property man Posted August 13, 2006 Report Share Posted August 13, 2006 hi all, was wondering if anyone had given up work to become a full time landlord and if so how many property's you need to make this pay? i do my own maintainance and intend to start my own company and pay myself from the rental income, i currently let 5 property's. any help would be great, thanks. Link to comment Share on other sites More sharing options...
plym77 Posted August 15, 2006 Report Share Posted August 15, 2006 Are you looking to start a Limited Company with rental properties in it?? Tread very careful as this is not as attractive as it first seems - if you have not done so already seek tax advice before you put anything in to motion. Regards Sherena Glanton CTA (Plym 77) Link to comment Share on other sites More sharing options...
Adam Posted August 16, 2006 Report Share Posted August 16, 2006 Its a shame that your post hasn't had more replies as iam interested in going down the same road as you.My accountant told me not to hold properties in a Ltd.company as you would have to sell your existing portfolio to your company and thus incurr capital gains tax.As far as how many units you would need obviously depends on what net profit your earning and what personel outgoings you have to cover.My job is looking unstable and so I have been thinking of just biting the bullet and going into it fulltime but im still researching the mortgage side of things.self employed,self cert,no 3 years accounts etc.Hope everthing goes ok for you if you do decide to escape the ratrace.Adam Link to comment Share on other sites More sharing options...
property man Posted August 16, 2006 Author Report Share Posted August 16, 2006 i've heard that ten properies will pay 2k a month, anyone who has ten proerties let out getting between 500-665 a month i'd love to hear from you about tax payement and your profit etc Link to comment Share on other sites More sharing options...
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