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Property Moguls
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 7mins  In the bush 04 Mar 15 11.53am |
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Quote johnfirewall at 03 Mar 2015 9.26pm
Got no builder mates or any that need work that badly. A mate at the moment has a family friend repeatedly going AWOL while doing up his gaff, due to being a bit mental and thus taking an eternity. Could not deal with that as I'd have to live in the place at the same time. Otherwise I'd be all over it.
*I hated my full time job, not just disliked, but HATED *All my family and friends are in the building trade, this is a massive advantage and has saved me ££££'s Be warned... estate agents don't have a particularly high standard of professional conduct.
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| Lyons550 Shirley 04 Mar 15 1.04pm |
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I appreciate the replies 7mins; they've been a great help
The Voice of Reason In An Otherwise Mediocre World |
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| 7mins In the bush 04 Mar 15 1.56pm |
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Quote Lyons550 at 04 Mar 2015 1.04pm
I appreciate the replies 7mins; they've been a great help
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| crystal balls The Garden of Earthly Delights 04 Mar 15 2.33pm |
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Another thing to consider is tax. You will be liable for income tax on any income you receive from letting property; you will be liable for capital gains tax on any sale of properties that are not your main residence. Even if you give properties to any family or friends (other than your spouse) they will potentially be liable to Inheritance Tax. When you allow for the impact of these taxes on your profit the net return reduces dramatically. Of course, you could try not telling anyone about it, but properties are a bit harder to hide from HMRC than having a Swiss bank account. Some people do make a very good living from property development, but it's hardly money for old rope that some TV programmes might have you believe.
I used to be immortal |
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