Property Development / BTL
Discussion
It seems a few of you on here are in the game.
Ive been toying with the idea of getting into this. Ive had a eye on the local market for a long time now and it seems to be slowly starting to move. So if im going to to it nows the time.
How do you chaps with experience in the game find it ? What are the pros and cons of developing and btl ?
Ive been toying with the idea of getting into this. Ive had a eye on the local market for a long time now and it seems to be slowly starting to move. So if im going to to it nows the time.
How do you chaps with experience in the game find it ? What are the pros and cons of developing and btl ?
Kudos said:
Have you got a decent chunk of capital that you can lay down? If not, forget about it.
Do you have skills e.g. plumbing, electrician? Useful to have (I don't). Do you have someone who can do the work for you and is trustworthy (I do, very useful).
Do you want to be passive and simply buy somewhere and live off the income, or try and add value?
Study your market very carefully. Be prepared to lose money, keep an eye out for interest rate rises. Remember tax
I'm different from a lot of people, I'm not interested in a portfolio worth £Xm, I'm interested in BTL for income e.g. it gives me £X'000 per month. Value is important of course, but I like the money in my pocket.
I have some money set aside that im willing to use not a huge load though tbh. Do you have skills e.g. plumbing, electrician? Useful to have (I don't). Do you have someone who can do the work for you and is trustworthy (I do, very useful).
Do you want to be passive and simply buy somewhere and live off the income, or try and add value?
Study your market very carefully. Be prepared to lose money, keep an eye out for interest rate rises. Remember tax
I'm different from a lot of people, I'm not interested in a portfolio worth £Xm, I'm interested in BTL for income e.g. it gives me £X'000 per month. Value is important of course, but I like the money in my pocket.
Idealy i want something that i can hopefully turn into my full time job at some point down the line ( fed up making money for others )
I have the skills to do a lot of work myself and have contacts in the trade.
My origonal plan was to add value to houses without something turning into a long project. Id still quite like to do that.
Since then lots of new houses are being built. Im thinking this might be a good chance to btl + im sure they will go up in value as more houses pop up etc.
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