I'm listening to a cd given to me by my missus..called Old Skool Club Classics..she hated it but I love it....reminds me of university days and crap club nights...these tunes blaring out in the background while you're trying to have a conversation with a classmate and checking out the ladies..but knowing the long hair..geeky specs and vast quantities of cheap beer you have consumed will not make you an attractive prospect for them...a those were the days!!!
SO..property wise things SEEM to be better. The Letting Agent has come back and said the tenant was surprised about being booted out but had been thinking about it for a wee while...maybe move in with his missus. I recounted the tale of my ex landlord who sold me the flat...I met him in The Foundry a few months after and he advised me he had sold me the flat to move in with his girlfriend and then broke up with her...he was renting again!!!...we agreed this tale should not be passed on to my soon to be ex tenant. Anyhoo...it would appear he will leave on time and make sure the flat is in a good enough condition for viewings prior to him leaving...this means I can market the property now for an entry date after he leaves in June...and, after explanation, the letting agent had no probs with this as well....if I had had to wait until June to place on market (first, we had to see if the tenant would leave!!!) it would mean I would have at least two months mortgage payments at a huge increase than in the fixed term....this would not be good. Anyway...I might still end up doing it but at least the letting agent has served the documentation...the tenant is looking to perhaps move out sooner...and the viewings should be able to start ASAP....I think I am going for Kirklands to sell as well...they will have more of a hold over the tenant..which is good.
The next thing was my credit report...this was a major worry...the payments that were picked up on the second bank run for Kings Court AND Edinburgh might have been viewed as "late payments" which would mean my change of mortgage for Edinburgh..that would have to happen no matter what...might have to be on a higher rate due to being "sub prime"...i.e....those with a bad credit report due to missed or late payments. Well...I have just today accessed my credit report after logging onto the website and receiving a PIN through the post...hussah.....it would seem they were not picked up as late payments...if I had missed the second bank run and had to pay by cheque I believe that would have triggered the "late" or "missed" payments which would have scuppered me totally. I had seen the effect on mortgages available....the payments for this...they were frightening....really frightening...but it would seem I have avoided them..all green dots on my credit report apart from a late payment on my credit card..which I remember from a long time ago.
So..credit report ok....tenant ok...letting agent/selling agent ok...let's get on with it...I still feel like the report may come back dodgy...but I checked twice...seems good...Vodafone must have done what they are supposed to after I paid their monies to them.....which is a surprise due to their overwhelming incompetence!!
A great big PHEW I think!!
Tara
Friday, 28 March 2008
Thursday, 20 March 2008
Update
Hey...been a while......basicaly...it is a case of long hours everyday for the week and then going to Perth to see my missus..coming back and unpacking then getting ready for work and catching up on housework in between.
Hectic and tiring but good nonetheless.
I am supposed to be getting my new windows and door this weekend but storms are brewing (when are they not!?) so I do not see it happening.
It did appear that next week I would be able to do some homework at the office but I can see things mounting up..hey ho..what's new?...gonna try and use these bank holidays to catch up on reports so I can, if I get any spare time, catch up on the homework.
Still no credit report and having to make a decision about which estate agent to use for Kings Court...that as well for this weekend.
Anyway...hope to make an entry before the end of the weekend.
Tara.
Hectic and tiring but good nonetheless.
I am supposed to be getting my new windows and door this weekend but storms are brewing (when are they not!?) so I do not see it happening.
It did appear that next week I would be able to do some homework at the office but I can see things mounting up..hey ho..what's new?...gonna try and use these bank holidays to catch up on reports so I can, if I get any spare time, catch up on the homework.
Still no credit report and having to make a decision about which estate agent to use for Kings Court...that as well for this weekend.
Anyway...hope to make an entry before the end of the weekend.
Tara.
Tuesday, 4 March 2008
March Booked
Well...I meet people who want to plan things and I look at my diary....I swear I do not have a spare minute for all of March!!...no wonder time passes quickly!!! Plenty of interesting sessions being planned for the full year...moving on from Criminal Justice System to work with Community Service Order team (guy from CJS moved over to manage CSO). More school work and community work....it's all good.
