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Found 5 results

  1. Hello everyone! I want to invest in property, but am at the early stages where I'm reading lots of books and learning learning learning! There are many black holes and areas I'm unsure of which I'm trying to work my way through. I'll make sure I post my other questions as seperate topics, so not to get too complicated and cluttered on one post! So, I want to set up a Limited Company and rent my first property to my mother. She's rented for years and I've seen what she does (she never stops decorating!) so not only will my mum have a landlord that actually cares (her current landlord took 8 years to replace badly blown windows - leaving her living in darkeness all that time) - I would also get the security knowing that, if anything, she'll add value to the property (and I can trust her to pay her rent because she's never missed a payment in her life) I am aware that as a individual you CAN rent a property to a member of your family who is on Housing Benefit as long as it's done properly (which it will be) with a contract, visible money coming in and the usual regs (safety certificates etc). But does anyone know if that's the case through a Ltd Co? Or are there rules (perhaps it's frowned upon to be letting to family through a company because, lets be honest, we'd probably charge a little less rent). I am dipping my toes in the water and the scariest part is trusting tennants - so what better way to start off than with someone you trust? (that's if it's allowed....) Any help is greatly appreciated! Many thanks Katy
  2. Hi All, Newbie from Aberdeen (or based in Aberdeen ). Have been watching “Homes under the Hammer” for over a decade and wondering when I’ll take the leap of faith. My BTL Journey began in December 2017, when I spotted an opportunity to buy a BMV 3 bed flat taken by a developer as a part exchange from my neighbor and discounted by almost £50K based on valuation. 2 bed flats in the area was over £25K higher and 3 beds around £40-50k sold prices so I thought it was too good an opportunity to miss and with a mate of mine we put in an offer for £200k and was accepted. We both put in 50% of deposit at 75 LTV. Property was let out in a week for £800 pcm part furnished, other properties in the area were going for £950 but some have been in the market for a couple of months and we preferred steady income and long term tenant than high rent and quick turnover considering the state of the Aberdeen rental and property market since the oil downturn. Our plan is to hold for two years and sell at market value and split our profit to invest elsewhere in Scotland. My goal is to get a number of BTL’s to act as a secondary pension in the future (still in my 30’s) and hopefully grow the portfolio to 10 BTL’s with a net income of around £5-7K pcm. I intend to buy one or two property every year from Q1 2019 within the price range of £50-80K each mainly in Glasgow, Dundee, Edinburgh, Livingston and Kilmarnock….I know it’s challenging to get 2-3 beds in Edinburgh at that price but I’m looking to buy lower end flats that don’t need much work (£5-10K spend to do up) and with high ROE. I’ve been consuming lots of posts here, listening to podcasts and reading books. Happy to get some advice or guidance from folks investing in the areas mentioned ( @Tonyng already doing that ). I’m also planning to be at the next Aberdeen meet-up and will try to visit the Glasgow one sometime this year. Question: I’ve seen a couple of posts about folks who invested in Ayshire and bought flats for £40-50K with a monthly rent of around £350-450 pcm from DSS tenants or privately? What are the challenges of working with DSS tenants? How can I find out more information of requirements and process of renting out to council for the three year scheme either in Glasgow, Kilmarnock or West Lothian? Will appreciate if anyone could share their experience here or point me to a thread where this has been discussed. Thanks
  3. Hullo! I'm hoping there are some landlords out there with experience in leasing property through Housing Aid who can give me some advice? I would like to be both a socially conscious AND profitable landlord. Whilst I appreciate my profit margins will be a lot less, I strongly feel that anyone of us could easily fall on hard times and would like to help families who have. I have meet with my local Housing Aid department, who are very keen to get landlords on board. They have a massive demand for 2 bedroom homes to house families. There are many pros and I'm sure cons: Pros: - V low risk of void periods as demand is so high - No letting costs (the council do it) - Low insurance (the council in the process of working with an insurance company to cover this) - Cheaper properties, cheaper areas - Low uptake on the security bond by landlords (6%) to pay for damages etc. - Direct rental payment - Feel good factor - Council very open to negotiation Cons: - Vulnerable, high risk tenants? - Low rent (£470 pcm for 2 beds, however, can charge more with the tenants topping this up) - High maintenance - Furnished - I'd like to hear of some! From talking to people there is a belief that your property is more likely to be trashed if you have Housing Aid tenants. I'm not convinced... in my experience wealthy private tenants, with rich Daddy's are the most problematic! Also the council vet everyone and those classed as high risk e.g. with a history of substance abuse, criminal records, no employment history etc., are not processed through the Housing Aid route. Also the low uptake of the councils security bond would suggest that the tenants look after the property. However, I don't want to be naive so would really like to hear from anyone with experience in this area. As a bit more background... I'm looking in the Nottingham area, would look at self managing and will plan to negotiate with Housing Aid regarding the selective licensing that is shortly due to be introduced in the city. I will also probably hedge my bets and look into getting one or two more profitable HMO's at some point! Muchas gratis Ginger
  4. Hi, This maybe a bit long winded but would really appreciate a few of peoples insights and advice on the issue am having with my property at the moment. i have a small two up two down property on the wirral in birkenhead, had it roughly two year now, first year i accepted guarenteed rent for first 12 months, and now the guarnteed is over is where my problems are. Ive had two tennants (housing benefit) first tennant left property in a state and now the tennant who has just left has left it even worse, filled my backyard up with household waste to just below the window (letting agency said they would get her a bin and never did) but still a bit excessive and also smashed my window inside for good measure, oh and obviously not been paying rent since shes been there. letting agency who ive used for both tennants hasnt collected a deposit, nightmare to get hold of at time and because of the latest tenant not paying her rent even when i was still on the guarenteed at the time didnt send me a contract through to go onto the normal rental contract of them taking 10% every month. This has been my first investment property but thinking with all the trouble ive had with it is to just cut my losses sell it and recoup my money maybe a bit more and start again. Any views would be appreciated and thanks for reading it all if you got down that far.
  5. Has anyone come across an insurance company increasing the premium because you, the landlord, have rented to a tenant who is in receipt of some sort of benefits? I have a client landlord who had his insurance increased by 40% because a full time carer was determined by them to be unemployed and so the insurance premium went up from just under £200 to £275 pa & he was also no longer covered for accidental damage. As you can imagine he was not best pleased and made him think of his approach to renewing the contract. if any of you Hubbers have any words of wisdom on this matter they would be welcomed. I have suggested that he uses an independent broker who can look across a wider spectrum of the market but this is on the edge of my skill set
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