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  1. Yesterday
  2. Not sure if this has been discussed in another thread or if any of you lot were effected by this, but I recall them upping my mortgage to a crazy level. https://www.centralbank.ie/news/article/enforcement-action-the-governor-and-company-of-the-bank-of-ireland-reprimanded-and-fined-100-520-000-by-the-central-bank-of-ireland-for-regulatory-breaches-affecting-tracker-mortgage-customers-29-september-2022 I just hope us BTL'ers get a little something back...
  3. Interesting about the fine BOI have got... https://www.centralbank.ie/news/article/enforcement-action-the-governor-and-company-of-the-bank-of-ireland-reprimanded-and-fined-100-520-000-by-the-central-bank-of-ireland-for-regulatory-breaches-affecting-tracker-mortgage-customers-29-september-2022
  4. This is the hardest step to take, actually getting on with it, so well done for making this positive move. What is the time frame that you are thinking of leaving your job. With £80k I think it would be quite challenging to do so straight away. What area do you live in? It is possible but of course it may take a number of years to do this. With £80k you could easily go out and buy 2 rental properties where I operate which would bring you in roughly £598 after mortgages and fees. This would mean say an initial property purchase at say £75k, £10k renovation to add future value and lets say a 2 year revaluation at £95k. Rough figures would give you £598PCM after costs for the first 2 years (at 5.5% APR) and then at the 2 year revaluation point you would release approx £13k back out for each property and then have a monthly return of £320PCM after costs (At an APR of 4%). This would mean after refinancing at the 2 year point you would in theory received a total of £26k from refinancing and have £13,754 from rental income (23 months rent), so a pot of just short of £40k. If you used the above as a base and bought another similar property (for simplicity) you would have a net monthly income of £918 per month for the following 2 years, and then would release £13k once you remortgaged property 3. This would then give you a potential cash pot of £13k from refinancing and £21,114 from 23 months of rent from 3 properties, so a potential cash fund of £34,114 at YEAR 4. You could then potentially refinance the 2 previous properties to release more equity if the markets have been favourable or simply but 1 more additional property and repeat. Of course all of the above is all good on paper (doesn't include any tax, voids, maintenance etc) but it's more to show you a rough idea of what could be achieved with minimal effort if you buy well at the start and in the right areas. The trick is to NOT SPEND THE RENTAL INCOME as this will allow you to gradually save up for your next property purchase, which in turn then allows you to increase the monthly amount, which in turn allows you to save quicker for the next rental property. Obviously if you are able to contribute money from elsewhere in your life to adding properties this would all become even faster, and this is how you get the snowball effect. Darren www.fmp.group Whatsapp Direct By Clicking Here 01706 507202
  5. The examples above are for the current market. If you notice they have included a renovation of £10k which would cover new carpets, redecorating and potentially a new kitchen/bathroom (obvs depending upon what the property needed). This is something that we do week in/week out for myself and for my clients, and its relatively easy to get the capital uplift because of these works. People always think you need to completely gut a property to make decent money, but you just need to buy at the right initial price. Right now is AMAZING for bargains, and I have picked up a couple in the last week and another 3 just before Christmas as everyone is being cautious. Give it 8-10 months and prices will have gone up again. We are now seeing properties around the £60k mark returning £525PCM which were selling far higher 6 months ago. Darren www.fmp.group Whatsapp Direct By Clicking Here 01706 507202
  6. My solicitor does this for me for free as I buy so many through him, and £500 is just a complete pi$$ take as it takes 30 mins to review if that! If you have decided on a certain area then it may well be worth contacting a few solicitors and explaining that you are looking for properties and that you will use their services if you have an offer accepted. It may well be worth agreeing an initial price with them to review, and then you get a discount on their services if you then use them for your purchase. Just negotiate as you would do when buying a house. You would probably find smaller firms more open to this that the larger ones. Darren www.fmp.group Whatsapp Direct By Clicking Here 01706 507202
  7. Last week
  8. Thanks for getting in touch. We looked into selling the property through RW Invest who sold it to us but basically the company doesn't re-list Investments they have sold. I am at a loss to know what to do right now. We have been told our room will have no tenant for the second half of the year. Have others heard the same story from Caro?
  9. Hi, posting here to see if anyone can point me in the right direction. I'm literally in the process of learning about property investment and currently saving to invest in my first one at the end of year. I would like to start networking and going to some events this year on the lead up to buying but I don't know where to start. Does anyone know how I can keep up to date with up coming events?
