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Paul Whalley

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  1. Hi, thank you both for the replies. I guess I will just speak to them directly and give them reassurances. I still think rolling works best but if they insist find out the fees Paul
  2. Hi, My tenants are coming to the end of their 6 month contract in my house and stated that they would like to sign a new 12 month contract or anktger 6 month contract, rather than remaining on a rolling/month to month agreement. They have reported to the estate agents that they are very settled and would like the security of a longer contract. What are the advantages and disadvantages, from my point of view, in offering them a fixed term contract rather than keeping them on a rolling contract? I have no plans to replace them, nor have I plans to up their rent in the next 12 months but, from my understanding, if problems arise (not paying rent) it will be easier for me to evict them in a monthly contract. Surely there are fees involved in writing up a contract? If security is the only thing the require maybe I could just reassure the Tennant's of my plans of no change? Thanks in advance Paul
  3. Hi Paul, How have you been getting on? I went to a course with Samuel Leeds a few months back who was promoting your strategy of high yielding properties for cash flow and financial freedom. I have recently bought one in Rotherham but find Sheffield fairly expensive. Are there any go to areas that you look at? I was itold that it would be impossible to get a mortgage in some of the cheaper areas, because they are so saturated with buy to lets. Have you any experience of that? cheers
  4. Hi, I was wondering if there was anyone who has invested in the South Yorkshire region who has a good idea of where to invest in properties that are fairly cheap and therefore have a fairly high rental return? I live in Sheffield and just bought my first buy to let in Rotherham without really knowing too much of the areas. I am looking to buy one more property before I move away to Australia in about 5 months time which leads me on to my next question... has anyone got experience of buying properties in England whilst living and working abroad? Could this affect my ability to get mortgages etc.? I will obviously talk to a broker but wondered if there was anyone with experience. thanks in advance
  5. Thanks for the reply! I actually got an offer accepted on a property shortly before and, for some reason, didnt want to jinx the deal by talking about it untill now haha so apologies for the delay (I won't be as excited on my second!) Really happy with the deal because in my opinion it is roughly 20% bmv. I understood what you said about the 10 percent deposit but I was looking at it from the perspective of putting in as little of my own money as possible. I did go with that in the end anyway. To be honest the main reason was because the 95% deals were far harder to get and the advice was for a quick sale was to choose 90%. Aswell as this I have since learned more about the difficulties of remortgaging before the end of the product term (2 years). So it looks like I won't be taking the money out until then anyway which definitely sways the argument in the direction you were saying. My plan now is to decorate the property and get a friend renting a room as soon as possible. I will be hopeful of being in a position to look for another by December. Where about in Sheffield have you invested? Have you bought in other cities? Do you look for long term growth or high rental returns??
  6. the cheaper one is 50% equity share
  7. Hi my name is Paul and I am 26 living in Sheffield. My interest in property started after reading 'Money for nothing and my property for free' about 4 years ago. Since then I have been working on securing a decent reliable income so that I can lend money to buy (previously survived on money made from poker which the banks obviously don't like). It's been a long slow process but I am now a qualified mental health nurse eager to get started. I was recommended the property hub about 5 months ago (weirdly whilst playing poker lol) and have been listening to the podcasts regularly ever since. I am aware that the book that sparked my interest is probably dated but the buy and hold strategy is still the way I want to go. I am basically on this to get advice from knowledgeable people (rather than the usual people who have bought a house and suddenly now experts - or a financial adviser who isn't financially secure himself ) and stay update with the latest strategies people are using. I am not interested in selling or flipping properties any properties that need work doing to them will be done by the professionals. I am currently in the process of buying my first house which is where my first question has come from: Should I go for a 90% mortgage or a 95% mortgage? (Money is not a problem purely strategy) 25 years? or 35 years?. This will be my base for 2-3 years. All advice given to me at this point is.... 'if you can afford go with 90 percent and 25 years' because you pay less in the long run. However my instinct is telling me that because I will never be selling the property (and never paying off the mortgage) and i intend to rent it out within 2-4 years I should be putting down as little as possible to maintain cash flow and reducing the time for me to be able to buy another. Or because this one will be mine to live in would it be better to put a bigger deposit down just for this one? Thanks, Paul
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