[TomCrowther]

I had a pal a long time ago who asked me to do some debt collecting for him and he would "lend me the chainsaw" err, no ta.

[deeege]

I’m on target to be free of a mortgage by 48-50 so that will give me plenty of options aswell.

So when you've got Alzheimers in your 60s the gov can force you to sell it to pay for your care.

Either that or sell up and travel for 15 years and still be able to return home to be in the same position as someone that has always rented.

[pikeman]

Got a flat i rent out bought before the 3 percent extra stamp duty. Get 495 a month less estate agent fees service charge gas certificates and voids etc.  Plus pay tax on it. Probally getting about 5 per cent return on my money. Got money invested in the stock market through various funds. A[[ in isas and sipps.  Most returning more than 5 per cent all tax free and no hassle. Of course the stock market is at an high so you have to be careful.

[dazmond]

theres no guarantees......i knew a guy who was looking forward to retirement,good pension,plenty of money behind him,worked very hard for 40+ years.....6 months after he retired he was dead at 66 years of age....(kidney cancer)...

[pikeman]

Certainly no guarantees. im 63 now so i suppose i should be thinking of retirement but long as im fit enough ill carry on working. I do save and invest but still enjoy my hobbys  have holidays and enjoy a beer on a weekend. My kids no doubt will make use of the money if i pop off early. lol

[dazmond]

Certainly no guarantees. im 63 now so i suppose i should be thinking of retirement but long as im fit enough ill carry on working. I do save and invest but still enjoy my hobbys  have holidays and enjoy a beer on a weekend. My kids no doubt will make use of the money if i pop off early. lol

good stuff mate.....i hope you ve still got plenty of productive working years left in you yet....the great thing about window cleaning is you can knock off early every day if you want(i do and im only 48! ).......

[pikeman]

cheers dazmond always enjoyed reading your posts. think you went to wfp the same year i started window cleaning. was always a bricklayer. love it wish i had done it sooner.

[deeege]

Certainly no guarantees. im 63 now so i suppose i should be thinking of retirement but long as im fit enough ill carry on working. I do save and invest but still enjoy my hobbys  have holidays and enjoy a beer on a weekend. My kids no doubt will make use of the money if i pop off early. lol

good stuff mate.....i hope you ve still got plenty of productive working years left in you yet....the great thing about window cleaning is you can knock off early every day if you want(i do and im only 48! ).......

Your not joking there Daz! I seen you driving home past Sainsbury’s at 13:50 today 😂😂

[Ooooooog]

It’s not hard to build a business up and sell it when you retire.

[NWH]

You’d be better off working in the business to some degree and having 2-3 guys working you could work 2 days a week and you could do that well over 65,as long as you are involved in the running you’ll get a good enough income to semi retire.
If you purchased 4 flats 25 years ago since the law change in taxes you would be giving 2 of them to the government if you decided to sell all 4 of them.
That ship has sailed people have made a fortune from buy to let’s,like anything the government soon stop it when see ££££££S for them.

[dazmond]

Certainly no guarantees. im 63 now so i suppose i should be thinking of retirement but long as im fit enough ill carry on working. I do save and invest but still enjoy my hobbys  have holidays and enjoy a beer on a weekend. My kids no doubt will make use of the money if i pop off early. lol

good stuff mate.....i hope you ve still got plenty of productive working years left in you yet....the great thing about window cleaning is you can knock off early every day if you want(i do and im only 48! ).......

Your not joking there Daz! I seen you driving home past Sainsbury’s at 13:50 today 😂😂

yep....id had enough by then Danny as it was cold,windy and wet...... ...i managed to get 28 granny flats cleaned and 4 large houses so it was a fairly productive day....

[Crystal-clear]

How do you lose money every month ?
[/quote]

Example 200k house 50k dep
150k mortgage
Rent £1000.00 mortgage on 150k about £800 a month over 25 years. As you correctly pointed out you cant deduct mortgage intrest as an expense that means you'll be taxed for a quick example around £600 (not a lesser amount as it was before)
So £7200 will be seen as income say 20% (depends on your tax bracket) £1440 tax but you're only receiving £2400 pa leaves about £900 or if it pushes you into 40% £2900 tax puts you -£500 before agent fees maintenance repairs voids you'll defo run at a constant loss. However you'll be paying back your capital as well so yeah in the long run otherwise a bigger deposit. It was better before the law changed.
the above calculation is purely vague and just used as a fast example..

I don't think property is a bad route to go on.
I just think people need to be very sensible about it and don't jump into a big mortgage unless you're in your early 20s then it will definitely pay off in about 15 years.

