beccles Posted April 10, 2011 Share Posted April 10, 2011 (edited) Hi FolksI have got myself in a terrible mess. I have recently purchased a buy to let property, but am having great diffilculty in finding tenants! At the moment, the property is empty and of course I will need to pay the council tax, water rates, and standnig charges for gas & electricity meters. On top of that, my first mortgage payment is coming up soon. So rather than getting an income from this property, I am spending more money on it! Where is the best place to advertise for tenants? Do you think I should approach my local council who could provide tenants? I live in the Midlands. Thanks in advance. My link Not enough Edited April 10, 2011 by beccles Quote Link to comment Share on other sites More sharing options...
Frank Hovis Posted April 10, 2011 Share Posted April 10, 2011 I note that he's ignoring the comments that say it is overpriced or it would have been snapped up. Quote Link to comment Share on other sites More sharing options...
Chuffy Chuffnell Posted April 10, 2011 Share Posted April 10, 2011 "Clueless bloke discovers that owning a house costs money, especially if bought with a loan from a bank." Quote Link to comment Share on other sites More sharing options...
beccles Posted April 10, 2011 Author Share Posted April 10, 2011 Dear god, just read through his older posts/threads. Hes got to be a troll. Quote Link to comment Share on other sites More sharing options...
hedgefunded Posted April 10, 2011 Share Posted April 10, 2011 The poor lamb. There he is, providing the opportunities for someone who can't afford a home to have a roof over their heads, and the world is biting him in the ****. I'd offer a few quid to tide him over if I had it to give. Quote Link to comment Share on other sites More sharing options...
wtw2 Posted April 10, 2011 Share Posted April 10, 2011 Here ya go. Quote Link to comment Share on other sites More sharing options...
RufflesTheGuineaPig Posted April 10, 2011 Share Posted April 10, 2011 The poor lamb. There he is, providing the opportunities for someone who can't afford a home to have a roof over their heads, and the world is biting him in the ****. Are you trolling? Quote Link to comment Share on other sites More sharing options...
DeepLurker Posted April 10, 2011 Share Posted April 10, 2011 I hope to God that he is a troll. Otherwise, we have a numpty who clearly had no business plan - "how do I go about with repairs?" - yet got £loads from a bank very recently. Which would mean that at least one bank is still lending to anyone capable of fogging a mirror... :angry: Quote Link to comment Share on other sites More sharing options...
beccles Posted April 10, 2011 Author Share Posted April 10, 2011 <snip> Which would mean that at least one bank is still lending to anyone capable of fogging a mirror... :angry: I don't even think they'd be capable of that. Another thread he/she started YESTERDAY. My link Quote Link to comment Share on other sites More sharing options...
NEO72 Posted April 10, 2011 Share Posted April 10, 2011 Please god let him be a troll. It can't just be me who sees the heavy irony of the linked website's name.. Quote Link to comment Share on other sites More sharing options...
blobloblob Posted April 10, 2011 Share Posted April 10, 2011 This one's an absolute cracker!! Oh the irony. Quote Link to comment Share on other sites More sharing options...
ScrewsNutsandBolts Posted April 10, 2011 Share Posted April 10, 2011 This one's an absolute cracker!! Oh the irony. PMSL... that is genius Quote Link to comment Share on other sites More sharing options...
rantnrave Posted April 10, 2011 Share Posted April 10, 2011 Was this comment posted by one of us? ...Try sell it a.s.a.p. before it bleeds you dry. Put it on the market at a realistic price compared to other properties and keep dropping it 5% every month or two until you sell it. Remember inflation is already 5.5% RPI (5.1% last year) so every year you don't reduce the price to sell it the money is worth over 5% less when you do sell. Some people are stubbornly holding out for a high price not realising that each year they don't sell, the money will buy them less. e.g. £500k two years ago will only buy less than £450k worth of goods now. When you sell think about something to invest the money in that is earning close or above to RPI not a house that is losing RPI and more each year. Houses dropped by 2.9% in the last year (if you believe the indices) so with 5.5% RPI (if you believe their inflation figures) houses lost at least 8.4% - it's like burning your money on a fire. The banks have now lined up all the suckers as 90% of mortgages have switched to Standard Variable Rate, so expect them to tell their friends at the Bank of England to up interest rates soon, so they can start raking in all that extra interest. At that point house prices could tumble and anyone with properties to sell may find it very difficult. Run for the exit now before crowds are gathered around the door.. Quote Link to comment Share on other sites More sharing options...
