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  3. ellie, 'hint' sometimes starting out if you have some cash a JV is also a good way to invest. whether it's a fix & flip, converting a 2-3 bedroom to a rooming house, even R2R, 12 - 36 mth time horizon. 50/50, 40/60 shared profit split, just need to be careful doing this.
  4. according to several guru's (samuel leeds, simon zutshi, neil mcCoy & others) - followers of property investing will keep on telling folks that 20 properties a year or more is doable, mix & match BRR, BRRRR, BARRRR, BTL, HMO, R2R, LOA ... thank goodness for the web & youtube one just needs to find what works, how to do it & believe its doable.
  5. Guys.. I havent done any figures or calculations....but I can see where this is going.... Ok...I'm guessing based upon that advert alone and sale figures on that street..... I'd pay £125k end value £225. I'll guess it sold for £110k I actually hope it doesnt sell then I can do a JV will Ellie lol. On a serious note Ellie, this is what flippin is like. You do your research, do your maths, get an offer rejected because it's too low, or get outbid in an auction room. You go home, pour a stiff drink and do it all over again for the next place. The key is too keep finding them and keep going. I'll post the sale price it up here on the 1st November. Give others chance to post their guesses. Conrad
  6. Have you thought about involving someone else in the process? E.g. as a guarantor, a fellow borrower (with as little as 1% share of the ownership) or doing joint borrower sole proprietor mortgage? If there is no one you could (or would want to) call on, then obviously try to secure a new job as soon as possible. I don't mean any odd job, but something that you would actually like to do - I know, easier said than done. Once you have it, speak to a broker, because there are lenders who can take a view and accept income from a new job starting in the near future or accept an application as soon as you've started in a new job.
  7. ellie & conrad, looking at its condition as well as prices last sold on the street - my wild guess is minimum 150k that includes all added on auction fees. conrad whats your guess?
  8. Hi Conrad, Even though I'm not in a position to purchase a property yet, I've made some calculations and I've got a figure in my head on what the maximum amount I would pay for the property, so it will be interesting to see what it sells for!
  9. Hi, I must remind you, that property auctions are not for the faint hearted. You cannot expect to just rock up and bag yourself a bargain. Paying the sellers legal expenses is a common clause at auction. It's not on every auction lot but its certainly not rare. As you are paying upto £3000, you are not paying £3000, if their legal bill is only £1500 for instance. You pay the bill...£1500 in this case. It is not a fee without constraint. The buyers premium must have an invoice or receipt. It's an expense, and therefore needs accounting. Demanding money without an invoice or receipt is not normal practice for an auction house. Most people understand that you should read the auction pack and special conditions of sale with any amendments before you even think about bidding, you must also understand what it all means though. Maybe post up the special conditions of sale so we may make a more informed decision about these clauses. The conditions of sale are printed in Black and White, in advance of the lot going to the room. Would you enter into any contract without fully understanding the terms written in front of you? Because at a property auction that is exactly what happens when the hammer falls...someone enters into a contract. It's not the integrity of the auction houses or vendors I question. Sorry, I know its not what you want to read, but if you dont like the conditions of sale or how the auctions are run.....dont go....dont buy! Conrad
  10. Hi all, I have an Expat mortgage broker on speed dial if you want to PM me here, via LinkedIn or email conrad.paton@nu-move.co.uk Leverage depends on income, market rent for the properties etc. Each case is different. https://www.linkedin.com/in/conrad-paton-424446110 Thanks. I await your responses Conrad
  11. I would also like to know what happened with this. I'm in a similar situation and looking for expat mortgage broker
  12. Thanks again Lilla, that’s helpful and interesting. John
  13. Thank you so much for your time. We had expected to have something to pay and it came as a surprise when we worked it out.
