A (physical) event for your diaries
If you are a landlord or even remotely interested in the property sector, through work or vocation, then this is the event for you. It will be held in Sheffield and is being run by the NRLA (National Residential Landlord Association)
This will be a great landlord networking event; it is a chance for you to learn about what is happening in the sector. We will be talking about how to support tenants through these tough times. There will be talks around tax, wealth management, inheritance, and much much more.
It will be held on Wednesday, 8th February 2023, from 12-4 pm at the English Institute of Sport - Sheffield
We will be sharing the stage with Sheffield Council and many other sector specialists. Do pop in and say hi! Please book onto the session asap, numbers are limited and spaces will be taken up quickly. Click [here to book]
I can’t provide you with a magic formula for property success
There are many others that can (if you really want to throw thousands away, then go ahead and check them out. )There is no magic bullet and no fast track property success. My risk appetite is low, and my ambitions are pretty modest. Yes, there are loads of property strategies that I could engage in, but I want a regular income that is regular and pretty passive. Many people are worried about the economic climate and whether people should still invest in property in 2023. I believe it is important to have a diverse income strategy, and property should definitely be one of your methods of earning income. And if that means slow and steady is the way to grow, then hey book me on. I won't give you fancy acronyms and crazy numbers. I am all about low-risk growth. I definitely play the long game. But if your aim is to be financially independent and not a millionaire, then you are the right kind of person for us. And if you want to have an opportunity to invest ethically, then you are my kinda person! It is super important to undertake a goal-setting exercise pretty early on in your financial empowerment journey. How much money do you want, and work backwards from there. This is what I will do for you if you are new to property investing. Learn how to create a steady income source. P.S. If you are looking for high growth, then I am not the right person for you, but if you want low risk and steady growth, then drop me a message#passiveincome #property # can’t provide you with a magic formula for property success
Many others can (if you really want to throw thousands away, then go ahead and check them out)
There is no magic bullet and no fast track to property success. My risk appetite is low, and my ambitions are pretty modest. Yes, there are loads of property strategies that I could engage in, but I want a regular income that is regular and pretty passive. Many people are worried about the economic climate and if people should still invest in property in 2023. I believe it is important to have a diverse income strategy, and property should definitely be of your methods of earning income.
And if that means slow and steady is the way to grow, then hey, book me on. I won't give you fancy acronyms and crazy numbers. I am all about low-risk growth. I definitely play the long game. But if your aim is to be financially independent and not a millionaire, then you are the right kind of person for us. And if you want to have an opportunity to invest ethicall,y then you are our kinda person!
It is super important to undertake a goal-setting exercise pretty early on in your financial empowerment journey. How much money do you want, and work backwards from there.
This is what I will do for you if you are new to property investing. Learn how to create a steady income source.
P.S. If you are looking for high growth, then I am not the right person for you, but if you want low risk and steady growth, then drop me a message
How to cope with stress and out tips
My positive ways of coping with stress and burnout. Now I am no expert, but I would like to share what I have learn (through some bloody awful stressful times!)
I try to meditate in the morning – now this is not something grand like sitting on a mat in a grand pose, it is more lying in bed and trying to concentrate on my breathing
Taking deep breaths to regulate blood flow
Listening to my body, it usually tells me when something is going wrong
Long hot baths – away from devices and media
Would you rather?
This is a great children’s game, but it can be applied to many sectors of our lives.
My kid’s questions usually sound something like this: ‘Would you rather eat strawberries or raspberries?’ Don’t you just love innocence?
My question to you is would you rather do something that gives you immediate joy or something that builds up great rewards over time? In the current ‘here and now’ world we are living in, it means many of us live for today. We want something; it needs to be now. But imagine if you saved up just a little every day, then wouldn’t that mean greater rewards over time?
Another question I ask my investors is, would you rather receive just profits from your investments, or would you rather receive profit and longer-term impact from your investment? Being ethical doesn’t mean compromise, but it means getting greater value. Not only do you get a regular income, but you get personal satisfaction knowing that you are helping people. By working through us, you can rest assured that your tenants are getting the best care.
Rituals and the need for change
I have always been a keen follower of the monarchy
The pomp, the regalia, the out-of-worldliness (very much reminds me of my South Asian and Islamic heritage, where there is a lot of place for formality)
But there is also space to grow within these rituals, which is what I see happening within the monarchy, always evolving and adapting old with the new.
As individuals, communities, and businesses, if we don’t change, we soon wither away. Many people hate change, but if you accept it and work with it, it can be a major power for good. Sure, it is choppy and tumultuous at the beginning, but you will find calmer shores.
Self care and mental health
‘If you treat yourself as a doormat, then everyone else will do the same to you.’ This is what I said to a friend. Now you may be thinking, ‘Gosh, you are cruel!’ But my friend has a tendency to please everyone (even people who have treated her badly) and, in her quest to be good, will quickly be the first to offer help to these types of people.
No one else will respect your boundaries if you do not respect them. I see this a lot in the people around me (they are quite a caring bunch)
Remember, you can’t pour from an empty cup; recharge yourself before you help others. Then you can be there fully, rather than drained and shattered at the end of the day
Death of Queen and dealing with death
With the death of the Queen, many people are dealing with grief in a public domain
Death is always scary and shocking when it occurs (even if you have a long life and are nearing the end). As a society it is one of them subjects we barely talk about and we usually deal with it in private.