Pauly_Boy Posted April 10, 2011 Share Posted April 10, 2011 That is priceless, unless they're a troll? If it's for real, it's clear they haven't done any research at all, another repo in waiting. Quote Link to comment Share on other sites More sharing options...
mrtickle Posted April 11, 2011 Share Posted April 11, 2011 Was this comment posted by one of us? ...Try sell it a.s.a.p. before it bleeds you dry. Put it on the market at a realistic price compared to other properties and keep dropping it 5% every month or two until you sell it. Remember inflation is already 5.5% RPI (5.1% last year) so every year you don't reduce the price to sell it the money is worth over 5% less when you do sell. Some people are stubbornly holding out for a high price not realising that each year they don't sell, the money will buy them less. e.g. £500k two years ago will only buy less than £450k worth of goods now. When you sell think about something to invest the money in that is earning close or above to RPI not a house that is losing RPI and more each year. Houses dropped by 2.9% in the last year (if you believe the indices) so with 5.5% RPI (if you believe their inflation figures) houses lost at least 8.4% - it's like burning your money on a fire. The banks have now lined up all the suckers as 90% of mortgages have switched to Standard Variable Rate, so expect them to tell their friends at the Bank of England to up interest rates soon, so they can start raking in all that extra interest. At that point house prices could tumble and anyone with properties to sell may find it very difficult. Run for the exit now before crowds are gathered around the door.. Don't care who posted it - I love it! Quote Link to comment Share on other sites More sharing options...
beccles Posted May 3, 2011 Author Share Posted May 3, 2011 (edited) Todays saddener. I currently have a low rate (.79%) and therefore low payment to make on my interest only mortgage (Approx £200 pm. I couldn't afford a repayment mortgage at the moment but am worried about what my options are & what I should do at the end of the term which is approx 13 years away? I will still have the full amount to repay but if property prices continue to rise then all I would need to do is sell/move to repay the outstanding mortgage. The equity is currently half the current sale value. Rather than struggle to meet a repayment mortgage cost, I am in fact paying a low rent to live in the property. My question is should I struggle or carry on as I am? I do make and have a small savings pot which will reduce my outstanding morgage but only slightly! Look forward to any advice & hope this makes sense? My link Struggling to pay £200 a month on a £300K io mortgage. One for Eric. Edited May 3, 2011 by beccles Quote Link to comment Share on other sites More sharing options...
happy_renting Posted May 3, 2011 Share Posted May 3, 2011 (edited) I currently have a low rate (.79%) and therefore low payment to make on my interest only mortgage (Approx £200 pm. I couldn't afford a repayment mortgage at the moment but am worried about what my options are & what I should do at the end of the term which is approx 13 years away? I will still have the full amount to repay but if property prices continue to rise then all I would need to do is sell/move to repay the outstanding mortgage. The equity is currently half the current sale value. Rather than struggle to meet a repayment mortgage cost, I am in fact paying a low rent to live in the property. My question is should I struggle or carry on as I am? I do make and have a small savings pot which will reduce my outstanding morgage but only slightly! Look forward to any advice & hope this makes sense? Edited May 3, 2011 by happy_renting Quote Link to comment Share on other sites More sharing options...
bazzer Posted May 3, 2011 Share Posted May 3, 2011 Dear god, just read through his older posts/threads. Hes got to be a troll. "What does A.P.R means?" http://forums.moneysavingexpert.com/showthread.php?t=3163174&highlight= Quote Link to comment Share on other sites More sharing options...
Chuffy Chuffnell Posted May 3, 2011 Share Posted May 3, 2011 (edited) beccles Love it. Sums up Britain. Edited May 3, 2011 by Mr Deflation Quote Link to comment Share on other sites More sharing options...
beccles Posted May 3, 2011 Author Share Posted May 3, 2011 (edited) beccles Love it. Sums up Britain. OI, shes an ex mum of the year you know. Edited May 3, 2011 by beccles Quote Link to comment Share on other sites More sharing options...
geezer466 Posted May 3, 2011 Share Posted May 3, 2011 OI, shes an ex mum of the year you know. I am not schooled in such trivia. Would this great messiah of modern Britain have the initials KK? Quote Link to comment Share on other sites More sharing options...
beccles Posted May 3, 2011 Author Share Posted May 3, 2011 (edited) I am not schooled in such trivia. Would this great messiah of modern Britain have the initials KK? Yep, it seems you've under estimated yourself. Edited May 3, 2011 by beccles Quote Link to comment Share on other sites More sharing options...
BreakingWaves Posted May 3, 2011 Share Posted May 3, 2011 I am not schooled in such trivia. Would this great messiah of modern Britain have the initials KK? Very few folks can claim one of these: Footnote Order suspending bankrupt’s discharge under Section 279(3) of the Insolvency Act 1986 until the fulfillment of conditions as specified in the Order made by the Court and effective from 14 July 2009 Quote Link to comment Share on other sites More sharing options...
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