Any ex-landlords

[AtomicWambsgans]

With so many landlords selling up, I'm curious if people are saving or investing elsewhere. If you used to be a landlord, how have you invested your money after selling up? Or are you choosing to save into a pension instead?

Because there is very little money to be made anymore. Unless you're a professional LL with multiple properties, it's no longer worth it for the DIY one's.

Shame really, the New Renters Act will just make things viciously expensive for those who need to rent their home. The LL who are selling up won't make any difference to the number or cost of houses for FTB's.

Shit situation, don't know what the government was thinking. People are going to end up homeless because of those stupid fucking new laws.

Bought a bigger, house in a nicer area for me instead 🤷‍♀️

Still a landlord but split investments. We have a lot in stocks and shares ISA’s and also generally in stocks and shares.

Have you managed to find any low risk ones that are better than current interest rates? Last time the OH looked, everything seemed to be falling and not worth it.

I sold up because as a single property LL, it wasn’t financially viable for me any longer. I’d also had a bad tenant which cost me a lot in repairs. What profit I made on it was put into premium bonds as we wanted low risk.

I still think property is a good investment. I Rent from landlords providing short to medium term accommodation for a host of clients rather than tenants. The Landlord makes steady cash flow without the stress

Didn’t make any profit On sale of the ones I’ve sold. Laughing at my ongoing losses in my tax returns - just found a tax return from 2014 after 7 years of owning BTLs and my ongoing losses then were £85k! It’s only got worse since. Can’t sell most of mine due to cladding issues so am stuck subsidising them for currently about £20k a year. Yay.

I sold and made about £90000.

Some in premium bonds, some in guaranteed income and growth bonds, some in an ISA, and some spent!

i haven’t sold yet but I will be when my current tenant leaves. The proceeds will go straight into clearing my residential mortgage.

We have 3 BTL. Since the mortgages have gone up, we are just about breaking even.
We plan to sell early next year and pay our family house mortgage off.

We've kept one, we bought it derelict turned it back into a lovely family home and it has a lovely family renting it. We will sell it when they leave. Sold our other rental and put the money into Income bonds and the return is better tbh and far less stress and hassle.

I am so hoping this will be me soon!!! I’ve accepted an offer on my BTL. If this goes through, after CGT and using some savings, I’ll be able to pay off my substantial residential mortgage when it’s time to remortgage in Nov. OMG I so hope the sale goes through. I would find it so strange though to go from someone gasping under the weight of mortgage debt and rising interest rates to mortgage free in one year. Would turn a nightmare into a happy ever after..

Being a landlord isn’t as lucrative as it may sound and it definitely isn’t a really profitable venture unless you have a large portfolio of properties and are managing it just right. It also doesn’t give you immediate returns in most cases.
I owned two houses that I rented out, both mortgaged. Both combined achieved a monthly rental income of £1875. The mortgage on these combined were £1150 a month. When I factor in, agent costs (managed through estate agent - less hassle for me as I work full time) and all the other costs including maintenance etc - I’d be lucky to have £500 in my bank account monthly from these.
That said though, I purchased one property in 2005 for £85k and sold it this year for £190k and the other one purchased for £105k in 2010 and sold for £220k back in May….
That said - it’s not really something that you can rely on month to month as a solid income but the long term (in my case) has definitely been worth it.
It’s enabling me to retire two years earlier than planned, buy a new home and be able to renovate it to a high spec - and go on luxurious holidays.

We've sold one of ours to the tenants. That was our plan when we retired early which we did at Easter. We put the money in an high interest savings account.
We still have others though because it is a good investment and we don't have any mortgages so it's rental income and capital appreciation. We plan to sell them within the next 10 years.

Sold our buy to let when the tenants decided to leave. It was making money and had increased in value, but as we were getting older and had been lucky with our tenants, we decided to turn our asset into a liquid asset, with the monies going into investment bonds, stocks and shares ISA, premium bonds plus a few good holidays.

We decided that we didn't want to chance the next tenant being a troublesome one. We had read so many horror stories of non-paying tenants, trashing the house when they get served notice or refusing to leave and have to go through the whole court process to evict.

Obviously there are associated costs in operating a buy to let business, for example, paying an agent to manage the property or being prepared to manage it yourself, continual maintenance and costs involved, paying an accountant to submit tax returns each year, landlord insurance, yearly gas and electricity certificates.

We had three…sold first one to pay off the mortgage on our current home which was great being mortgage free and we ploughed all our savings into stocks and shares isas berween 2018-2022 and made a good return (just in ftse and S&P trackers…however I think would be a risky investment at the moment).

Sold second one last year at the peak of the market and used the money to pay towards extension costs which have rocketed since covid. We were still making money on both of them but not was getting more and more onerous and earning less and less on them each year so pulled out before it got any worse.

We still have one which is a “premium” flat (high quality in a very high demand area) so can still make a good return from it despite all the additional hoops we are having to jump through. Ironically would make the smallest profit of the three on it if we sold given it is still mortgaged and CGT changes etc but the monthly income is good and helps our cash flow so hanging on to it for now. I’d quite like to retire there in the long distant future so we may do that and sell out main home…depends what CGT blockers and insane hoops are put in our way over the next 30 years

Got two and plan on selling either when current tenants leave or when our mortgage renews in 3 years, whichever is sooner. Will combine funds and buy a fixer upper to live in.

If you sell them I might be interested or Rent long term without the stresses of potential difficult tenants let me know. So much bad pressure out there. That's the media for you but worth further discussion

Currently selling up a rents property (accidental landlord - I had to move away due to DV and never wanted to go back but until recently it was never worth enough to pay the mortgage). The very tiny amount I'll walk away with is going towards paying off debts I've incurred due to my current house needing work... and I'm still selling for less than I bought it for

We had two houses we let out. Sold one in 2018 as tenant left. No mortgage so just paid CGT. Gave money to DD1. Just sold second one and invested for DD2 as she’s not buying just yet. It was mortgage free but needed a new kitchen and bathroom as 30 years old. We have invested in one year bonds. Mostly paying around 5%. The changes to being a landlord certainly pushed us out. No mortgage but I needed to spend money . Reduced price by £10,000 below one with upgraded kitchen etc and it sold. So glad it went. First time buyer

We already have a portfolio of savings so got ISAs just about everywhere! We have a holiday house we let out and I would like to sell this too! DD is living in our flat which I intend to keep. No mortgage as we are older but our portfolio has always been mixed and have pensions too. You can put a certain amount of a windfall into pensions but there are rules about how much if you want tax relief I believe. Do pay off a mortgage - definitely.