To those with whom I have recently discussed the wisdom of taking on significant debt in order to buy income-producing rental properties (partly for tax reasons, although I would imagine that in truth it is also because they don't have the resources to do it otherwise), in spite of the fact they too believe the world is heading into very choppy economic waters (a large part of why they are looking for income-producing assets in the first place), here is just one small piece of evidence to support my case that you had better pick and choose your properties and tenants very carefully, and make sure you have a good relationship with your banker. Perhaps being just a little bit lucky will help too...
BBC:Rent arrears rise again say letting agents
This is before the... choppiness... starts. The world has changed, and it's going to change a lot more IMO. We can no longer get rich the way our fathers did, unfortunately. Tread carefully my friends, I wish you good luck!
Friday, 21 January 2011
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