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drkidd

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About drkidd

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  1. Hi Kiddtom At lot of people will have the same view as you right now including myself. I'm also self employed and think cash is king during these uncertain times. Although, now I've got a small war-chest together, at the point where I think we're through the thick of it, I may then look for a bargain property and try and get something before the market recovers and charges on. If you've secured a good deal, you might want to ring fence it and agree to get a survery done once people are out of lock down. If by this point you feel the market has dropped lower than your current offer, you could then use the survey as leverage to try and renegotiate the price down
  2. Update; I've been using this a few months now and it's replaced my tired old spreadsheet. I quite like it Thanks Matt
  3. There are standards set out by local councils and then there are standards expected from your target market. One of my HMOs has a ratio of 1 bathroom and 2 separate toilets to 5 students. I've never had any issues finding student tenants. But then I believe i offer a good product despite the ratio. It's nicely decorated, has good furniture, good amenities included. Arguably this could change as the market potentially saturates with HMOs. An ensuite for each tenant could differentiate from the middle of the market. But then for me, the cost of installing and maintaining 5 different sets of plumbing, out weighed any potential increase of rent I would have been able to charge. A couple more pros to not installing 5 ensuites is that I may have mitigated the risk of my local council trying to charge me council tax for 5 bedsits which seems to be an increasing theme out there. And I open up my exit strategy should i need to use one. A 5 bedroom house with 5 ensuites is attractive to a HMO investor. But in some opinions a normal amount of bathrooms to bedrooms is also attractive to families therefore widening your market should you need to sell I'm not against offering more bathrooms. I think it depends on who your market is, what you can charge, and how much space you have to work with. Hope this helps?
  4. What bearing do we think the recent 50% drop on global markets will have on property? Usually property follows shortly after. With such dramatic drops on our indexes, are people still speculating that this will still be a middle cycle "dip"?
  5. Hi Lou Welcome to the hub! its great to have a plan to get you to your goals. And viser verser your goals will help create a plan. And so to answer your question about 26 years or 22, if your goal is to get to 2k per mont cash flow as quickly as possible then reducing your mortgage amount per month as much as possible would get you there quicker. If your goal is to repay your mortgage as quickly as possible and have a lower leveraged portfolio the a shorter mortgage term would be the best thing for you My question would be, if on paper you you’ll live at the house but not live there, where will you live? If you won’t live there because you travel for work, then the house could still be your fixed residence without anything “dodgy”?
  6. This looks like a good find Matt. As it's free, I think i'll sign up and give it a try Thanks
  7. Welcome to the forum Monika. Where is your estate agency? Could be mutually beneficial to you and our members to say what area you cover
  8. Hi Paul Lilla D (on this forum) from Bluewing financials has been my mortgage broker since the beginning of my journey. We've been working together and doing deals for 10 years this year. I recommend her without hesitation to all my friends and family https://propertyhub.net/forum/profile/17771-lilla d/ (I am not affiliated or compensated in anyway for recommended her services) "efficient" accountant and solicitors I find are much harder to put my name to
  9. Welcome to the forum Craig. There's been a few mentions about the prospect of growth in your town of Nottingham. Hopefully you can use your local knowledge to your advantage should you choose to invest in Nottingham In any case, best of luck in your journey
  10. Welcome to the forum Lumz 2nd home stamp duty is a thorn in many an investor's side. Fortunately you're aiming at buying houses to the value of 100k which means the first rate of stamp duty is zero and the 2nd home rate of stamp duty is +3%, meaning on a 100k house, your stamp is only £3k I've been investing in the South and paid far more in stamp over the last few years If you're adamant on avoiding 2nd home stamp, then you might want to consider Commercial to Resi conversions. Buying particular classes of commercial premises does not qualify as a 2nd home and with Permitted Development Rights means they can easily be converted into dwellings. Or, I have also heard that if the homes are uninhabitable (ie usually without a useable kitchen or bathroom) then this technically is not classified as a home as it cannot be lived in. It also means it cannot usually be mortgaged, so you'll either need to pay cash or considering bridging. But then bridging finance costs may outweigh 2nd home stamp duty if you had bought a home which could have been considered habitable Best of luck in your journey
  11. The membership requirements are simply that you are a trade or have a company? If you do not have a company, your builder or kitchen fitter should be able to buy the bits for you I have used Howdens on all of my properties bar my first one. I find that the sheer volume of different trade counters means that availability is never an issue. You can also request if you want your units rigid or flat pack; flat pack taking more time to assemble but saving you money. Whoever you choose, if you are planing on buying more properties in future then it is a good idea to standardise and stick with one supplier. Not only could your loyalty earn you greater discounts, but it makes it very easy should you ever come to damage or replace anything. For example a B&Q door wont fit a Howdens carcass without some tweaking. So by standardising with just one supplier, should you have any breakages or need to update, very little thought needs to go into which kitchen you put into which house. I was very fortunate with one of my houses I bought as there was a very old and dated Howdens kitchen already fitted. I was able to replace all the doors and end panels completely modernising the kitchen for a fraction of the cost of replacing the entire kitchen
  12. I bought a BTL with Magnolia walls. The walls needed touching up, so I went and bought a tub of magnolia and touched up grubby areas. Problem is, there are hundreds of shades of magnolia and the tub i bought did not match exactly. In hindsight I should have painted the whole wall. But there were a lot of walls which needed touching up You dont tend to get this problem with white. It's much much harder to identify touch ups. So my preference now is to paint big walls and ceilings white and add splashes of colour to smaller feature walls. This way in futrue if you have to touch up white, it's an easy match or if you have to touch up the feature wall you can do so in relatively quick time
  13. Hi Roy I believe the reason the banks like 20-25% equity from the investors is that if the market crashes it is unlikely that the housing market will dip greater than 20%. In 2008 the UK housing market fell on average by 18% (although London quickly recovered). This would avoid pushing you into negative equity and de-risk you defaulting for the banks. I am actually grateful for the new stress tests the lenders have in place. Yes it is harder to obtain finance, but these extra hoops to jump through are safeguarding me from over-leveraging or buying a property where the rent just wont cover the mortgage payments if the market was to change. Caveat; it is still possible to over leverage by seeking out higher geared products or refinancing HMOs on commercial values (as opposed to bricks and mortor) or forcing the appreciation artificially high
  14. Hi Jason, I had the same problem as you. My tenants abused "bills included" by drying their cloths on the radiators full blast and leaving the windows open to cool down the house! I now have a Nest and a Tado installed in a couple of my properties. Both have the ability to link up to smartphones so that when all the phones have left the house (normally with the tenants), the heating turns itself off. If placed in the correct place, the Tado can supposedly sense a draft from any open doors and windows and also turn down the heating. All in all, good investments if you're trying to keep the bills down You might want to also consider writing into your AST's that the bills are subject to a fair usage policy and, excessive costs will be passed on. Difficult to police because one person's definition of excessive may not match yours. But just having it there may help if you ever need to pull them up on high bills
  15. Hi Fiona, I used Arthur Online for a while. I didn't exploit the full potential of the app before I stopped subscribing. I was using it as a bit of a document store and calendar reminder for when certificates were due to be renewed. When I realised I have multiple clouds and calendars that do the same thing, i stopped paying. One of the features I didn't use which could be attractive was linking it to Xero which in turn links to your bank account so you can see when the rents come in. You can also give the tenants access to their own version of the app which can then be used for flagging up issues Hope that helps
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