I’ve never had enough cash for a ‘buy to let’ and didn’t want to borrow the money. One friend of mine has 3 rental properties. He does all their repairs, apart from when specialist trades are required...Gas Safe, electrical. Mostly good tenants, but also bad.
Another friend has two rental properties. His deceased mothers house and his previous house. Maybe he’s been unlucky but stories he tells me are horrific. A high earning family in his nice previous detached who manage to damage the kitchen...cupboard doors off, burn marks on worktops, smashed toilets, blocked drains. Then tenants, although vetted by the agent, who stop paying rent and disappear 6 months later.
When my late Aunt died I inherited half her flat. I spent 3 months stripping it right back to bare concrete floors, new bathroom, then modernised it apart from leaving an empty space where the kitchen had been. Redecorated top to bottom. I could have bought out the other half owner and then rented it out. A great flat in a half decent area and made a good % return. We sold it for £135k instead.
I bought a new Porsche. Much less hassle and more enjoyable. Money’s for spending.
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