With the change in isolation rules I can’t go back to my old job, I have long Covid & if people aren’t isolating / testing then I am screwed.
(Yes I’m triply vaccinated before anyone asks)
So I need to earn £50k per year to replace lost income.
So - can I become a landlord to earn money?? Is it even profitable anymore? Especially as house prices are so high and stamp duty exists for 2nd properties etc?
I can use about £40k from ISAs to fund a flat deposit. I could borrow against husband’s £75k income… Obviously it would take some time to build up to earning £50k but presumably people do do this for a living…
I am panicking but am trying to think about anything we can do to replace lost ££ income that doesn’t involve crowds, conferences, networking in poorly ventilated places, car sharing etc -basically I am aiming to reduce my exposure to Covid again.
I just need some hope I think. At the end of the day we have 2 kids and a mortgage and all the typical outgoings.
We have already made cutbacks.
If anyone here is a landlord - where should I start or am I wasting my time?
What do I need to be a pro landlord apart from starter capital?