Whether you are a Royalist or not, please do spend time to listen to others who may want to express their feelings around the Queen without being quick to jump in with your opinions. Let people feel heard, especially if they are raising feelings about their emotions.
I always think if people are sharing with me, then I am lucky to have been chosen for them to open up to
How rich can you get through property? The TRUTH
How much profit can you make from being a landlord (again a novice guide)
Looking for passive income ideas in 2022? Landed on this page via Google searches?
Now we get asked this a lot, and again, this is for novices, so we want to keep it very simple. The quick answer is not very rich and not very fast!
Property price £100k
Upfront cost £38k (save, beg, borrow but please don’t steal J )
(see our article on how much I need to get started in property to understand this breakdown better)
Cost of utilising the service of a bespoke property agency to help you with securing this = £4k. This is from initially finding you the right property to helping you secure this. If you fancy doing this yourself, please do minimise this, but a wrong property can cost you a lot more than this. Please do work with approved organisations like My Landlord Cares, who are trusted professionals and have close contacts with local councils and social housing organisations. Want to find out more then check out our contact us page.
A mortgage at generally 5% will be about £350 on mortgage repayment per month (this is if you want to repay the debt and own the house as a pension pot)
If you just want to service the debt and are not interested in owning the property, then the repayment will be roughly £200 per month.
Letting agent = £75 per month (again, My Landlord Cares will find you the right tenants for your property). Also,o please do factor in tenant find fees – in our organisation, we only take our fees from rent payments, and break up tenant find across the year to help with your monthly cashflow management. This generally costs about £200 and includes sourcing, vetting, advertising,and creating tenancy packs.
Rent per month £550 – 650 per month (depending on area/ property etc)
So let’s do the maths
£650 per month rent
Minus mortgage = £350 – we always advocate paying off the loan to invest for your own future (so you own the property after 25 years)
Letting agency fee = £75 (we won’t put the tenant find for the moment because this can be taken flexibly)
= £225 per month (this is without factoring in maintenance budgets, insurance, tax, etc)
As you can see, this is no quick money scheme, and you may be thinking, is it even worth it???
If you grow your portfolio (own more houses), then you can build this number up. But the up-front costs are the big boohoo, hence why you see many property people looking for investments.
Also, in the long term, if you overpay your mortgage or just complete your mortgage term after 25 years, then all of a sudden your monthly cash flow is £575 per month. So this is a nice tidy sum from one property. It can feed into your pension.
So the question to, can you be rich through property, not very quickly if you do it sensibly. Now there are a lot of deals, projects, and conversions out there that promise a lot more. But as a novice, we would always advise sticking to a safer strategy, don’t borrow beyond your means, and think long term.
If you fancy a chat then book on to one with us.
How much do you need to invest in property and how do you do it
Have you been Googling passive income ideas for 2022 and landed on this page. Sick of all the broad info but hungry for in depth info with stats? Well no more
We get asked how much do I need to invest in property in 2022 very often! so we thought we would break this down for all property novices
Now we will keep this really simple for property novices. Apologies if you are a more seasoned investor (but hopefully you won’t mind a refresher)
Average investment property in South Yorkshire = £100k (usually 2/3 beds)
Deposit needed for this = £25k
Fees (conveyancing, mortgage broker, surveyor etc) = £5k
Refurbishment (cosmetic changes) = £5-8k
Now this whole process is pretty time-consuming, and many people get frustrated with the many parts of the process. Especially if you are new to this. Like, where do I look for properties, which areas, which lender is best, what do I look for in a property? This is where My Landlord Cares comes in. We provide a hand-holding service to help you understand how this entire system works. Our fee covers finding a property, getting you mortgage-ready, securing the property, and refurbishment. We provide an all-round service by managing your property (this means finding you the right tenant for your home and managing them). So you deal with one person only; you are not being handed over to someone else.
If you would like to know more about this, book a free 45-minute chat with us.
What does increased Right to Buy for social housing mean for the
In June, PM Boris Johnson (soon to be ex) announced that he would make it possible for more social housing tenants to buy their properties. Now, on paper, this sounds amazing, doesn’t it? More affordable housing, longer-term tenants, and it feeds into the fairer private rented sector white paper. But scratch behind the surface, and there are a lot of problems with this proposal.
Within social housing (think Council, housing associations), there is a massive demand for housing. When more people buy their houses, this leads to a decrease in the stock that they have that is available for tenants. So this creates a massive demand for properties. More and more people require social housing, and these organisations are unable to cope with this demand. They clearly can’t buy at the rate needed. And with the Government not providing increased financial support for this, then social housing associations have limited options.
They then turn to private landlords to help support them. They subcontract out. This is all good and well for landlords (I am sure this is what you are thinking!), but when landlords are struggling with demand from tenants, then this is a vicious cycle.
So, simply put, more houses sold to tenants, no increase in social housing stock, increased waiting times for tenants, and more pressure on landlords.
This is a wholly linked chain; one part plays into the other, and unfortunately, there are no quick fixes.