I like someone's post recently regarding working on your business more I guess there's no reason not to keep it going into retirement obviously you'll be employing full-time which should be a good goal keep capping your most efficient tax bracket rate so perhaps 50k keep rolling up money in the limited company and you'll always be able to keep paying yourself an appropriate salary technically as the many years go on. I think thats the best place to be really

As the years go on Another thing you could do if both are LTD is loan money from your window cleaning business to your property purchase bussniess (profits which you've stacked up only at corp tax) then in say 10 years buy out right
But then that's a lot of money not sure if it's that good for probably very little return!. Perhaps likewise loan from your limited company to another new business perhaps then you could create 2 sources of PAYE-Div income.

I just think when it comes to property you need to use a lot of common Sense and if you're looking for a rental it needs to be purely a bargain otherwise you need to walk away simple it has to make you a profit a small profit at least from day one don't get involved in the hype.

[Shrek]

Your figures are completely off. I take it you don’t actually own buy to let’s so your just guessing. The majority of btl mortgages are interest only

https://mortgages.comparethemarket.com/buy-to-let?AFFCLIE=EI32&_gl=1*w7zbcw*_ga*eFNNbDI1S2JyMERhNkpTV3ctVTFsLVhJd3RRYUpRSDFFcU15TnVrRDFZWjRWN3A0RWpVLXdfeWVZMkY4bDVJVA..

If you are losing money then you need a new accountant

[Crystal-clear]

Your figures are completely off. I take it you don’t actually own buy to let’s so your just guessing. The majority of btl mortgages are interest only

https://mortgages.comparethemarket.com/buy-to-let?AFFCLIE=EI32&_gl=1*w7zbcw*_ga*eFNNbDI1S2JyMERhNkpTV3ctVTFsLVhJd3RRYUpRSDFFcU15TnVrRDFZWjRWN3A0RWpVLXdfeWVZMkY4bDVJVA..

If you are losing money then you need a new accountant

That initial rate though it's going to suck you in;)
Paying tax on money you're not receiving isn't fun.
I would avoid buy-to-let with a small deposit
But if whoever wants to jump in into that conundrum I hope it goes well.

Yep I've got plenty of experience with buy to let's
Profit is the key. Jumping into big mortgages on a buy to let is a risk even if it works during the short reduced initial rate term. What happens when tenant can't pay rent you have to evict repairs voids and you've got a big mortgage THAT IS TAXED.. I personally think it's a no-brainer

[Shrek]

I don’t think it’d be a struggle to pay another  £2-300 on top of my bills. If your going to sign up for a repayment btl then your asking for trouble because you’ve not thought about when the tenant moves out whether you can afford to pay the 2nd mortgage.
You’ve got lots of experience with btl but your figures are completely off? How do you work that out then?
You aren’t taxed if the tenant isn’t paying rent!

[Crystal-clear]

I don’t think it’d be a struggle to pay another  £2-300 on top of my bills.
You aren’t taxed if the tenant isn’t paying rent!

If anyone can make it work with  new rules on a low deposit I take my hat off to them!.

I really think retirement should be about building the business and continue to pay yourself a good salary for many years to come as above.

[Shrek]

Eggs in baskets 🧺, window cleaning isn’t everything and you should never really on 1 thing to feed your family. Property is a great investment as long as you think it through properly, don’t spend all the profit so you have a buffer for when/if a tenant moves out and don’t pay agents to collect the rent to bacs it to you

[Crystal-clear]

I don’t think it’d be a struggle to pay another  £2-300 on top of my bills. If your going to sign up for a repayment btl then your asking for trouble because you’ve not thought about when the tenant moves out whether you can afford to pay the 2nd mortgage.
You’ve got lots of experience with btl but your figures are completely off? How do you work that out then?
You aren’t taxed if the tenant isn’t paying rent!

Ok looks like my figers are totally off any experience I may have isnt relevant and incorrect.
Buy a rental with a low deposit  you'll make loads of annual rental profits your right I'm wrong.
Now need to set off to work chat laterz 

[Crystal-clear]

Eggs in baskets 🧺, window cleaning isn’t everything and you should never really on 1 thing to feed your family. Property is a great investment as long as you think it through properly, don’t spend all the profit so you have a buffer for when/if a tenant moves out and don’t pay agents to collect the rent to bacs it to you

You can't really do it yourself when you're busy at work a morning off to write them a letter that they're behind with rent go to post office que up or do a house inspection will cost you more money at work (time lost then the agents will charge).

Now I really need to clean some windows 

[Shrek]

I don’t think it’d be a struggle to pay another  £2-300 on top of my bills. If your going to sign up for a repayment btl then your asking for trouble because you’ve not thought about when the tenant moves out whether you can afford to pay the 2nd mortgage.
You’ve got lots of experience with btl but your figures are completely off? How do you work that out then?
You aren’t taxed if the tenant isn’t paying rent!

Ok looks like my figers are totally off any experience I may have isnt relevant and incorrect.
Buy a rental with a low deposit  you'll make loads of annual rental profits your right I'm wrong.
Now need to set off to work chat laterz 

I never said buy a rental with a low deposit I don’t know where you’ve got that from 
You also don’t need 50% deposit to make money, I don’t understand why your trying to put people off