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2-double bed Victorian conversion, good area, near tube. Needs some minor work. Offered £25K under already low asking, but am a cash buyer.
Est. rent after cosmetic work £1.2K pcm or more with 2 sharers.
What Bogey said.
Anyway, what the flip are you doing buying a property now in the first place - you're not taken in by that "house prices are rising" bollux are ye?
I really do think you're either full of tulip or you're more than one poster.
There is a risk of some bad payers, but with BTL there is a risk of no capital appreciation for a decade combined with bad tenants and voids, hassle, legal disputes, maintenance and repairs and falling rents.
In Sept 2006 ZOPA gave me 30 quid to lend. I have made the grand total of £5.50 on it since then. Though it's all worked fine.
You won't actually get 8 or 9%. To get 5.8 on the A* market you are lending at 6.8. By the time it's on the C market you're lending at 10.1.
2-double bed Victorian conversion, good area, near tube. Needs some minor work. Offered £25K under already low asking, but am a cash buyer.
Est. rent after cosmetic work £1.2K pcm or more with 2 sharers.
Boomed!
If you let to sharers do you have to register and use all the HMO rules?
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