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Showing results for tags 'loss'.
Found 5 results
Hate the house I just bought
peterjoo posted a topic in Newbie Advice & SupportHello, I just bought a house and it is next to a busy junction. I hate it as there is a constant traffic noise, reversing on the busy road is very difficult, people visiting can not park on the road as there is no on-street parking being next to junction. I spoke with my lender and I can not sell the house for 6 months. I don't even want to live there. I paid a lot of money in stamp duty. I am not sure what to do. Could you suggest some advice, please? I bought a house where I can not even live and it is just going to eat a lot in my mortgage repayment. I can't sell the house for 6 months and not sure if I will get the buyer paying same or more money to cover price paid and stamp duty. The house is old and has all old systems I want to get a couple of lodgers but in this state no one will rent it as well. If I spend some money on this then this is another waste of money on something I don't want it. Could you please suggest how can I get out of this situation and prevent any loss?
Recovering Unpaid Rent
Matthew Webster posted a topic in General property discussionHi everyone, I am a landlord currently with two B2L properties looking to expand my portfolio. I am also someone who constantly thinks about business, new ideas and how I can help other property investors. One area that there seems to be little to no discussion on (at least that I can find) is that of recovering lost rent when NO rent guarantee scheme or insurance has been purchased. Typical scenario would be you have had to evict a tenant for not paying rent, you have no rent insurance, have paid all the court fees and are now out of pocket for £££’s of pounds. What can you do to get your money back? Or do you just take the financial loss and move on? So, my question is, if there was an option to use a company to recover those losses for you, without you needing to spend a further thousand pounds using one of the big solicitors firms, would this be of any interest to our community? Really interested to get peoples thoughts on this and thanks for your time reading.
List of the ways I could lose money
BlueSkies posted a topic in Newbie Advice & SupportHi Maybe I'm being negative, but what are all the downside risks (ways of losing money) from property investing? And the way to manage that risk so you lose as little as possible. Here is my list - please comment/advise! 1. Increased interest rates. Manage by making sure you are still cash flow positive even if they increase by +1% 2. Property market crash. Manage by making sure I wont need the cash that would force me to sell during a crash. 3. Reduction in rent value. Manage by working out what happens if rental income is reduced by 10% and make sure it's still cash flow positive. 4. Government make it even less profitable for private landlords. Not sure! 5. Fire etc. Manage by insurance. 6. Keeping up to date with the rules and regs. What is a good website for that? 7. As a general tool, put the properties in limited companies in my partner's name so if something goes wrong, it doesn't infect the assets in my name.
Hi guys, just a quick few questions on tax that come up less often. BTL insurance claim, if you claim on your insurance for damage to a BTL property, do you claim the insurance payout as income and claim any contractor repair costs as expenses or do you claim neither as its an insurance payout rather than earned income? If you withhold some or all of the deposit due to losses of time, work, rent, damage or whatever, either for actual contractor costs or for your own time and hard work to clean and repair etc, does this need to be claimed as income or not as the deposit is actually to counter act your losses? Many Thanks Scott Child
Capital Gains Tax Rip-off!
k k 111 posted a topic in Tax AdviceHi, I have a loss of about £50k in capital gains losses. Am I right in understanding that HMRC no longer allow losses to be carried forward indefinitely and I will just have to kiss that money goodbye? One option is to sell other properties which would allow me to use the loss before it "expires", but doesn't seem like a very smart idea in general... Are there any other options that I'm missing? This is a pretty bitter pill to swallow if I can't use the losses as and when I wish to sell up in future. Many thanks!