And...it would appear my boss is applying for funding to extend my post...I am also aware of the post for Forest School Coordinator for the North East is up for grabs..if i had my choice...AND the role remained pretty much the same...I would prefer my current role to be extended....keep the variety up and running...we shall see...but it is good these things are going on in the back ground.
On the other career front..as a property manager...I have had a rather rude awakening. The plan had been to increase the mortgage on Perth...as it is up for the end of its fixed period in May....re invest some of the monies as a buffer for all 4 properties AND buy a newer second hand car. For this purpose I had arranged an appointment with Colin, my IFA, this Saturday.....to see what we could do....I have had a few bank charges over the last months so I wanted to get rid of them...went into Bank of Scotland to ask for them to be removed...this was agreed as long as I came back to see the mortgage advisor...apparently they had some really good interest rates...what did I have to lose?....only the £75 of charges to be removed.
I went in and chatted to the very helpful advisor...she did a few calcs and advised, with the new interest rates which are much higher than they were when these deals were taken out, I might not even be able to renew the mortgages at the same level...let alone raise cash!!! Even of these mortgages could be renewed at the same level of cash the repayments are such I cannot afford to pay them....it becomes clear that focusing on the job (which is understandable i think) I have lost focus on the properties and continued to prop them up every month from my salary. In addition to this I have had a sharp increase in outgoings with living in the flat so margins are exceptionally tight..so, when the car goes ass up and I get big electric bills...it means the money has to come from somewhere and it is my salary so I have to live on nothing until the next month.
The upshot of this is I spent a lot of time last night going through facts and figures with a fine tooth comb and updating spreadsheets to ascertain which flats were making money and which were not and by how much and looking at market trends for the properties and making decisions. So...now I am back on focus with properties and have had a real look at the accounts with a business mind it is clear 2 properties are losing money and 2 are not. Of the 2 properties losing money 1 is Edinburgh and market prices are well above national trends there..so that will be staying..this leaves the 1 in Perth. Unless my IFA can figure a way of reducing costs substantially then that is going to go....the only saving grace is the fixed terms are valid until May 2008 so...if I do sell...I will only have to struggle until May (when it should sell)..raise some capital...reduce losses and outlays..reduce pressure and stress....increase attention and focus on the job...give me some money to have fun with ( I mean my salary) and do stuff.
On the one hand I feel I have failed...I am admitting defeat and losing a property...on the other...I have succeeded in refocusing in the nick of time and have come back to a professional way of thinking about matters...if it doesn't make financial sense and will not improve...ditch it!!! Although the situation is not as I had hoped I am feeling more confident as I now fully aware of the situation and back in control with a determined mind.
Let us not forget...the target is to have 3 properties...which isn't too bad for a fella from Fife!!! If this job continues I will remain in the Government Final Salary Pension Scheme which is something not available to all members of society...so my retirement should be secured..if I can stay!!!...and I am on a salary which is almost the same as when I left Norwich Union....I don't think i would be on this salary if I had stayed in 3rd part Pensions Administrations....so...all in all...pretty good....and i love my job...which is even better!!!
Sorry...written a lot on this but I feel we are at an important crossroads here..continue blindly and get into all sorts of financial trouble....or get it sorted.......which I will.
On a personal level...have been seeing a lass and it seems to be going well....but more of that as time goes on. She lives in Perth having moved from Aberdeen...typical!!!...but it seems to be going well as well.
I left to pre record a radio show this morning for tomorrow...I left at 7.30 am...having got up at 6.30 am....and only reached the south part of Aberdeen by 9 am!!!!!!1 and a half bloody hours to travel 20 odd miles...all at second gear...fuming is not the word..couldn't record the show in the time so I had to copy over an old show recorded live from last year...pah!!!! NOT IMPRESSED!!!! Drove through some really heavy snow as well.......crazy.
I decided to refuel the van at Kittybrewster this morning...drove in...tried my id tag on the pumps...cancelled...went in the main office....they had cancelled it because the tax was out of date...the MOT had run out...as had the insurance....but they hadn't called the office or anything...they hadn't figured out which department I belonged to so let me drive around like that until I came in on the off chance for fuel......what a farce...anything could have happened...but i got a nice replacement van for a week...and it goes like a rocket!!!...woohoo!!!!
