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I'm tempted to buy a second property :blink:

It is a nice modern 4 bedroom detached, 2 bathroom + extra toilet, garage and garden, in a good area walking distance to tecos, it is on for 180k, I'm wondering if they will take an offer of 150k as it is currently empty? Would either rent it out, or rent out the current place, the rent on either would easily cover the mortgage on either (if I can get a BTL mortgage)

Is it mad?

Edited by moosetea

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I'm tempted to buy a second property :blink:

It is a nice modern 4 bedroom detached, 2 bathroom + extra toilet, garage and garden, in a good area walking distance to tecos, it is on for 180k, I'm wondering if they will take an offer of 150k as it is currently empty? Would either rent it out, or rent out the current place, the rent on either would easily cover the mortgage on either (if I can get a BTL mortgage)

Is it mad?

Barking.

Or maybe not.

Dunno

In the Telegraph today there was an article stating that house prices were the most affordable since 1997 IF you can get the credit.

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who cares?

probably no-one, but I quite like getting peoples opinions... I'm sorry if it comes across like some self indulgent twitter post..

Edited by moosetea

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Guest DissipatedYouthIsValuable

Buy five and get Bardon to spot you a few more in Oz.

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property is a historically poor investment unless you time it right in the bubble (which is just speculating) you have been brainwashed into thinking it's a good idea

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probably no-one, but I quite like getting peoples opinions... I'm sorry if it comes across like some self indulgent twitter post..

go on then, show us the fully costed business plan and tell us if its mad or not.

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property is a historically poor investment unless you time it right in the bubble (which is just speculating) you have been brainwashed into thinking it's a good idea

Totally disagree, property historically is a good investment as you can heavily gear, which you cant do in any other place. The richest people in the world are the families that were given/bought vast tracts of land. You get the odd crash but most of the time, because of inflation it is sensible to buy property, the trick is buying in the troughs, or for the trough price.

Now I have done the yield calculation (7% after 10% voids), it doesn't look so great ;p

Edited by moosetea

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probably no-one, but I quite like getting peoples opinions... I'm sorry if it comes across like some self indulgent twitter post..

I would have said you were an idiot - but I did'nt want to hurt your feelings - oops too late.

Edited: Meant as a joke moosetea - love you really

Edited by IMHAL

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7% gross? if you can genuinely get that then it doesn't sound too bad, more or less fair value really. would you be able to do the maintenance & so on yourself? are you talking about cash or leveraged buy to let? what income tax band are you in?

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Totally disagree, property historically is a good investment as you can heavily gear, which you cant do in any other place. The richest people in the world are the families that were given/bought vast tracts of land. You get the odd crash but most of the time, because of inflation it is sensible to buy property, the trick is buying in the troughs, or for the trough price.

Now I have done the yield calculation (7% after 10% voids), it doesn't look so great ;p

show us.

show us the BTL lender.

show us your deposit

show us examples of asking rents in the area.

tell us the insurance and agent costs.

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show us.

show us the BTL lender.

show us your deposit

show us examples of asking rents in the area.

tell us the insurance and agent costs.

Er No, I won't post too much detail for obv reasons... Haven't even looked at BTL mortgages yet and I dont know if I have enough savings stashed..

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Er No, I won't post too much detail for obv reasons... Haven't even looked at BTL mortgages yet and I dont know if I have enough savings stashed..

obv reasons?

you ask "is it mad?" and present no costings?

clearly it is mad.

Im out.

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I'm tempted to buy a second property :blink:

It is a nice modern 4 bedroom detached, 2 bathroom + extra toilet, garage and garden, in a good area walking distance to tecos, it is on for 180k, I'm wondering if they will take an offer of 150k as it is currently empty? Would either rent it out, or rent out the current place, the rent on either would easily cover the mortgage on either (if I can get a BTL mortgage)

Is it mad?

