buying to let properties

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#1 [Permalink] Posted on 31st December 2015 19:48

Does anyone have any knowledge or experience of buying properties to let?

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#2 [Permalink] Posted on 1st January 2016 20:39

You'll need to be more specific.

It's a good topic, something that I also plan on getting into in the near future, together with my brother.

But please be a bit more clear on what you want to know. It can be easy if you have the money or it can be complex if you don't.

For starters islamqa.org/hanafi/muftisays/9581

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ابو محمد

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#3 [Permalink] Posted on 1st January 2016 21:08

I am definitely considering this path also for the near future. Shaikh abu esa niamatullah mentioned that he got into the property business so he that he could dedicate his time towards deen. Mashaallah this seems to have worked out well for him.

I have done some research and inshaallah i hope to use this to retire within the next 10 to 12 years. I emailed an experienced person in this field and he told me that my numbers made sense.

I was just wondering what everyone else's experience is with this.

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#4 [Permalink] Posted on 1st January 2016 23:01

I don't know how long ago this fatwa was given but i heard mufti taqi usmani does not approve of these mortgages anymore.
A mufti told me to consider ar rayyan bank. However i personally do not want to take out a mortgage at all.

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#5 [Permalink] Posted on 1st January 2016 23:54

We also intend to buy without mortgage or loan.

My parents bought our family home 25 years ago for a little over 100K and sold for over 1000% profit. So from the money, we bought individual homes and with the remainder of the money, we hope to pursue our quest. We are fortunate we have halal money to do it with.

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#6 [Permalink] Posted on 2nd January 2016 00:10

Look to buy in an area where the rent will be high and the selling price will increase, otherwise pointless.

My brother bought a house with a converted garage and intends to rent it out for £500 month, just a bathroom/toilet, and bedroom/living area. No kitchen. And in other areas, one can rent an entire house for less than £500.

The house I recently bought has gone up by 140% in 9 years, so properties like this are worth doing such business with.

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#7 [Permalink] Posted on 2nd January 2016 00:45

Mashaallah that's good.
Are you looking to buy to sell or buy to let?
I want to buy to let inshaallah, it seems to make more sense.
I was initially looking at bigger houses, however i know think it is better to buy smaller properties.
I was also thinking that i should invest locally, know I'm thinking of investing nationally.
Please do dua, these are still plans.

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#8 [Permalink] Posted on 2nd January 2016 01:00

salaam

i am renovating a house at the moment which i hope to sell if i get a decent price for it - and then reinvest the money in another property which i can renovate and sell on again. i do most of the work myself so i save a lot on renovation costs.

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#9 [Permalink] Posted on 2nd January 2016 01:20

gatekeeper wrote:

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Buy to let, then sell InshaAllah. Locally, that's where the money is as the value keeps on increasing. But not just yet, I'm going to pay my loan back to my dad, as this was the fairest solution, then InshaAllah.

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#10 [Permalink] Posted on 2nd January 2016 01:23

Typo sorry

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#11 [Permalink] Posted on 2nd January 2016 11:52

I would also like to be able to renovate my own house inshaallah. What type of skills would i need to save the most money?
Is it difficult to learn?

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#12 [Permalink] Posted on 2nd January 2016 19:31

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skills required - building, joinery, plumbing, electrical, ability to use power tools, rudimentary structural knowledge.

most costly is electrical installation. electricians charge the most from all trades.

alhamdolillah, i picked it up very quickly, but i have always been good with my hands. if you are handy around the home then you might be ok.

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buying to let properties

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