Anyone know about buying property to rent?

If you have about 120k would it be best to buy a cheap 1 bed flat (and have no mortgage on it) or somewhere bigger, or more than 1 property?

Posted By: Larry Hagman on December 10th 2014 at 19:22:14

Message Thread

Anyone know about buying property to rent? (NCFC) - Larry Hagman, Dec 10, 19:22:14
- You could get a buy to let mortgage on a two year deal (NCFC) - Pink un exile, Dec 10, 20:42:05
- buy one property without a mortgage and then use the rent to pay off a mortgage on a secon (NCFC) - Chris Peacock, Dec 10, 19:37:27
  - As hulk says I would borrow money on a buy to let and get three. I have had a few over the (NCFC) - Men without hats, Dec 10, 20:57:29
    - Have one a stones throw from lakenhealth as well. Stupid money! (n/m) (NCFC) - Hulk Rules, Dec 10, 21:05:31
      - I was getting more money in 02 off gi's than I was in 08 off locals. Trouble is my propert (NCFC) - Men without hats, Dec 10, 21:17:26
  - That's bullshit to be fair..... (NCFC) - Hulk Rules, Dec 10, 19:50:07
    - correct (NCFC) - Chris Peacock, Dec 10, 20:56:00
    - 8% seems a bit high (n/m) (NCFC) - Huge Small, Dec 10, 20:20:36
    - Yup this ^^ except the giving 8% to a mgt agent (NCFC) - Tony Martin, Dec 10, 20:15:58
      - Depends if you want easy life. Have some close that are self managed but one a long way (NCFC) - Hulk Rules, Dec 10, 20:30:51
        
        Yeah, never had any problems with rent through an agent either (NCFC) - Huge Small, Dec 10, 20:50:39
        
        Absolutely agree. Always try to get new or newish for that reason (n/m) (NCFC) - Hulk Rules, Dec 10, 20:51:47
        
        what do the sums work out as for (NCFC) - Larry Hagman, Dec 10, 20:37:46
        
        Mortgage ?266 per month currently assuming 4% interest only (n/m) (NCFC) - Hulk Rules, Dec 10, 20:41:38
        
        Tax depends on your other income (n/m) (NCFC) - Hulk Rules, Dec 10, 20:42:22
        
        So the figures look like this? (NCFC) - Larry Hagman, Dec 10, 21:09:33
        
        If it's a flat, ground rent and service charge come into the equation. (NCFC) - Pink un exile, Dec 10, 21:11:07
        
        Dunt the person who is renting pay the service charges? (n/m) (NCFC) - Larry Hagman, Dec 10, 21:24:24
        
        No, not usually. It will fall to you to pay that. (n/m) (NCFC) - Pink un exile, Dec 10, 21:36:05
        
        thanks, great help. Who to go to for the mortg? (n/m) (NCFC) - Larry Hagman, Dec 10, 21:40:49
        
        If you pass me your email I will contact you direct. Have broker who is fantastic and best (NCFC) - Hulk Rules, Dec 10, 22:33:45
        
        I have four mortgages. (NCFC) - Pink un exile, Dec 10, 21:57:40
        
        No worries. Good luck with it! (n/m) (NCFC) - Pink un exile, Dec 10, 22:02:12
        
        Thanks! (n/m) (NCFC) - Larry Hagman, Dec 10, 21:58:51
        
        I use a broker. As I didn't have an income at the time. (NCFC) - Pink un exile, Dec 10, 21:49:53
        
        I use a company near the airport called NM finance, max mace. (NCFC) - Pink un exile, Dec 10, 22:00:44
        
        Would also like to get a name from Hulk Rules too, so please let me know (n/m) (NCFC) - Larry Hagman, Dec 10, 21:57:56
        
        insurances, routine maintenance, annual gas/electric safety certification (NCFC) - Tombs, Dec 10, 21:21:06
        
        I love chipping away at Garry's bottom line (n/m) (NCFC) - Jumbo1, Dec 10, 21:22:12
        
        plenty of interest in that caper (n/m) (NCFC) - Tombs, Dec 10, 21:22:55
        
        would you be interested or curious? (n/m) (NCFC) - Jumbo1, Dec 10, 21:23:44
        
        slightly miffed (n/m) (NCFC) - Tombs, Dec 10, 21:24:49
        
        lol (n/m) (NCFC) - Jumbo1, Dec 10, 22:15:49
        
        Mortgage ?266 per month currently assuming 4% interest only (n/m) (NCFC) - Hulk Rules, Dec 10, 20:41:14
    - sound advice this (n/m) (NCFC) - CauldRon, Dec 10, 19:58:43
- Get a 2 bed flat (NCFC) - Surrey Yella, Dec 10, 19:35:19
  - You could get a two bed flat near the UEA/Hospital for that.. (NCFC) - Huge Small, Dec 10, 20:18:24
    - or cumbria (n/m) (NCFC) - Tombs, Dec 10, 21:26:18
  - Nope (NCFC) - Tony Martin, Dec 10, 20:14:52
    - Larralds proper minted (NCFC) - Surrey Yella, Dec 10, 20:49:32

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