Investing ~£70k of cash

BongoHunter said:
Bit of generalisation to assume everyone who lives where houses are cheap are scum dude
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most are. i take it you aren't a BTL landlord? you would know the trouble of owning property in cheap areas. single mothers on benefits. if they move into a property for 3 months you can guarantee it will need a new carpet and cooker by the time they leave. because none of it is theirs and it's not their money paying for it all.
 
Get rid of any debt including your mortgage. If you currently have a mortgage a 70k cash injection will massively reduce your term. You might be able to pay off the rest in 5 years and then fund your kids tuition with your income at that point.

If you are already mortgage free then buy to let could be a really good call. You can buy a lot of a house for that in some areas and the rent will cover the rest.
 
Psycho Sonny said:
most are. i take it you aren't a BTL landlord? you would know the trouble of owning property in cheap areas. single mothers on benefits. if they move into a property for 3 months you can guarantee it will need a new carpet and cooker by the time they leave. because none of it is theirs and it's not their money paying for it all.
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One of our BTL houses cost 100k and due to the proximity of a hospital has a nurse in it, i'd class that house as cheap and the people are the polar opposite of scum.
 
Firestar_3x said:
One of our BTL houses cost 100k and due to the proximity of a hospital has a nurse in it, i'd class that house as cheap and the people are the polar opposite of scum.
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so only 1 property in your portfolio is "cheap" and has a working person in it.

i'd be willing to wager that if you had a big portfolio of cheap property your views would be different as a lot of the people living in them wouldn't be working.
 
Psycho Sonny said:
so only 1 property in your portfolio is "cheap" and has a working person in it.

i'd be willing to wager that if you had a big portfolio of cheap property your views would be different as a lot of the people living in them wouldn't be working.
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Whilst i can't say no DSS i'm under no obligation to accept them, all of our houses are worth under 200k and we've had 0 issues to date, perhaps running things ourselves and actually meeting the people makes the difference.
 
booyaka said:
I'd happily welcome £70k investment from a brand new client any day.........Guess that makes me less than decent. Shame - thought I was doing fairly well for myself.:cool:
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+1 :)

One of my BTLs cost £80K and the tenants are both working and far from "scum"

Another tenant is on disability so may well be considered "scum" to some but is funded by the state so no job to lose and guaranteed rent. Also free boiler, free upgrade to the bathroom. Can't complain :cool:
 
Psycho Sonny said:
most are. i take it you aren't a BTL landlord? you would know the trouble of owning property in cheap areas. single mothers on benefits. if they move into a property for 3 months you can guarantee it will need a new carpet and cooker by the time they leave. because none of it is theirs and it's not their money paying for it all.
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I have clients with 10+ BTLs in Manchester/Liverpool all worth under £90k. Most of the tenants have been in for more than 3 years. Some have been in for 10!
 
Skillmister said:
I have clients with 10+ BTLs in Manchester/Liverpool all worth under £90k. Most of the tenants have been in for more than 3 years. Some have been in for 10!
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Likewise. I have BTLs in Liverpool and near Manchester. Touch wood, the only time I've had a problem is when the missus decided to do her sister a favour by letting her rent and she refused to pay for several months.
 
I would say trading is probably the best way of making money short term.

Just need to do a lot of research in your chosen market.

I personally like trading on ebay :)

Others buy and sell motors,

Or Crypto

Or many other things.
 
Just to finally follow up on this old thread about basic personal savings and investments, and to address a few queries...

I'm extremely risk averse, with a young family and a mortgage.

I'm not mortgage free, but my mortgage rate is only 1.7% and is currently fixed for five years. I can only pay off up to 10% of the remaining balance per annum.

Against common wisdom perhaps, I chose to maximise premium bonds (£50k) and put the rest into a S&S ISA with dividends reinvested automatically.

I didn't see an IFA.

The PB is acting as my emergency / instant access fund, with any 'prizes' going into the annual ISA allowance. The ISA will be a long-term investment. Currently the PB return is slightly above par / expected value.

Finally, I've increased my pension contributions so that I'm on track to maximise the lifetime allowance.
 
Kemik said:
Such bad advice to give to someone without knowing their investment technical knowledge. Clearly OP is looking for basic methodology advice as to how to manage the £70k, but you're telling them to stick it in a highly risky asset with no caveats.
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This post aged really badly :cry:
 
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