What Will £56,000 Get You In Middlesbrough | Property Tour
I went to Middleborough, a place I’ve bought a lot of houses from 2009 to 2017 in my own personal name before they changed the tax rules.
The region is now more tax efficient in terms of owning a company; however, it does not make sense to move it from your personal name to the company.
My wife wants me to sell the house because it was an asset that I used to love. We bought the house a few years ago for fifty six thousand pounds.
To be honest, I was gassed because I was renting the house out for five hundred and twenty five pounds.
We put down 25 percent, that is, 14,000 pounds with a 42,000 pounds debt on the mortgage payments, which is three percent that translates to 105 pounds per month.
The tenant that was in the house was paying 550 pounds a month but left the place looking a bit terrible.
However, someone offered to buy it for fifty-eight and half pounds but I want to wait for capital appreciation
We have been making a few hundred pounds a month from the house and I would rather buy it for fifty six thousand, rent it out for five hundred and fifty, and then buy a house in the midlands for 150,000 pounds.
Therefore, we are going to sell it, get our 14,000 pounds back, and then put that into getting planning permission on a piece of land which is going to make us six figures.
Most of my houses are in my personal name and some of them are good since they have doubled in value while some of them are not that great.
It’s not just about owning more houses because I know people that own 100 houses but don’t really make any money from them.
It’s all about making money and as you know, we turned over 10 million with a 20 percent net profit last year as I also made millions of pounds last week and so, I’m winning but then not everything is always rosy.
People sometimes tell me that I make it look too easy and for that reason, I started showing one of my average vanilla properties such as the house in Middleborough.
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