My student let | This is how the tenants left the house

[@gavlatennis2824]

Nothing unusual with the condition. Just seems like a typical student house.

[@LummyTum]

is 55k the down payment? because 55k for a home is incredibly cheap haha

[@improveyourfinances]

Hi. Actually the house itself cost £55k total. The deposit will be 25% of that, then add about £1.5k for stamp duty. Another £1k for conveyancing. So those were the acquisition costs. I agree £55k in England is very cheap, but that's why I researched the whole of England so I could find the property deal which gave me the highest return on my investment. If you buy in London, for example, the ROI is very very low, so I don't bother buying in London....which is where I live.

[@LummyTum]

@@improveyourfinances wow, 200k is the cheapest I can get where I live. Congrats on your insane returns.

[@improveyourfinances]

@@LummyTum Thank you. But remember, you do not need to buy only in your local area. I live in South England, but my rentals are all in North England. You just need to have a team available in your chosen area who can refurb/manage the property.

[@Avdarmaly]

@@improveyourfinances But those trips on a train cost a fortune. Something like £237 return. Each trip to the north cost half months income. Driving seems more economical. DO you offset ticket prices when you do your taxes at the end of the year?

[@improveyourfinances]

@@Avdarmaly That's astute of you. Every Summer I have to attend the student let to "refresh" it. I need to attend 2-3 times. Ticket prices from London return, are about £85. So the cost is roughly £180-270 per Summer, for travel. But bear in mind that throughout the year, I am earning about £9100. My plan is to buy another student let in the same area, so this will allow me to deal with 2 properties, for the price of a single ticket. The other thing is taxes - all these expenses can be used to reduce the perceived profit to the taxman, so I pay little or no tax! Add all that up and you can see that even though the train ticket prices are high, it's worth the trouble.