2nd homes/investment homes/buy to lets

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foley87

Well-Known Member
Joined
6 Sep 2006
Messages
2,231
Location
stalybridge
my remortgage is due in 12 months and what with the work im doing i should have 35% equity in the house...im thinking of taking 20k ish out of the house to put down on a fucked up little terrace, do it up, remortgage it to take the money out and rent it out...have a bit of cash to spend the way i wish to live but to keep doing this until i have 5/10 and then call it a day...good little nestegg for my kids/family when i grow up (only 21 lol) and also to make sure i have a good pension

i know the financial/housing market isnt the best at the moment but as i work in estate agency i do think that if you find theright house/mortgage products and do your homework on them before you commit you cant do any worse than make a decent living from it..dont get me wrong i dont want to do it full time but more to let them work for me

anyone on here got any other houses they rent out or have done something similar either at the moment or in the past or maybe those even thinking about it

any hints/tips/advice would be great
 
muttley.gif
we are fucked

House votes down bail-out package
Breaking News

The lower house of the US Congress has voted down a $700bn (£380bn) plan aimed at bailing out Wall Street.

The rescue plan, a result of tense talks between the government and lawmakers, was rejected by 228 to 205 votes in the House of Representatives.

Members of President George W Bush's Republican party were strongly opposed to it. About two-thirds of them refused to back it.

Shares on Wall Street plunged within seconds of the announcement.


Mr Bush had earlier appealed to lawmakers to pass the bill, saying it would restore economic confidence.

A White House spokesman said that the US leader was "very disappointed" by the result.

He would meet members of his team in the coming days to "determine next steps", spokesman Tony Fratto said.

The BBC's Adam Brookes in Washington said Democratic leaders in the House were likely to try and convince a number of their members who voted against the bill to change their minds in coming days.

Impassioned debate

The vote came as banks failed in the US, Europe and the UK.

The fourth largest US bank, Wachovia, is being bought by Citigroup after becoming the latest to hit problems.

In Europe, Benelux giant Fortis was bailed out by three governments, while in the UK the Bradford & Bingley bank was nationalised.

The US Federal Reserve, the European Central Bank and eight other central banks announced further moves to combat the crisis, by making a further $330bn available to provide liquidity to global money markets.

Speaking ahead of the vote, Mr Bush had argued that the bail-out plan was a "bold" one which he was confident would restore strength and confidence to the US economy.

But after a several hours of impassioned debate, the bill's opponents - the majority of whom were from the Republican Party - got their way.
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If the world holds its nerve and there are still building societies in twelve months time, the best advice is to look where the students are looking to live. They will pay stupid amounts of money to live within staggering distance of their student union. And you don't have to worry about things being too civilised, a friend's daughter at the University of M found herself booked in for a flat that had a front door without a lock or even a handle on it.
 
There will always be a market for buy-to-let.You just have to find the right area .You seem a smart lad ,do the maths,i did and i'm not complaining.

Don't listen to the doom mongers there is to be money to be made in lots of fields, regardless of the economy.
 
sdm said:
There will always be a market for buy-to-let.You just have to find the right area .You seem a smart lad ,do the maths,i did and i'm not complaining.

Don't listen to the doom mongers there is to be money to be made in lots of fields, regardless of the economy.
Click to expand...

Exactly. You just have to be a lot more careful than usual with your investment. But if you get it right, you could end up rolling in it.

Places closes to a University are always worth a punt, as there is always a market, each and every year.
 
as a plumber out of work due to collapse of building trade the last block of appt ments i worked on were completely empty stay well clear of housing market
 
Are people still considering property as a pension? Jeez.
Before you start that get invested in a proper pension. If you're 21 you've got 40 years to go at with tax relief and, if in a company scheme, contributions from the company. Then think about a property as an investment on which you will pay capital gains tax when you come to realise it.
 
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