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Rebal80

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  1. Thank you Tim. I’m glad to say it’s all fixed now. I got lucky! And as you say I could have had the house empty instead. I’ll probably be writing to the insurance company at some point soon. I need a break for now and recharge then get back onto it. All the best!
  2. Hi all, Really need some advise here. I feel like I’m drowning due to none payment of rent and no fix in sight yet. Background: I have a property that I purchased a few months ago. One day before the new tenants were to move in, a water leak was reported by the neighbour. Apparently at the time, water was leaking into the neighbours garden. The plumber went to investigate and had to end up digging into the kitchen floor as it was some kind of water leak or drainage issue coming from under the house. The management agent said the tenants are still happy to move in but they would want a rent free period until the work has been finished. At the time I agreed as I thought that this shouldn’t take longer than a few days or at the most a few weeks. It’s now 2-3 months later and the insurance company still haven’t got to the cause of the leak and investigations are still taking place. Many companies have been called out. What makes matters worse is that It takes roughly a week for each visit (after reports and the go ahead given by the insurance). So it’s a very long drawn out process. Given the above, it seems likely that this could go on for another month or two until this issue is sorted. If a new water supply needs to be fitted this could be another 3 months. The tenants are refusing to pay anything towards the rent. They are not even willing to pay 30-40% of the rent, which I think is very unfair since they are using the house. It has three bedrooms and a living room all of which are in great condition. I made a mistake to agree to a complete rent free period. I should have said 50% rent until the issue has been resolved. So my question is - can I do anything about receiving any kind of rent from the tenants? I made the decision of a rent free period with the assumption that this will be very short term. The tenants are using the house and have access to most of it apart from the kitchen. Does anyone have any advise here? At the moment I’ve paid out about £1800 to get this issue resolved and the insurance company have sent 3 companies to investigate. From my side I’m doing everything possible to get this issue resolved. Would appreciate any constructive feedback and/or advice. Thank you in advance. Regards Rebel
  3. Hi, I am fairly new to property investment. To begin my journey, I wanted to start my portfolio with cheaper properties - where there is a decent return. I recently brought a 3 bed terraced property in Birmingham within the B21 area. This is just off soho road, not far from the city centre. From what I can see from rightmove and from speaking to agents, I would get this property rented for about £600 pcm. I think I will be going down the route of renting it as a whole house perhaps to a family. It's not a nice area but people and families still live there and the rent at £600 still provides a reasonable return for a house that is ~£100k. I'm hoping an estate agent can fully manage is for me. I am also thinking of buying a place for £65k in Liverpool L6 Anfield. Again it's not the best area, it's a little rough but I should be able to rent it for ~£500 pcm. It may be that I will have to rent to families or people on benefits though which I hope will not cause too much problems. The estate agents said that in such cases they will take a guarantor and provide rent a guarantee to cover me. I would be interested to know the thoughts of others here on my logic and approach. As I am starting out, I am still going through a learning curve right now.
  4. Hi, I am a little new to property. My parent have a couple of properties in west London. However, for me given the current prices I thought I would focus a little further out. My thoughts were that I wanted to start my portfolio with cheaper properties - where there is a decent return. Then as I gain experience I can start to build up to more expensive properties. But basically looking for properties that can give a good rental yield. I brought a 3 bed terraced in Birmingham in B21 recently which will hopefully get rented for about £600 pcm. I think I will be going down the route of renting it as a whole house perhaps to a family. It's not a nice area but people and families still live there and the rent at £600 still provides a reasonable return for a house that is ~£100k. I'm hoping an estate agent can fully manage it for me. I am also thinking of buying a place for about £65k in Liverpool L6 in Anfield. Again it's not the best area, it's a little rough but I should be able get a 3 bed terraced in good condition and rent it for ~£500 pcm. It may be that I will have to rent to families or people on benefits though which I hope will not cause too much problems. The estate agents said that in such cases they will take a guarantor and provide rent a guarantee to cover me. Would be interested and very grateful to know the thoughts of others here. As I am starting out, I am still going through a learning curve right now. Regards
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