Groak I've many buy to let's and have had for over 12 years building the portfolio up I've been lucky and bought well
I manage the places myself in addition to a full time job. It is a lot of work constant work to suggest otherwise is not true. It certainly isn't for everyone.
As for buying shop premesis you must be buying in a very low price area - I've looked into this and garage rental in my area. A garage is a good £5k a shop (location dependant ) is upwards of well over £100k and I would add that in this area there are quite a few vacant shops.
Slot machines well your now talking about quite a bit of extra work over and above the day job. This OP is a higher tax rate payer has a mortgage of £300k plus so that would indicate a combined salary of not far off £100k. Ttust me you don't have the time nor the inclination to use your spare time to earn tuppence after tax less using up your free family time on issues.
If you say get them managed well your margin drops so return decreases.
Would you care to share what sort of full time Jon you did which enabled you to have so much spare time not wanting to spend it with family friends hobbies sports holidays etc and why didn't you focus more on your main job to go further up the ladder which would eliminate the need for wasting time on all those other time consuming activities.
Just my 2p.
I think we maybe do things a bit differently.
I like hands-on-letting, and I'm very very good at it. But although I do the odd bit now and then, these days the portfolios are run by the letting agency I own which employs me as a consultant, but more in a business context than an operational one. At any one time it manages a minimum of 500 properties, of which currently about 100 or so are mine. Not long ago, with a previous partner, we owned up to 500 or so between us and the agency often ran over 1000. But many of these were bought to sell (as letting concerns) and subsequently were indeed sold, although I believe he now currently owns around 600 in his various portfolios. I still take a central role in acquisition for my own portfolios, but these days it's perhaps a dozen a year and not 4 or 5 a week as in days gone by. The agency certainly DOES reduce my 'margin', but I get a favoured 5%+vat rate which is of course a deductible cost.
I especially like tradeswork, but again, it has an ops dir who 'runs' it, and it merely enjoys and pays for my consultancy, although if it's working on one of my projects I'll try to be in daily site contact.
I don't manage vehicles. But I have a motor manager who does. He manages all the vehicles in all the businesses including the taxis and vans and even my own vehicles, apart from the 'Sunday Car' which is where hobby comes in I suppose. His cost is built into the £1000pa per vehicle nett down I quoted. Again, I'm often, though not always, centrally involved in acquisitions. And again, my role is consultative not operational.
There's also an asset manager. He looks after everything that isn't a property (letting agency does that) or a motor vehicle (motor manager does that). But he knows about every asset of every business and oversees their care and maintenance and purchase and sale. All the absolute mass of nonsense from the puters phones faxes scanners desks copiers kettles
chairs stationery toiletrolls etc etc etc ad infinitum. He also oversees incoming cash from the 250/300 car taxi business, the slots, and everything else that has an income apart from the letting agency which deals with its own cash etc. He knows what's in the stores, what's needing ordered and what's doing what and what isn't doing anything. He keeps all the 'things' under control. He works in the 'hole' between the operational managers and the operational directors.
There's a lot more too. And it takes up about 11 hours a day and 9 on a Saturday. Saturdays I meet and chat about last week and next week with the individual directors, and I also sign things then. Sunday I don't work except as longstop for emergencies management can't handle which is virtually never. But that leaves 13 hours a day NOT working, which boils down to 7 or 8 hours a day of leisure time mostly spent with my longterm missus with whom I enjoy a fairly private existence. The mobile's always on and goes on our (regular) 'holidays', which means many work functions can get done from remote locations if required.
My days are spent with a business partner and in endless phone contact with lawyers and our in house pet accountant. The current partner and probably the best ever is 30. I'm 60. And virtually the whole day is spent meeting our associates who are mostly friends so the line between work and social life is pretty blurry. We're both avid footy fans. I still play 5's. He plays 5's 7's and 11's and we're season ticket holders at Ibrox (don't....just don't) and The Bridge. We follow(ed) Rangers in Europe, and occasionally go to big Euro games, or even the odd English game like next early weeek's Manchester derby. I'm a churchgoing believer and amateur student of Christianity. And then there's the cars. Always the cars. Today we were at the main Porsche dealers looking at a Turbo S (me) and the Cayenne and Panamera Turbos (him). So there's plenty going on apart from work, though it has to be said I truly enjoy the working day and very much enjoy the company and competence of my young managers and directors and certainly don't welcome it ending. Ever.
I've never really had a proper job. Tried to once, but, as usual, it ended with owning the business. Recently I've finally understood that that job/career isn't going to happen. My old dad wanted me to be a lawyer. I'd rather be a smallholding chicken farmer. Don't ask me why. I just like watching them. I think it's the randomness of the way they move about.
Turbo S ? Excessive for the day car. Not inspiring enough for the Sunday car.