hi all not been on for a couple of weeks as bought another house  with the help of family and friends we gutted it re plastered every wall and ceiling  new kitchen bathroom central heating etc  been working on it day and night  im now exhausted but it was worth it    our new tenants moved in today  and we are getting top rate rent :D   im now cosidering buying another but not for a while  need to recover as had only just finished doing my house up   still im off work now until wednesday  so a bit of r & r  and a few beers :) :)

Well done Mill - enjoy the beers. :y

glad the hard work has paid off.

finding a good deal on the mortgage cannot of been easy?

tidla wrote on 03. Feb 2011 at 23:03:

glad the hard work has paid off. finding a good deal on the mortgage cannot of been easy?

it wasnt easy  a friend of the family is a mortgage advisor and helped us a lot and even though i dont have a mortgage on the house i live in i still had to find a massive deposit >:(   

Mine will be for sale soon, and has excellent rental potential :y

3 double bedrooms, huge kitchen diner, new bathroom, 2 more reception rooms, and off road parking for 4 cars (had 7 squeezed on at one point!)

the fact that its way up north means it'll be much cheaper to buy!!

deposit is the hardest bit, took me just under 3 years to save approx £35k, some of it got accidentally spent on a couple of motorbikes and snowboading lessons / gear / holidays  ::)

I ended up putting 10% down on my flat - The only way to get a really decent rate was putting down 25% or even 40% deposit, would have taken too long to save that, by time I had, would have needed even more  :(

Cor, second houses, flats in London.. how the other half live ..  ;D

yeh I gotta agree with that, but I congratulate milli on his acquisiton and wish you all the best. :y

Rental market has gone crazy in the last few years with house prices rising.

A basic 2 bed gets £90/100 PW round these parts, where as old 3 beds in not so good area commands a minimum of £95 PW.

Oh how I listed to my old man more when I was younger. :-/

Mr Skrunts wrote on 04. Feb 2011 at 10:26:

Rental market has gone crazy in the last few years with house prices rising. A basic 2 bed gets £90/100 PW round these parts, where as old 3 beds in not so good area commands a minimum of £95 PW. Oh how I listed to my old man more when I was younger. :-/

Blimey, I could rent out my 1 bed flat for about £250/£275 a week

sotmh wrote on 04. Feb 2011 at 10:26:

yeh I gotta agree with that, but I congratulate milli on his acquisiton and wish you all the best. :y

thank you :y

tunnie wrote on 04. Feb 2011 at 10:45:

Mr Skrunts wrote on 04. Feb 2011 at 10:26: Rental market has gone crazy in the last few years with house prices rising. A basic 2 bed gets £90/100 PW round these parts, where as old 3 beds in not so good area commands a minimum of £95 PW. Oh how I listed to my old man more when I was younger. :-/ Blimey, I could rent out my 1 bed flat for about £250/£275 a week

we are getting 190 a week  rental market is very good at the moment   although to get a good deal on the mortgage we had to have 35k deposit  so will be very tough for a while  but ultimately worth it   we are now saving to buy another early next year   going to be more struggling and headaches  but hopefully in the future my kids will reap the benefits    he says whilst touching wood and crossing fingers ;D ;D

aaronjb wrote on 04. Feb 2011 at 10:21:

Cor, second houses, flats in London.. how the other half live ..  ;D

beans on toast for the next 30 years ;D ;D

millwall wrote on 04. Feb 2011 at 11:06:

tunnie wrote on 04. Feb 2011 at 10:45: Mr Skrunts wrote on 04. Feb 2011 at 10:26: Rental market has gone crazy in the last few years with house prices rising. A basic 2 bed gets £90/100 PW round these parts, where as old 3 beds in not so good area commands a minimum of £95 PW. Oh how I listed to my old man more when I was younger. :-/ Blimey, I could rent out my 1 bed flat for about £250/£275 a week we are getting 190 a week  rental market is very good at the moment   although to get a good deal on the mortgage we had to have 35k deposit  so will be very tough for a while  but ultimately worth it   we are now saving to buy another early next year   going to be more struggling and headaches  but hopefully in the future my kids will reap the benefits    he says whilst touching wood and crossing fingers ;D ;D

Yeah, another reason I picked London rather than the North, where I could get lot more for my money.

If the worst happened and I lost my job, I could rent it out. There are 5 different tube/train line stations within 10/15 min walk of my flat, one of them is literally a 50 second walk, other is in Zone2 so it would be easy to find rental income.

What kind of paperwork did you have to get in place to rent these days? Think you need gas/electric certification and such?

millwall wrote on 04. Feb 2011 at 11:07:

aaronjb wrote on 04. Feb 2011 at 10:21: Cor, second houses, flats in London.. how the other half live ..  ;D beans on toast for the next 30 years ;D ;D

;D ;D Sounds familiar! It's just this is my only place ;) Mortgage was 61% of my take-home last month, though so I suppose I should be hoping for hyper-inflation to inflate my salary and bring down the size of my debt! Maybe in 10-15 years I'll think about a second place, but by that point I'll only have 20 years to pay off a mortgage or thereabouts :-/ bah, if I have kids they can fend for themselves!  ;D

Anyway, don't get me wrong .. I wish you all the best, too  :y Mr Landed Gentry  ;D

aaronjb wrote on 04. Feb 2011 at 11:23:

millwall wrote on 04. Feb 2011 at 11:07: aaronjb wrote on 04. Feb 2011 at 10:21: Cor, second houses, flats in London.. how the other half live ..  ;D beans on toast for the next 30 years ;D ;D ;D ;D Sounds familiar! It's just this is my only place ;) Mortgage was 61% of my take-home last month, though so I suppose I should be hoping for hyper-inflation to inflate my salary and bring down the size of my debt! Maybe in 10-15 years I'll think about a second place, but by that point I'll only have 20 years to pay off a mortgage or thereabouts :-/ bah, if I have kids they can fend for themselves!  ;D Anyway, don't get me wrong .. I wish you all the best, too  :y Mr Landed Gentry  ;D

Its a killer mine varies from 48% to 58% depending how much over-time I can blag.