Later
And...it would appear my boss is applying for funding to extend my post...I am also aware of the post for Forest School Coordinator for the North East is up for grabs..if i had my choice...AND the role remained pretty much the same...I would prefer my current role to be extended....keep the variety up and running...we shall see...but it is good these things are going on in the back ground.
On the other career front..as a property manager...I have had a rather rude awakening. The plan had been to increase the mortgage on Perth...as it is up for the end of its fixed period in May....re invest some of the monies as a buffer for all 4 properties AND buy a newer second hand car. For this purpose I had arranged an appointment with Colin, my IFA, this Saturday.....to see what we could do....I have had a few bank charges over the last months so I wanted to get rid of them...went into Bank of Scotland to ask for them to be removed...this was agreed as long as I came back to see the mortgage advisor...apparently they had some really good interest rates...what did I have to lose?....only the £75 of charges to be removed.
I went in and chatted to the very helpful advisor...she did a few calcs and advised, with the new interest rates which are much higher than they were when these deals were taken out, I might not even be able to renew the mortgages at the same level...let alone raise cash!!! Even of these mortgages could be renewed at the same level of cash the repayments are such I cannot afford to pay them....it becomes clear that focusing on the job (which is understandable i think) I have lost focus on the properties and continued to prop them up every month from my salary. In addition to this I have had a sharp increase in outgoings with living in the flat so margins are exceptionally tight..so, when the car goes ass up and I get big electric bills...it means the money has to come from somewhere and it is my salary so I have to live on nothing until the next month.
The upshot of this is I spent a lot of time last night going through facts and figures with a fine tooth comb and updating spreadsheets to ascertain which flats were making money and which were not and by how much and looking at market trends for the properties and making decisions. So...now I am back on focus with properties and have had a real look at the accounts with a business mind it is clear 2 properties are losing money and 2 are not. Of the 2 properties losing money 1 is Edinburgh and market prices are well above national trends there..so that will be staying..this leaves the 1 in Perth. Unless my IFA can figure a way of reducing costs substantially then that is going to go....the only saving grace is the fixed terms are valid until May 2008 so...if I do sell...I will only have to struggle until May (when it should sell)..raise some capital...reduce losses and outlays..reduce pressure and stress....increase attention and focus on the job...give me some money to have fun with ( I mean my salary) and do stuff.
On the one hand I feel I have failed...I am admitting defeat and losing a property...on the other...I have succeeded in refocusing in the nick of time and have come back to a professional way of thinking about matters...if it doesn't make financial sense and will not improve...ditch it!!! Although the situation is not as I had hoped I am feeling more confident as I now fully aware of the situation and back in control with a determined mind.
Let us not forget...the target is to have 3 properties...which isn't too bad for a fella from Fife!!! If this job continues I will remain in the Government Final Salary Pension Scheme which is something not available to all members of society...so my retirement should be secured..if I can stay!!!...and I am on a salary which is almost the same as when I left Norwich Union....I don't think i would be on this salary if I had stayed in 3rd part Pensions Administrations....so...all in all...pretty good....and i love my job...which is even better!!!
Sorry...written a lot on this but I feel we are at an important crossroads here..continue blindly and get into all sorts of financial trouble....or get it sorted.......which I will.
On a personal level...have been seeing a lass and it seems to be going well....but more of that as time goes on. She lives in Perth having moved from Aberdeen...typical!!!...but it seems to be going well as well.
I left to pre record a radio show this morning for tomorrow...I left at 7.30 am...having got up at 6.30 am....and only reached the south part of Aberdeen by 9 am!!!!!!1 and a half bloody hours to travel 20 odd miles...all at second gear...fuming is not the word..couldn't record the show in the time so I had to copy over an old show recorded live from last year...pah!!!! NOT IMPRESSED!!!! Drove through some really heavy snow as well.......crazy.
I decided to refuel the van at Kittybrewster this morning...drove in...tried my id tag on the pumps...cancelled...went in the main office....they had cancelled it because the tax was out of date...the MOT had run out...as had the insurance....but they hadn't called the office or anything...they hadn't figured out which department I belonged to so let me drive around like that until I came in on the off chance for fuel......what a farce...anything could have happened...but i got a nice replacement van for a week...and it goes like a rocket!!!...woohoo!!!!
Later
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