"Cheeky" 105k offer on a neigbouring empty property marketed at 140k was accepted the other day, which is not a bargain but not a rip-off either IMO. You never know what offer will be accepted if they just want to get rid...

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property is a historically poor investment unless you time it right in the bubble (which is just speculating) you have been brainwashed into thinking it's a good idea

Just wanted to reaffirm that, although strictly speaking, the return should be roughly the same as GDP (and the same as the stockmarket).

The only advantages to the average investor are that it is very cyclical so, if you time it right you make a killing, and for 1st homeowners, mortgages provide reasonable terms enabling the effect to be geared.

for a person investing their own money, there are no paticular advantages especially with the effort and risks associated. However, it probably is mor fun than owning bits of paper.

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After all you have read on this site you must be stark staring mad, but its your money to waste as you see fit.

Cant believe you have come here to asked weather it is a good idea to buy a house you nutter.

I dont know what you were thinking, perhaps you thaught that after hearing your idea we would all say it was a great plan and that we would all rush to the ea's and buy houses. Think before you post such loony ideas will you.

If you realy want to waste 70 grand then go for it.

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probably no-one, but I quite like getting peoples opinions... I'm sorry if it comes across like some self indulgent twitter post..

I would say not mad.A risk yes because it could drop a further 15% but on balance if you have that sort of cash it's a runner.

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After all you have read on this site you must be stark staring mad, but its your money to waste as you see fit.

Cant believe you have come here to asked weather it is a good idea to buy a house you nutter.

I dont know what you were thinking, perhaps you thaught that after hearing your idea we would all say it was a great plan and that we would all rush to the ea's and buy houses. Think before you post such loony ideas will you.

If you realy want to waste 70 grand then go for it.

you think a 4 bedroom detached will cost 80k in the trough? (down from 250k)

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you think a 4 bedroom detached will cost 80k in the trough? (down from 250k)

I hope you fall backwards onto a pool cue while doing the vacuming naked, lodging the former in your back passage and wedging the latter onto your c0ck and balls so tightly that only a medical professsional can remove it.

I sincerely wish that as you suffer this mishap you simultaeneously break all your telephones and therefore have to hobble down the street knocking and shouting at all your neighbours doors begging for an ambulance.

But that you make a total recovery except for occasional messy incontinance in public.

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you think a 4 bedroom detached will cost 80k in the trough? (down from 250k)

With unemployment rising like it is and the lack of mortgages on offer, yes but as i said its your money and (Heaven forfend) i may even be wrong so its your call.

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I'm tempted to buy a second property :blink:

It is a nice modern 4 bedroom detached, 2 bathroom + extra toilet, garage and garden, in a good area walking distance to tecos, it is on for 180k, I'm wondering if they will take an offer of 150k as it is currently empty? Would either rent it out, or rent out the current place, the rent on either would easily cover the mortgage on either (if I can get a BTL mortgage)

Is it mad?

How would anyone know? You haven't even said where it is?????

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I'm tempted to buy a second property :blink:

It is a nice modern 4 bedroom detached, 2 bathroom + extra toilet, garage and garden, in a good area walking distance to tecos, it is on for 180k, I'm wondering if they will take an offer of 150k as it is currently empty? Would either rent it out, or rent out the current place, the rent on either would easily cover the mortgage on either (if I can get a BTL mortgage)

Is it mad?

Depends on your financial goals. The money you deposit is tied up for 15 years at least I think, before the house will be worth £150k+ so you can take a profit IMO. So if you need that money sooner then you may be in trouble.

I'd say get a spreadsheet, tot up the costs including your own time (which is a cost ... you could be doing something else to earn money rather than seeing to the BTL issues), factor in the possibility of BOE rates back to say 6% in 2 years time, which may make a BTL mortgage 8%. Include letting agent fees, buying fees, selling fees, taxes, solicitors fees. Take into account void periods (say assume 11 months rent per year).

I'd be surprised if you expect to take a profit in any year before 2024.

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