£25,000. Buy a car or Btl
Discussion
In a dilemma. Would like to buy a nice car. Do I spend £25,000 on one or do I put it down on a BTL.
Lots of properties around for £75,000. Rental income say £450.00 month. Repayments I expect are less than £200.00.
Leaves minimum £250.00 surplus. £50.00 month for tax man. £200.00 to finance a car.
How does that sound ????
Mark.
Lots of properties around for £75,000. Rental income say £450.00 month. Repayments I expect are less than £200.00.
Leaves minimum £250.00 surplus. £50.00 month for tax man. £200.00 to finance a car.
How does that sound ????
Mark.
I'm in a similar situation to you and this has been my plan for the last 6 months.
I have a 2-bed BTL which I sold (accepted an offer on Monday). When I pay off the mortgage, pay fees etc and wash my hands, I'll have £81k. My plan was to reinvest this into a 3-bed house in a nice location.
I realised that life IS too short, so I plan to 'invest' £30k on a modern classic car, one which I've always wanted which will leave me with £50k. I'll reinvest this into a 2-bed BTL albeit in a more desirable location with a longer mortgage to the one I've just sold.
I've been debating about buying a modern classic for the last 4 years and they're getting further out of my reach. I'm getting married in April and I've come to the conclusion that if I don't do this now, I may never get the chance. I could also die in a car crash tomorrow so I said to myself months ago "stuff it."
I have a 2-bed BTL which I sold (accepted an offer on Monday). When I pay off the mortgage, pay fees etc and wash my hands, I'll have £81k. My plan was to reinvest this into a 3-bed house in a nice location.
I realised that life IS too short, so I plan to 'invest' £30k on a modern classic car, one which I've always wanted which will leave me with £50k. I'll reinvest this into a 2-bed BTL albeit in a more desirable location with a longer mortgage to the one I've just sold.
I've been debating about buying a modern classic for the last 4 years and they're getting further out of my reach. I'm getting married in April and I've come to the conclusion that if I don't do this now, I may never get the chance. I could also die in a car crash tomorrow so I said to myself months ago "stuff it."
Edited by Prohibiting on Friday 25th November 10:09
gregs1959 said:
In a dilemma. Would like to buy a nice car. Do I spend £25,000 on one or do I put it down on a BTL.
Lots of properties around for £75,000. Rental income say £450.00 month. Repayments I expect are less than £200.00.
Leaves minimum £250.00 surplus. £50.00 month for tax man. £200.00 to finance a car.
How does that sound ????
Mark.
Interest only I assume?Lots of properties around for £75,000. Rental income say £450.00 month. Repayments I expect are less than £200.00.
Leaves minimum £250.00 surplus. £50.00 month for tax man. £200.00 to finance a car.
How does that sound ????
Mark.
How do you pay the capital back?
gregs1959 said:
Your right however experience tells me that tenants certainly in
my houses are usually long term.
Does it. my houses are usually long term.
You have more than one btl already, apparently, but you have done sime incredibly broad fag packet numbers which don't take accout of insurance or maintenance, seemingly guess at a repayment number, and approximate a tax bill.
If you're already an expert, then why are you asking us? Leverage the properties you already have, buy several of the 'loads' of £75k properties available, run them all (with no costs other than mortgages) for a year or two, and then buy the car for cash
I smell a very large rat.
gregs1959 said:
In a dilemma. Would like to buy a nice car. Do I spend £25,000 on one or do I put it down on a BTL.
Lots of properties around for £75,000. Rental income say £450.00 month. Repayments I expect are less than £200.00.
Leaves minimum £250.00 surplus. £50.00 month for tax man. £200.00 to finance a car.
How does that sound ????
Mark.
Simplistic at best. A couple of months with no tenants and then an unexpected expense like a new boiler and that's goodbye to every penny of your expected profit.Lots of properties around for £75,000. Rental income say £450.00 month. Repayments I expect are less than £200.00.
Leaves minimum £250.00 surplus. £50.00 month for tax man. £200.00 to finance a car.
How does that sound ????
Mark.
The government is out hunting for landlords these days, and in my opinion the ship has sailed. Buy a nice car.
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