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dollydimples

potential newbie landlord does this sound ok

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Advice is advice whether its negative or positive to have it from 2 very experienced landlords very useful so you get a balanced view. It doesn't mean one is right or wrong. Just because one is not want you wanted to hear doesn't make it wrong.

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I think my point is that he doesnt offer any advice of a positive way forward only negative points saying why you shouldnt do it. Its all well and good giving much needed warning but for someone looking for a way forward it can be a bit soul destroying without people like Trenners (mark) who seem genuinely nice and want to help and offer advice in moving forward from their experience.. I havent seen that with Richlist.

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Hi Dolly dimples,

I bought a flat about 3 years ago and being ignorant I got a high interest rate fixed for 5 years (still was cheaper than renting) I decided to rent my one bedroom flat out to a couple through a Council Direct Let scheme and was losing about £50 odd quid a month but obviously this enabled me to save loads about £1600 a month.. with that I overpaid on my mortgage and this now means I am making about £150 a month from renting... not a great deal but its keeping me able to save loads.

As luck would have it Bank of Ireland who my mortgage is with now need to cut their UK mortgage book so that means I might get out of the high interest fixed rate deal without having to pay the Early repayment charge and because I have been overpaying I will get a nice cushy lower rate deal which I estimate will mean I will be making £300-400 a month on the flat.

Obviously its a long road but I am getting there slowly.

I now need to work out whether I look for properties in areas with low house prices and high rental or stick to an area close to me (in my case greater London)

Its all a learning curve and I will obviously make mistake and lose some money at times but I'm in this for the long haul and so far I've been lucky will definitely be bending Trenners ear some point in the future and would be good to speak with you and bounce stuff off you in the future too perhaps we can grow together? :)

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Sammye.....

Trenner via private email, has given me some excellent points,,,,and also without given me direct answers, have given replies for me to think, and come up with the answers he wanted to give me. if that makes sense, so that way he has got me thinking logically about houses, places type of tennant i want to cater for etc..

Richlist... even though they do come across very negative... has given excellent advice too, as with all businesses you have got to look at all the down sides, hidden costs etc, because we all know its not all a bed of roses...

We seen a property on wednesday.... its not expensive, 50k and this type of terraced house is a ( hopefully) a good starting block for us... the interest only mortgage would be anything between £104 to £142. depending on what type of mortgage we go for.... 1 fear fix,, 2 year fixed, or tracker, the rents in that area for a 3 bed range from £420 - £450.... so there is a good 'buffer' for when the interest rates go up...

Our theory is.... go for the lower priced properties, so if things go pear shaped, we can still honour mortgage payments out of our personal money, plus we would get the same rent for a 3 bed 50k house as a 3 bed house that was bought for 90k+ with higher mortgage payments

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I think my point is that he doesnt offer any advice of a positive way forward only negative points saying why you shouldn't do it. Its all well and good giving much needed warning but for someone looking for a way forward it can be a bit soul destroying without people like Trenners (mark) who seem genuinely nice and want to help and offer advice in moving forward from their experience.. I haven't seen that with Richlist.

That doesn't make sense at all

If someones opinion is to not go down the buy to let route and then list the reasons I would say that that is very positive because potentially it could save you a lot of money and grief and that is a way forward but maybe into a different direction completely.

Also I would say for someone to make the effort to reply to your question in a detailed manner does make them nice. You dont have to like it.

Regarding the question I don't have a view one way or the other I think both Trenners and Richlist advice was good but would say it is a valid statement that you have made up your mind regardless of the advice

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Gas safety tests are usually cheaper as well as I send the engineer from property to property at agreed times.

I wonder who that could be then Mark? :D

Just reading through the topic Mark. :D

Mel.

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That doesnt make sense at all

If someones opinion is to not go down the buy to let route and then list the reasons I would say that that is very postive because potentionally it could save you a lot of money and grief and that is a way forward but maybe into a differant direction compleatly.

Also I would say for someone to make the effert to reply to your question in a detailed manner does make them nice. You dont have to like it.

Regarding the question I dont have a view one way or the other I think both Trenners and Richlist advice was good but would say it is a valid statement that you have made up your mind regardless of the advice

Well that is just my view from what I have seen from Richlists posts!? What more can I say? Richlist seems to have a wealth of experience and a vast number of properties but every post I have seen he is totally negative towards potential new BTL landlords and offers no advice regarding a way forward only an array of reasons not to do it! You may think it is helpful but helpful would be to give advice of the pitfalls but also offer advice and suggestions regarding how the poster could make it work.

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