Buying a house (and renting)

I know GD is some kind of finance analyst / conveyancer / accountant / loan applicant guru / man of many numbers / financial market numerologist but I like how he just has spreadsheets preloaded on his desktop for GRCADE FINANCIAL ADVICE AND REASONING TM LTD.*

*Not to be taken as professional advice in any circumstances**

**Invest in GRBucks today WAGMI

YouTube · PostRe: Buying a house (and renting) by **Stugene** » Wed Jun 22, 2022 6:09 pm

Green Gecko wrote:I know GD is some kind of finance analyst / conveyancer / accountant / loan applicant guru / man of many numbers / financial market numerologist but I like how he just has spreadsheets preloaded on his desktop for GRCADE FINANCIAL ADVICE AND REASONING TM LTD.*

*Not to be taken as professional advice in any circumstances**

**Invest in GRBucks today WAGMI

Same. It's good to have someone with Da Knowledge

To be fair I'm not trolling it is genuinely helpful.

I just like the mental image and it reflects on myself, actually right now I'm helping someone with some printing things on Instagram and the manufacturer of heatpresses keeps falsely flagging my contents as spam because they're too long. :lol:

PostRe: Buying a house (and renting) by **Lotus** » Thu Jun 23, 2022 4:03 pm

Been looking at houses and mortgages recently, and the cost of everything is really putting me off the idea of moving. For the kind of places we're looking at, Stamp Duty alone is estimated to be around £35,000 :dread:

That alone just makes me not want to bother and save the money :slol:

Lotus wrote:Been looking at houses and mortgages recently, and the cost of everything is really putting me off the idea of moving. For the kind of places we're looking at, Stamp Duty alone is estimated to be around £35,000

That alone just makes me not want to bother and save the money

What area are you looking in? That's like a £900k property :shock:

YouTube · PostRe: Buying a house (and renting) by **Stugene** » Thu Jun 23, 2022 10:00 pm

Green Gecko wrote:To be fair I'm not trolling it is genuinely helpful.

I just like the mental image and it reflects on myself, actually right now I'm helping someone with some printing things on Instagram and the manufacturer of heatpresses keeps falsely flagging my contents as spam because they're too long.

I'm not trolling either. It took me ages to write that original post cause i kept thinking "this is going to sound like i'm taking the piss" but it was genuinely interesting.

I chose to take both posts in good faith but Stugene's did sound very sarcastic being so formal. :lol:

BTL is high tax on entry (additional rate stamp duty), high tax on ownership (essentially taxed on revenue not profit), high tax on disposal of the asset (the sale incurs CGT). And now with interest rates creeping up every 6 weeks whenever landlords choose a new fixed rate they'll be paying a lot more interest.

The tax tail shouldn't wag the investment dog but it just seems so incredibly tax inefficient that I don't see why any high earner would choose to do it unless they inherited a large amount of money and were in it for the long term (decades, not years).

Buy-to-let landlords: Gove is coming for you

We've had enough of ~~experts~~ landlords!

I don't know how I'll support my family': landlords' retirement dreams in tatters

Ben Cameron*, 60, has now decided to sell his 30 buy-to-lets, a portfolio he had built to fund retirement. “It is the final nail in the coffin. The Government is derailing my pension plan. I have no idea what I will do to look after my family or where I will go for security now,” he said.

For Jess Dene, 51, and her partner, the burden is already painful. The couple are self-employed and have built a portfolio of seven properties in the South West as their retirement fund.

“We didn’t have any money until we were in our 40s and by then it was too late to start a pension,” she said. “Our only option was property.”

But the Government’s buy-to-let crackdown and soaring house prices have already pushed back their plans. “Our aim was to have a pre-tax monthly rental profit of £5,000. We were at £3,500, but that has dropped to £3,200 following the interest rate rises. For two people, that is no longer sustainable.”

Some whining about rent arrears too despite the lack of journalistic curiosity to ask why the landlord didn't purchase Landlord's Buildings & Contents with the optional cover for legal fees and rent guarantee in the event of a tenant not paying rent.

PostRe: Buying a house (and renting) by **Curls** » Sat Jun 25, 2022 2:11 pm

strawberry float them guys. strawberry float em.

PostRe: Buying a house (and renting) by **Imrahil** » Sat Jun 25, 2022 2:14 pm

Also, with savings and investments interest rates gradually rising over the next year or so it will potentially raise the prospect of some landlords effectively losing money on rental properties, since selling up and investing the money may match (or better) any rental income once all costs are considered.

They'll just be relying/hoping on house price rises (minus CGT) longterm slightly keeping ahead of other investment returns. But that's a huge risk. I think they'll be an almighty flood of rental properties going on the market.

PostRe: Buying a house (and renting) by **Moggy** » Sat Jun 25, 2022 2:23 pm

Grumpy David wrote:
Ben Cameron*, 60, has now decided to sell his 30 buy-to-lets, a portfolio he had built to fund retirement. “It is the final nail in the coffin. The Government is derailing my pension plan. I have no idea what I will do to look after my family or where I will go for security now,” he said.

Well Ben, I'd imagine selling 30 properties will give you some security.

For Jess Dene, 51, and her partner, the burden is already painful. The couple are self-employed and have built a portfolio of seven properties in the South West as their retirement fund.

“We didn’t have any money until we were in our 40s and by then it was too late to start a pension,” she said. “Our only option was property.”

"We had no money! So bought 7 properties! Poor us!"

Lady at my kickboxing sold 3 of her buy to lets and is retired on that money. Landlords can cry me a river.

PostRe: Buying a house (and renting) by **Qikz** » Sat Jun 25, 2022 5:44 pm

Moggy wrote:
Grumpy David wrote:
Ben Cameron*, 60, has now decided to sell his 30 buy-to-lets, a portfolio he had built to fund retirement. “It is the final nail in the coffin. The Government is derailing my pension plan. I have no idea what I will do to look after my family or where I will go for security now,” he said.

Well Ben, I'd imagine selling 30 properties will give you some security.

For Jess Dene, 51, and her partner, the burden is already painful. The couple are self-employed and have built a portfolio of seven properties in the South West as their retirement fund.

“We didn’t have any money until we were in our 40s and by then it was too late to start a pension,” she said. “Our only option was property.”

"We had no money! So bought 7 properties! Poor us!"

strawberry float me, with the price of houses anyone could easily retire on the cost of 7 houses if they sell them. Buncha banana splits.

"self employed" lol

PostRe: Buying a house (and renting) by **Moggy** » Sat Jun 25, 2022 6:26 pm

Woah, FE is back? :shock:

Moggy wrote:Woah, FE is back?

Thought I'd sneak back for a bit, I was surprised this place was still here as people use discord over forums now don't they?

PostRe: Buying a house (and renting) by **Moggy** » Sat Jun 25, 2022 6:34 pm

Fatal Exception wrote:
Moggy wrote:Woah, FE is back?

Thought I'd sneak back for a bit, I was surprised this place was still here as people use discord over forums now don't they?

Nope, cool people stick to classic forums.

I think we should watch Homes Under The Hammer as a forum. Release that rage. :nod:

Oh and too late for a pension so I'll become a landlord? As opposed to building a small pension, investing in other areas and so on. Actively choosing to become a landlord on multiple properties.

banana splits. Utter strawberry floating banana splits.

Just admit you looked at rental yields and rising house prices and decided that would make you more money.

PostRe: Buying a house (and renting) by **BTB** » Wed Jun 29, 2022 6:58 pm

Saw this and immediately thought of this thread

twitter.com/mralistairgreen/status/1542143673571463168

Buying a house (and renting)

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