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Rahi Ahmed

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Everything posted by Rahi Ahmed

  1. Hi all, me and my wife’s goal would be to quit our jobs and go into property full time ( or at least me ). In 2 years time, we would be looking to have at least £300k equity in our home with £200k left on mortgage after 5yr fix rate ends, est worth £500k+ ( worth £450k at the moment ). What would be the best route to take, to eventually making me be the first to Quit our jobs then my wife to follow suit straight after ( hopefully)? Do we go down the buy to let route or do we buy property/s to do up and sell? If we went down the buy to let route, would it be best to buy place/s ready to rent or do the place up and rent afterwards to potentially bringing in more rent, or if we went down the route to buy, do up and sell, at first it’ll be just cosmetic stuff like new kitchen, bathroom, heating system and maybe wiring, but nothing structural at first until we have maybe done a few already. At the moment we have a repayment mortgage, so would we do the same with the others or interest only mortgage? We both earn over the £30k mark, so we would need to plan to make sure we have that amount of income coming in to cover my income and hopefully both of ours. Thanks in advance
  2. Hi, Just wanted to ask a quick question. I'm moving back into my rental property but was wondering if I could keep two of the current tenants as lodgers? I'm currently letting through an agency but the tenancy agreement makes no mention of this. I think usually if the tenancy comes to an end but you keep the tenants on privately you'd be expected to pay the agency something, however in this instance the relationship is changing as they're not strictly tenants anymore. I'm reluctant to ask the agency and I'd rather not offer something to the tenants yet that I'm unable to deliver. Any advice would be appreciated. Thanks!
  3. Pound is going down ? Pound is going down ? No doubt about it. Additionally price increase of most import products, which UK has a lot, a loooooooooot. Who knows what new tarrifs/ tax duties will be added.
  4. You can: 1. ask for a discount. 2. make contracts longer (if you have to leave before the contract expires, you can find the agency someone else living instead of you - that worked for me.) 3. Pay upfront 6 month rent against a larger rent reduction, i.e, £800 a month, so for 6 months £4800, offer paying £4k upfront for 6 month rent. These all depend on the situation you are in, your workplace/academy etc.
  5. Renting is not bad at all - renters rights are reserved by many laws - which a renter should be aware of. If you don't know your rights, you can't protest against any landlord or agency. This is were they take advantage on tenants with limited knowledge on rights. I.e, tenancy fees are banned - still some agencies take this fee in other name, like "administration fee". Unprotected deposit money, breach of contract signed and worst case not getting any service for the rental property also increase if they realise your unawareness of the rules and regulations.
  6. It's unconvincing. Max deposit is 4 weeks rent, and it should be handled by authorised third party as well. It will be protected that way. Don't trust agencies with this - some of them will rip you off at the end of the contract - I saw agencies framing/blaming tenants for damage which was there from before or pretty normal to happen for longer usage (i.e faucets/ wall paint) which should not be covered by deposit money.
  7. Is he increasing the rent after the current contract ends? If so, don't renew the contract & leave the property, there are plenty of vacant properties available. Increased demand and recent rules (i.e the ban of tenancy fee/ agent fee) made some agencies increasing the rent.
  8. Deposit is better of handled by professional third parties.
  9. Hi this is my first post, apologies if it is in the wrong forum.I am currently looking at Burnley as a potential area to buy to let. From what i have gathered I know new transport links are now operational, (supposedly) people are buying cheap and commuting to Manchester. Does any one know the area and is this the case? I am planning to visit Ightenhill and a couple of other places to see what the areas like. Just thought if anyone had some helpful information it could aid me in my decision. Thanks
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