I'm still paying back government student loan, but that should be paid of within next 5/6 years, so that should help

Yep - fortunately I have no other real debts.. unfortunately the house was a bit of a basket case when I bought it and still needs a new kitchen, garage, the garden doing, rewiring and the trees cutting down..  :D (Fortunately it at least had two reasonable bathrooms, and I've already had the single glazed draughty windows replaced and the central heating done)

I try not to think about it all or it's a bit overwhelming!

Hopefully all be worth it in the end.

tunnie wrote on 04. Feb 2011 at 11:16:

millwall wrote on 04. Feb 2011 at 11:06: tunnie wrote on 04. Feb 2011 at 10:45: Mr Skrunts wrote on 04. Feb 2011 at 10:26: Rental market has gone crazy in the last few years with house prices rising. A basic 2 bed gets £90/100 PW round these parts, where as old 3 beds in not so good area commands a minimum of £95 PW. Oh how I listed to my old man more when I was younger. :-/ Blimey, I could rent out my 1 bed flat for about £250/£275 a week we are getting 190 a week  rental market is very good at the moment   although to get a good deal on the mortgage we had to have 35k deposit  so will be very tough for a while  but ultimately worth it   we are now saving to buy another early next year   going to be more struggling and headaches  but hopefully in the future my kids will reap the benefits    he says whilst touching wood and crossing fingers ;D ;D Yeah, another reason I picked London rather than the North, where I could get lot more for my money. If the worst happened and I lost my job, I could rent it out. There are 5 different tube/train line stations within 10/15 min walk of my flat, one of them is literally a 50 second walk, other is in Zone2 so it would be easy to find rental income. What kind of paperwork did you have to get in place to rent these days? Think you need gas/electric certification and such?

oh yes thats another can of worms  but as im trade and have made many friends in various other trades got my gas and elec certs for beer tokens  but they need doing annually without fail   we also had top end smoke alarms and carbon monoxide alarms fitted   

millwall wrote on 04. Feb 2011 at 11:06:

tunnie wrote on 04. Feb 2011 at 10:45: Mr Skrunts wrote on 04. Feb 2011 at 10:26: Rental market has gone crazy in the last few years with house prices rising. A basic 2 bed gets £90/100 PW round these parts, where as old 3 beds in not so good area commands a minimum of £95 PW. Oh how I listed to my old man more when I was younger. :-/ Blimey, I could rent out my 1 bed flat for about £250/£275 a week we are getting 190 a week  rental market is very good at the moment   although to get a good deal on the mortgage we had to have 35k deposit  so will be very tough for a while  but ultimately worth it  we are now saving to buy another early next year   going to be more struggling and headaches  but hopefully in the future my kids will reap the benefits    he says whilst touching wood and crossing fingers ;D ;D

At least you will be spared watching the wall for a while now  ;) ;D  Well done too

skyblue wrote on 04. Feb 2011 at 14:40:

millwall wrote on 04. Feb 2011 at 11:06: tunnie wrote on 04. Feb 2011 at 10:45: Mr Skrunts wrote on 04. Feb 2011 at 10:26: Rental market has gone crazy in the last few years with house prices rising. A basic 2 bed gets £90/100 PW round these parts, where as old 3 beds in not so good area commands a minimum of £95 PW. Oh how I listed to my old man more when I was younger. :-/ Blimey, I could rent out my 1 bed flat for about £250/£275 a week we are getting 190 a week  rental market is very good at the moment   although to get a good deal on the mortgage we had to have 35k deposit  so will be very tough for a while  but ultimately worth it  we are now saving to buy another early next year   going to be more struggling and headaches  but hopefully in the future my kids will reap the benefits    he says whilst touching wood and crossing fingers ;D ;D At least you will be spared watching the wall for a while now  ;) ;D  Well done too

;D im sure i will manage a few games





if she lets me ;D ;D ;D

Well done on the second house onwards and upwards it gets easier the more you have good luck  :y

Nice one Millwall! :y :y :y

No doubt we will soon see you featuring on the BBC's daytime show, Homes Under The Hammer :D :D :D :D ;)

Lizzie Zoom wrote on 05. Feb 2011 at 17:00:

Nice one Millwall! :y :y :y No doubt we will soon see you featuring on the BBC's daytime show, Homes Under The Hammer :D :D :D :D ;)

that is exactly my plan lizzie  next purchase will be from a auction   been doing a bit of working out and with my mum and dad onbard we will be looking to buy in the next couple of months   my aim is 4 houses bought and rented out in the next 10 years  at last it feels like im doing something worthwhile for my kids future :)