How much do you earn?

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Reply 80

Howard

Almost $2 million a year. I'm a plastic surgeon.

Reply 81

TrojanH

Original post by NX172

24 - Around 70k in total this year. Full time programmer with rental income and making a few week / day-trades. Hoping to grow this a lot more this year as I will soon switch from a Bristol salary to a London one and getting more experienced with trading.

Any possibility u could provide a breakdown? Eg 40k fro. Programming, 10k rent etc

Reply 82

NX172

Original post by TrojanH

Any possibility u could provide a breakdown? Eg 40k fro. Programming, 10k rent etc

£36,000 salary, £29,400 Rent, the rest from trading

Reply 83

username738914

Original post by NX172

£36,000 salary, £29,400 Rent, the rest from trading

WOAH. You're almost earning as much as your salary (creeping on more) from outside activities. How many hours do you work? And how do you find time to balance both?

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Reply 84

TrojanH

Original post by NX172

£36,000 salary, £29,400 Rent, the rest from trading

29.4k rent turnover or profit?

Reply 85

NX172

Original post by Princepieman

WOAH. You're almost earning as much as your salary (creeping on more) from outside activities. How many hours do you work? And how do you find time to balance both?

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I work from home, so my hours are kinda flexible but in general it's around 36-40h a week.

The rental properties don't take up a lot of time most the time. I generally top up gas/electric meters on one once a month (as I include bills) but that's more or less it.

When I'm developing properties usually it means I'm working weekends on site.

Trading is easy to slot into work and generally totals less than 1-2h a day.

Reply 86

NX172

Original post by TrojanH

29.4k rent turnover or profit?

Gross income, just like everything else.

Reply 87

Trapz99

Original post by NX172

Do you rent just one house or more? How did you manage to get the funds to put down a deposit for a house when you're 24?

Reply 88

Marshmallow9999

Original post by NX172

£36,000 salary, £29,400 Rent, the rest from trading

I'm looking at buy to let- would you recommend 1,2 or 3 bed flats?

Reply 89

NX172

Original post by Trapz99

Do you rent just one house or more? How did you manage to get the funds to put down a deposit for a house when you're 24?

I currently own 2 properties. I freelanced software a bit and had some savings prior to graduating. I then started working as a programmer whilst living at home. I saved quite aggressively and bought the first house when I was 22. It's not an expensive house mind, £151,000 at the time, the deposit was only about 23k + fees. Seeing as the house has 2 extra bedrooms, I rented them out and continued to save for the next one.

Reply 90

mrsjenner

23k/yr
It's cool, I'm single, 24, no kids, and male so not very materialistic so easy to budget. It's good.

Reply 91

username738914

Original post by NX172

You found a pretty sweet gig dude! Especially considering you work from home, wow. How did you land your job, out of curiosity?

I trade too. What products do you normally trade?

Reply 92

NX172

Original post by Marshmallow9999

I'm looking at buy to let- would you recommend 1,2 or 3 bed flats?

I recommend houses where you can. Flats tend to have the annoyance of leases and maintenance fees. 2 bedrooms is the sweet spot. If you can get a 2 bed with extra reception room, even better. Every renter wants 1 bed flats but from an investment point of view, it's too much money for a one bedroom, too little value. 3 beds on the other hand are generally too expensive and generally the 3rd bedroom is a tiny matchbox that barely rents for anything. You need 25% deposit to get into BTL mind, so a modest 3 bed costing £220k will require 55k deposit. Save the money and get 2x 2bed instead

(edited 8 years ago)

Reply 93

Betelgeuse-

I earn 3.4k a year - Boss of a company

Reply 94

NX172

Original post by Princepieman

You found a pretty sweet gig dude! Especially considering you work from home, wow. How did you land your job, out of curiosity?

I trade too. What products do you normally trade?

The university's careers department occasionally sends out job emails from the local companies. One caught my eye, they were hiring 4 graduates. At the time of applying, 2 had already got the job. I was the 3rd. It was the first job that I applied to after getting my university results and I passed the interview and just took the job considering the pay was decent and the company looked fun and exciting.

I trade almost everything. forex, futures, commodities, indices.

Reply 95

Trapz99

Original post by NX172

Ah I see. That's a pretty clever way of making money. Well done!

Reply 96

jamesthehustler

20 and i earn somewhere between £8,000(first year mainly scrap for refining) and £37,000 (last year due to some large one-off deals that fell in my favour)
but once the store opens and i'm using some more contacts i'd say it possible to 10-fold last years figure in a decade

(edited 8 years ago)

Reply 97

fallen_acorns

Original post by NX172

Interesting to hear.

This is close to what me and my wife are planning on doing. We are currently working in china, taking advantage of the high income/low cost of living so that we can save as fast as possible. Its looking like we will return to the UK in summer 2017, with around 50-70k in savings, to try and start investing in property and generating a rental income.

Any advice beyond what you have already said in the thread?

Reply 98

NX172

Original post by fallen_acorns

If you haven't already, you'll need to own your own home before you can invest in BTL.

Moreover, the govnt lately are giving landlords are a harder time. After the recent budget announcement, any home that's not yours will be subject to an additional 3% on stamp duty. They've slashed the capital again allowance from 28% to 20% but this does not apply to properties. In addition, the amount of relief you can claim on mortgage interest will decrease over the next few years.

With this taken into account my advice is, it's fine if you want to get into property but your strategy has to change to adapt better to recent changes. Namely, with a budget of 70k, don't be tempted to go high leverage on 2 properties. You'll pay more interest the more you are leveraging and mortgage interest will not be claimable as expense. So the solution is to buy with higher equity, as much as 40%. You'll enjoy the cheapest interest rates on mortgages and the lack of interest relief will affect you far less. Sure you pay more for a single property but it's all equity anyway. So I suggest getting 1 property with high deposit and then diversify the remaining amount and look forward to raising another high deposit on the next BTL property.

Further reading: http://www.ibtimes.co.uk/budget-2016-landlords-furious-george-osbornes-outright-assault-buy-let-1549903

(edited 8 years ago)

Reply 99