  10. Hi, here's a question regarding the higher 3% rate. Bear with me with me while I set the scene. We are a married couple with kids and are selling our one and only home. We exchanged late last year and will complete in 5 weeks. We have not found somewhere else yet. We will probably move into rented. As we wish own a buy-to-let flat anyway in the future, we are considering the following option: we buy a modest flat more or less immediately, move into it, and once we find our long term (significantly more expensive) property we move into that and rent out the flat. All cash, no mortgage. Is there a way around paying the higher stamp duty rate on our long term home, even though it will be our second property at the time when we buy it? Say if we agreed to pay the higher rate on the flat even though we technically don't need to as we are moving from our current home into it? Thanks.
  11. Hi everyone. I was wondering what our rights are with my landlord deciding to sell our home. Me my wife and 2 children have been renting the home for 10 years. We were always given a 1 year tenancy agreement however for the past 2 years we have not been given a new contract but continued to pay rent. We did request a new tenancy agreement on several occasions with the landlord saying “yes I’ll post you one but nothing materialised.” We received a phone call from the landlord 3 days ago saying she wants to sell the house. So my question is, what if any notice does she have to give us for moving out, for viewings etc etc. Thanks.
  12. Darren, Great post above and I'm sure a lot of members here even including experienced property investors like myself appreciate you actually putting some number down and different scenarios, the rinse and repeat cycle like you have described above would probably be one of the most popular buy to let strategies but i always wondered about this kind of strategy in a falling market how does it work then for example what you described above, would it have been possible to do this during the period 2008-2012. Barry
  13. Fixing your credit yourself takes great discipline and dedication which consumes a lot of time, it's better to leave the work to experts who can achieve desired results in a shorter period of time. If you need help with fixing your bad credit score, settling your debts and removing items affecting your credit, get help from creditmasonrepairs . com. Generally, on a scale of 300-850 a bad credit score is considered to be below 630 for most scoring models. You have a fair credit score if your score is above 630, you can be considered for some loans. A score below 630 will come in between you and lenders which will affect your ability to secure the good deals you need so its important to have an excellent credit score.
  14. Thanks so much for your response Darren. Really helpful. In fact in this instance there were no buyers fees (odd I thought?) Just a 1% deposit which comes off the purchase price. Unfortunately the property was so ‘hot’ that an offer was accepted within days and I’ve missed out this time. But while I have your wisdom, can you advise how / where I can get legal packs looked at for a reasonable price? All my quotes have been upwards of £500 for the pleasure and no reduction in fee if I win the bidding. At that rate I won’t be able to afford to use auctions with the sort of due diligence I’m used to employing? It seems risky to dive in without a pro reading the small print?! Thanks again for taking the time to reply, much appreciated :))
  15. Agreed. When I first started I just sat online and searched for information. Watched lots of youtube videos and established those channels that were there just to funnell you into paying vs those who were normal people offering good information. Lets face it, there is no rocket science in buying a house and renting it out.... it's the easiest thing in the world. Darren www.fmp.group Whatsapp Direct By Clicking Here 01706 507202
  16. Hi Felixble, What location do you live in? I have done the same 6 years ago and now I have created 4 large property companies and have 21 of my own BTL's (I started with just £20k cash!). The below is a link to my journal as I started blogging before I had bought my first property: I suppose how you start depends on what it is you actually want from this? With £250k you could easily just go out and buy 8 rental properties where I operate which would bring you in roughly £2k after mortgages and fees (If the property cleared £250PCM). This would mean say an initial property purchase at say £75k, £10k renovation to add future value and lets say a 2 year revaluation at £95k. Rough figures would give you £299PCM after costs for the first 2 years (at 5.5% APR) and then at the 2 year revaluation point you would release approx £13k back out and have £320PCM after costs (At an APR of 4%). If you used the above as a base and bought 8 similar properties (for simplicity) you would have a net monthly income of £2,392 per month for the first 2 years, and then would release £104k once remortgaged and would then have £2,560PCM after costs. The £104k you could then potentially buy 3 more properties similar to the above, which would increase your years 3-4 PCM to £2,689PCM. At year 4 (using same numbers above), you would release £39k from these 3 and potentially further money from the initial 8. Rinse and repeat. Of course all of the above is all good on paper (doesn't include any tax, voids, maintenance etc) but its more to show you a rough idea of what could be achieved with minimal effort. You have also said though that you do not work at the minute so you would need to live off the rental income, and whether that is sufficient for your lifestyle I do not know. Ideally if you could do the above and work, that would help speed everything up as £2,392 over 19 months (take first 3 months for renovation works and advertising) that would be a gross rental income of £45,448 0ver the period. You could also do the above buying cash and then refinancing, but when I compared the options between cash buys and mortgage buys I found the mortgage buys stacks up better as you have more properties generating rental income over a longer period. Second