Friend needs advice
Discussion
POORCARDEALER said:
Commercial..............hmm, problem is if you have no tennants you are paying FULL business rates while its empty..............aqquaintance of mine is currrently stumping up £1350 A WEEK in rates for an empty property he owns
paying rates on empty commercial property? Really? Don't you just register them as empty and not have to pay? I was sure that was the case....guyh said:
Adam T said:
Is he unsure of how to release some capitol fro them, to move forward? Why commercial, why not residential, as he has already done, and seems to have paid off?
Yes I think he's unsure about releasing the capital. Don't even think about investing in commercial property in this climate. We thought about it 6 months ago, and now I'm considerably glad we didn't.
Sit tight is the best advice, unless he really really needs some equity from the other properties.
If he's brave, he could buy when he thinks prices have hit the bottom. But that's unlikely to be anytime soon.
(Your "friend" doesn't need to cover some of this year's racing costs, does he? )
Sit tight is the best advice, unless he really really needs some equity from the other properties.
If he's brave, he could buy when he thinks prices have hit the bottom. But that's unlikely to be anytime soon.
(Your "friend" doesn't need to cover some of this year's racing costs, does he? )
guyh said:
My friend has around 500k worth of property, 3 houses in total I think, and there all paid for. He wants to expand the portfolio but is stuck. I suggested he should gear up, any thoughts?
Cheers
Guy
Tell him he can release equity from the property. I'd be leaving 25% equity in the property at the moment and can take the money out and start buying up property 20-30% below its current market value. Lots of motivated sellers out there at the moment and plenty of property steals.Cheers
Guy
If he believe's the utter tripe that the property market will crash or go down 30-40% tell him not to bother.
POORCARDEALER said:
Commercial..............hmm, problem is if you have no tennants you are paying FULL business rates while its empty..............aqquaintance of mine is currrently stumping up £1350 A WEEK in rates for an empty property he owns
He needs to occupy it for 6 weeks. Notify the local authority on day 1 so they can check its occupied, and occupation doesn't take much! After 6 weeks move back out again. Dependng on the type of property he'll then be entitled to 3 or 6 months at zero again.Gassing Station | Business | Top of Page | What's New | My Stuff