  14. Guys guys...one at a time...lol. OP 1st. Ellie.... your welcome, I know I'm right hence I posted it up. RE.... no...I'm not going to post up what it sold for. I'm using it as an example for people to do their own calculations and to see what price they put on that property. If I post up what it sold for then people are working off others calculations and not their own. You can see for yourself what it sold for via the auctioneers site, or the land registry in a few months time anyway. You've still got 90 mins or so to get down there and bid lol! Remember...stand at the back but make sure the auctioneer can see you And bid bold like you mean it! Conrad
  15. The calculation is correct.
  16. Hi again, Check the title register as well. Even if your local authority say it is ok, you may find restrictive covenants on the register or transfer document (if applicable) that restricts 'commercial activity' or 'business use'. If you find something on the register I can help you with an interpretation. Just let me know. Also, check with any mortgage lenders as they may take a view on letting part of the property to a business. Lastly, I'd look at your potential neighbours of the garage. Will they put up with the constant noise and smells a car workshop can generate? https://www.linkedin.com/in/conrad-paton-424446110 Find me here ^^ Conrad
  17. If you and your partner retain your current properties, you will have to pay the additional 3% surcharge stamp duty on any future purchase, even if it will be your only residence. You will still receive principal private residence relief for the period you occupied the flat, on any future sale.
  18. Thank you for prompt reply. I will take a precaution and speak with local authority for sure. I was just wondering if any of forum members have some ideas or thoughts about it. Thanks!
  19. It's 75% of purchase and legal and survey fees. Thanks for looking.
  20. Hi wookash, I would approach the local authority planning dept and run your ideas past them. It may be classed as a change of use ( from residential to commercial) and require planning permission. The local authority in the area you intend to buy are best to ask rather than an open forum such as this, as the consequences of following public advice that is incorrect could cost you thousands. I'm pretty sure it wont be allowed or everybody in the car repair business would be setting up businesses from their own residential garages and driveways. It much better to be safe than sorry in this instance. Sorry I cant help more Conrad
  21. is the purchase cost £84001.50 75% of the purchase price or all of the purchase price?
  22. Hi Conrad, You're right it's time I put on my walking boots and start exploring more where I live!
  23. Hi looking for some advice on what to do now my plan has been derailed I planned to release equity from my property, valued at 500k and I have a 200k mortgage, I have a decision in principle for a further 80k to invest that into either BTL or a flip However, last week I was made redundant so I can no longer proceed with the mortgage as from January I hopefully will be in new employment but on what salary is anyone’s guess! At the moment I’m conceding that this plan may have to be shelved but does anyone have any other options I could take to keep it alive?
  24. conrad, after the auction would you mind finding out & posting back what it sold for? keep in mind must include auction fees thanks
  25. Hi everyone! I'm considering purchasing a residential property with the garage (semi-detached or detached). The garage is crucial here because I would like to open a business in the garage (car repairs, garage). Perhaps extending the garage by sacrificing bigger portion of the garden to have more space. I'm thinking about having LTD company for my business and renting the garage space for commercial purposes from myself. I'm not sure whether this is possible... Hopefully you might bring some light into this topic. Thanks!
  26. Hi I'm sure a broker on the forum will help you out anyway, But in order for you to get the 'best' BTL mortgage deals the lenders require you to be earning in excess of £25k PAYE or net income if self employed or otherwise on SA302's. If you are not, then lending can dry up as you have found out. This is why it's important to discuss your strategy with your brokers and accountants before you start your investment war path. I started out with my wife earning £25k + and me earning next to nothing due to contract loss after financial crash of 2008. Until our investment earnings took over her PAYE earnings, so she went on a career break for 5 years. The lenders do not like the idea of all your income coming from rent as they believe you are over exposing yourself if one or more of your investments goes bad. I doubt lending is impossible for your situation, it may just require more of a specialist broker to help you, rather than an off the peg BTL mortgage. Hope this makes sense https://www.linkedin.com/in/conrad-paton-424446110 Find me here ^^ Conrad
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