option would be to try and get into flips. I am finding right now that it's a good time to buy and we have just submitted an offer for another flip for a client returning them around £40k in profit if we sell for the estimated resell price. You would need to consider paying yourself over a 12 month period minimum (so deducting from your £250k pot) to cover your timescale for purchasing/renovating and selling. You can then take any profit and add to your pot for the 2nd flip (again deducting funds so you can live) and build up a pot of cash. Some flips you may decide to keep, refinance and pull out almost (maybe all) of your money. You may do what i did which was to do flips on once side and BTL's on the other side and use the flip profits to fund the BTL purchases. I think your best bet is to get a pen and paper and plot out a few different scenarios to see what could work best for you? Darren www.fmp.group Whatsapp Direct By Clicking Here 01706 507202
  17. Hi SSPltd, I personally love them but I have a large number of clients who run a mile when they see that they are modern auctions. From my personal experience I find that these types of sales usually sit on the market far longer than the usual sales, and they rarely ever go to an "online auction." I just factor in their additional fees into my spreadsheet, so if the house is £80k + £6k fees then I class it as an £86k purchase. Worth remembering that with the example, you actually have to pay stamp duty on the sale price PLUS the auction house fees, so you would pay SDLT on £86k, not £80k. I have bought 4 of these and every one has been under market price, even including the fees. The initial higher cash outlay puts off at least 90% of buyers, so as long as you are happy with the initial cash outlay they usually stack up really well. One thing I have found is that the legal packs are usually missing something. As I buy a lot of houses my solicitor always reviews the legal pack for me before I make firm offer, so it is definitely worth having someone go through the fine detail with you. You can usually ALWAYS get the purchase time frame extended. The actual "auction agent" doesnt really care how long it takes, they are getting their money anyway as soon as you put the deposit down. Sellers solicitors are usually pants as well as they will be these cheap large companies so it will drag on longer than you expect. Sellers are also tied into fairly LONG contracts with the agents as well, I think its usually 6 months, so if you can find a property that has been on the market for 3-4 months you can usually negotiate well on them. The auction agents also accept "pre-auction offers," so you can either offer as you would on any other property or you could find out if it is actually "going to auction online" and then bid that way. Hope this helps. Darren www.fmp.group Whatsapp Direct By Clicking Here 01706 507202
  18. Hi Rob, When I am looking into getting a guide on pricing up I will email up to 10 different companies offering the service and then see what replies come back, you can then gauge what the average cost should be. Also spend some time on google and find reviews of the company you are initially going to choose. This way you can establish how effective they actually are. Darren www.fmp.group Whatsapp Direct By Clicking Here 01706 507202
  19. Hi N, Welcome to the group. Have you made any positive steps towards finding your first BTL venture? Darren www.fmp.group Whatsapp Direct By Clicking Here 01706 507202
  20. Hi. I'm completely new to this! I've listened to your investment books many times over the past few years and have now decided that I should make a start. As I should be, I'm scared and excited, but now I feel I have an overall strategy in mind. I'd like to leave my job and I'd need to replace roughly 2.5k monthly to be able to. I'd be leaving behind a good pension as well so would like to see some capital growth long-term. Is this possible to do if I have 80k behind me to start? I knkw it won't happen overnight, I suppose I'm just looking for some reassuring advice from people who have achieved more with a similar amount. Many thanks
  21. my tenant has said she discovered a significant crack in her bedroom window and wants it replaced. Please see attachments. As it was rented out undamaged, should this not come out the deposit? currently flat is single glazed. we will be selling it in ~ a year, is it worth upgrading to double glazing?
  22. my tenant has said she discovered a significant crack in her bedroom window and wants it replaced. Please see attachments. As it was rented out undamaged, should this not come out the deposit? I have asked to view it in person. How should I proceed? Thanks for advice
  23. Well thank you very much Darren, that is a very nice warm welcome in this community
  24. Just taken from a podcast for you: How will rent freezes and eviction bans affect property investors? It’s official, the scary headlines are true… Scotland will be introducing a rent freeze and eviction ban in response to the cost-of-living crisis. But how will this affect property investors, and will the rest of the UK follow suit? Tune in to find out what’s happening and what it means for you: https://propertyhub.net/podcast/scotland-rent-freeze-eviction-ban/
  25. Welcome to the group. That's great news that you have managed to start, especially when you are investing in a different country!!! Braver than me, lol. I buy all of my properties on my doorstep! 🤣 I think your target of 1 per year is very sensible and hopefully you can continue with that and build a good retirement pot! English is fine as well, better than my Dutch! Darren www.fmp.group Whatsapp Direct By Clicking Here 01706 507202
  26. What has made you consider Scotland, have you previously lived there? As Barry has said above, I personally wouldn't touch that place with a barge pole with the amount of red tape etc. That Nicola lady is off her head with the rules she is just making up as she goes along. Darren www.fmp.group Whatsapp Direct By Clicking Here 01706 507202
  27. I am in exactly the same position as the thread starter. Is there anything to be done?
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