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Plan B - Bought to Let

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    Plan B - Bought to Let

    I have a property in Leeds that I will probably never move back into, so for the next 12 months I am going to be slowly renovating it in return for renting it out. I know there are a load of buy to let threads which mostly are bollocks, like the majority of thread on here but we persevere!

    Does anyone have any direct experience of what to "do" to a house to get it ready to rent out? We are in a relatively OK area, ex council estate where 80% of houses have been privately bought or taken over by a local housing partnership so a lot of money has been thrown into the estate, new roads, new green space for children, new mini market and associated shops, close to 4 primary schools so I want to be pitching it at the family market. The house is a massive three double bedroom front and back garden, 1.5 bathrooms. First job is new kitchen, ripped the old one out, just re plastered and measuring up to get new carcasses, new fronts, new cooker already bought and installed. Other main "mini project" is the bathroom, installing new bath, pulling up the floor and sanding that down.

    So my questions, firstly is magnolia still the color of choice for blanket decorating, I know its not to everyones taste but I assume any tenant will just paint over it anyway, and getting it back to magnolia won't be a big job. Secondly I have a washing machine, fridge, freezer and dishwasher which are all perfectly fine, if I leave them in I take it I could charge a little extra or are they considered required items even in an unfurnished property? I assume I would be liable if they breakdown etc? The garden at the moment is graveled over, decking on the back, if I am pitching to the family audience I take it I would need to lay some turf etc. Last but not least are the management companies worth the 8% or so they charge? I guess if the tennents are good then it will be a waste, but if some toerags to get in do they have much clout in getting things resolved?

    Pricing similar house in my area rent's are about £550-£600 and my mortgage will be about £427 so if I throw £5k into a slush fund for any repairs then lump the extra once a year or so I think I can make it fully self sufficant so by the time I retire (hopefully at 50) this will give me a nice little pension of say £5k a year, my civil service pension will be about the same and then 20 years of throwing money into a SIPP will hopefully give me the rest for what I need to live off until I have a massive heart attack at 53.
    Originally posted by Stevie Wonder Boy
    I can't see any way to do it can you please advise?

    I want my account deleted and all of my information removed, I want to invoke my right to be forgotten.

    #2
    Originally posted by SimonMac View Post
    I have a property in Leeds that I will probably never move back into

    Comment


      #3
      Originally posted by AtW View Post
      Top of a hill so no flooding issues, but I am not too far from some of the bad flooding
      Originally posted by Stevie Wonder Boy
      I can't see any way to do it can you please advise?

      I want my account deleted and all of my information removed, I want to invoke my right to be forgotten.

      Comment


        #4
        Originally posted by SimonMac View Post
        Top of a hill so no flooding issues, but I am not too far from some of the bad flooding
        So your house is where everybody will rush for safety then...

        Comment


          #5
          Originally posted by AtW View Post
          So your house is where everybody will rush for safety then...
          Yep, and my Plan C is to make a killing selling emergency supplies to those displaced by the floods, captive audience you see, I could probably even sell them a load of sledges as make shift life crafts
          Originally posted by Stevie Wonder Boy
          I can't see any way to do it can you please advise?

          I want my account deleted and all of my information removed, I want to invoke my right to be forgotten.

          Comment


            #6
            This is more like Leeds

            "A people that elect corrupt politicians, imposters, thieves and traitors are not victims, but accomplices," George Orwell

            Comment


              #7
              Originally posted by Paddy View Post
              This is more like Bradford - AKA Af-brad-istan

              FTFY
              Originally posted by Stevie Wonder Boy
              I can't see any way to do it can you please advise?

              I want my account deleted and all of my information removed, I want to invoke my right to be forgotten.

              Comment


                #8
                Originally posted by Paddy View Post
                This is more like Leeds

                Whoa, look at all that space. Landlord is missing out on a few bob there. (geddit?)
                Keeping calm. Keeping invoicing.

                Comment


                  #9
                  On our first one, we spent too much doing it up, wooden floors, berber carpets, nice kitchen and bathroom. Didn't lose anything, but it all had to be replaced anyway when a long term let finally bought a house, so we just about broke even on the first couple of years.

                  My advice, would be to get hardwearing stuff, but not expensive. Factor in redecorating it every let, and, this is a good wheeze, say they can decorate it any colour they like, if they return it to magnolia when they leave. You'd be surprised how many take this up.

                  Dont be afraid to pay an agent to find you someone, and monitor them for the frst 6 months, by then you'll have a good idea of if you cna trust them, so you can let directly to them.

                  Get good insurance. If you aren't in the area, get someone you trust to keep an eye on the property. We have a handiman whom we pay a small retainer each month, to pass an email about one property of ours (he lives next door).

                  We offer a month off if they pay a year up front, as it removes any hassles and potential issues. Pay this straight to the mortgage if you can pay the mortgage yourself as it really does knock big holes quickly in the mortgage and you'll end up paying it off an awful lot sooner. If you are looking at it as an investment, this quickens the return. We've been doing it since 2002 and whilst there have been some downsides, they have luckily been few and far between.

                  Don't expect them to treat the house with any respect and factor this in.

                  Good luck.

                  Comment


                    #10
                    Change place to have padded walls and rent it out to friendly CUK psychos.

                    HTH

                    Comment

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