might learn something new and move on to big things!
     
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  3. Disagree totally, a house is a great way to build wealth.

    But if you can't laugth if you get a bad tenant who wrecks the house, or stay calm if the house has dry rot or needs a new roof. You might be better off with a saving account. ie Don't buy one if you need to borrow more money than you can afford to pay back, real life is not like "homes under the hammer" they should show more disasters.
     
  4. multi power

    multi power Member

    Location:
    pembrokeshire
    Yes a house can be a great way to build wealth, but I'm pretty sure farm land is better, also I'm pretty sure the op would get more enjoyment out of a few more tractors or a bit of land, both of which he knows what he is doing, compared to grief from tennants
     
  5. Bloders

    Bloders Member

    Location:
    Ruabon
    How do you make 8% from farmland other than buying it and selling it in years to come? I Don't think the rent is that lucrative
    Same with the Davy Brooks?

    Got a couple of houses not too far from OP and have done ok so far. Dont think ill buy any more. Now put spare money into an (expensive) pension fund.
    OP Send me a message if you want.
     
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  6. T Hectares

    T Hectares Member

    Location:
    Berkshire
    i bought a two bed buy to let when I sold my house to move into a tied house 15 years ago

    Started off with a two bed so I had a smaller mortgage if things got bumpy, then paid the mortgage off and sold it to buy a three bed with a sitting tennant in who are still in it now.

    I use an agent to find a tennant on a finders fee, then manage myself

    I’ve had one bad tennant in that time who I had to get an eviction against due to not paying rent, I got the rent money back at £10/week as the council wouldn’t re house her with outstanding rent debts, very stressful at the time, but she was the only tennant I didn’t meet myself as my daughter came along at the same time, a big lesson as I’d have never rented to her if I’d have met her, always meet the tennant !!

    In a few years I’ll have a nice three bed house paid off which is my security if I ever leave my tied house, some one else has paid the mortgage for me, what’s not to like other than a bit of stress with tenants from time to time ??
     
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  7. multi power

    multi power Member

    Location:
    pembrokeshire
    About 15 years ago I had the chance to buy some land, 40k he wanted, "advice" I had received was 30k was plenty for it, it was sold again 5 years ago for 100k
    I instead bought a house, 93k was a bit of a money pit, needed a bit more spending on it than I had thought or could really afford, sold it on again, I'm guessing the current owner would have spent 40k on improvements, it certainly won't be worth 200k now, probably not much more than 160k
     
  8. Rowland

    Rowland Member

    Location:
    Northeast England
    Within a family business a student house in Newcastle was bought for 85k farther twisted it was too much (everything was too much especially store cattle at Hexham on Fridays ) sold it a few years back for 330k and had good rent out of it over the years didn’t spend enough on it either .
    Probably had 300k worth of rent over 20 years .
    Rent was about £65 per student per week to start with at the end it was over £100 per week. 4 bedrooms.
    Some decorating new kitchen boiler carpets bodge job on roof bit of plaster work and that was about it !

    Everyone’s one a double yoker thou.
    Bought a nice little terrace house for 90k did it up couldn’t sell it so rented it out 550-650 ever few years kept trying to sell it and it wouldn’t go so used rent it again . It would rent out within days of advertising it .
    Eventually put it back up for sale and after a good while it sold for 135k after 12 years not bad for a quick filp.
    Think spend was 25-30k
     
  9. Lazy Sod

    Lazy Sod Member

    Location:
    Warminster
    It would be a good idea, if possible, to interview the prospective tenant in their current house. Whether as a first or a follow up interview, it tells you a lot about how they live and how they might treat your house. Then same applies if you're taking on an employer who will be living in your cottage.
     
  10. Exfarmer

    Exfarmer Member

    Location:
    Bury St Edmunds
    When we rented ours, we had 2 couples that the agents put forward.
    First were a couple inn there 50's had excellent credentials only moving from present as the landlord was selling after 20 years. They had been in the house for all those years and we were invited to inspect it.
    The second couple wanted to move they had a child and another on the way, there house they owned was too small but could not afford to buy bigger. Both worked very clean and tidy as was their car
    I favoured the first , my wife decided the second :)
    I found it upsetting as both were very keen on the house ( 4 bed detached with nice garden ) and am not sure I would do it again.
    The second couple are excellent tenants and look after it better than I do mine :)
     
  11. multi power

    multi power Member

    Location:
    pembrokeshire
    To me it would ring serious alarm bells if a couple in their 50s were still renting
     
  12. Deutzdx3

    Deutzdx3 Member

    Very simple way is to not try making money on the rent but it’s residual value. Be very careful who rents it though. I have 2 houses I rent. Father has a fair few. Residual value is where the money is earn’t. Have a clear plan of time you’re going to keep the house for, wether it’s business owned or privately owned. All makes a difference. Even with the new laws coming in, it’s still a good thing to buy. No longer will it be a cash cow but a longer term investment. You can also use it as leverage when you need to expand etc.
     
  13. Exfarmer

    Exfarmer Member

    Location:
    Bury St Edmunds
    I knew their circumstances both divorced with 4 children between them. Been together the 20 years they had rented last house. Renting a large house means never getting enough together. In this world too, if you are lookinng at the state pension, own your own house , no top ups!
     
  14. Bloders

    Bloders Member

    Location:
    Ruabon
    Try a d get references from previous landlord. But also the landlord BEFORE last.
    Some landlords will give a less negative reference to get sh!t of someone. The one before wont as the person is no longer their problem.
    Join the various facebook groups. Generally no need to advertise, just look at the wanted adverts and then do a bit of research on the people posting. Saves having to deal with people you don't want to
     
  15. Chae1

    Chae1 Member

    Location:
    Aberdeenshire
    Obviously depends on area, but property prices not rising up here, if anything dropping. I bought a flat 8 years ago, have had same tenants since I bought it! Latvians that work in sawmill in local town. Factor it myself.

    One of my friends is a agent, letting and factoring property, it's easy money.
     
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  16. rob1

    rob1 Member

    Location:
    wiltshire
    may have worked years ago but land is more likely to fall than rise for a while
     
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  17. I think your right.

    But I suppose people have always said that.

    Have to say I can think of some poor farmers who have done really well by buying land, farming it cheap & borrowing to buy more. Heavon help them if the land price drops. Good farmers ie weed free, tidy, nutrient kept correct, tidy machinery but not expanded area owned will not be as well off in pounds, shilling & pence.

    It is after all personnal choice everyone is different, there is no right or wrong.
     
  18. multi power

    multi power Member

    Location:
    pembrokeshire
    In a way I hope you are right, but I certainly wouldn't bet on it
     

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