Buy to Let - too good to be true?

Discussion in 'The Beginner' started by realworld, May 20, 2009.

  1. realworld

    realworld Deleted User

    Hi all

    I'm looking into renting out our existing, 1994 Swift 610 Royale, fully paid for MH via Motorholmes. I know demand will be lower for this than for a newer model, but it will be prices accordingly. If that works out, maybe I'll also lease a new model in the hope of generating a bit of income.

    So - given the obvious drawbacks of:
    - Letting someone else use our pride and joy (I'm over that already!)
    - Limitations on availability for our own use (Just needs a bit of planning)

    What else should I be considering? Does Motorholmes have a good reputation?
    It all seems a bit 'too good to be true' at the moment - being able to claim costs of the MH against tax while generating an income - there must be more of a catch, musn't there?

    Please let me know!
     
  2. hilldweller

    hilldweller Funster Life Member

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    Well you said it.

    It only takes one bad hirer with a duff CC and it all ends on tears.
     
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