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youngjoe80

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About youngjoe80

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  1. I was very unimpressed by RK. He mostly seemed to be offering opinion which he’d struggle to back up with evidence. He struck me as someone who has let fame go to his head. Some of the opinions he offered were just plain crazy. A bit more humility from him would be in order. He has gone down a lot in my estimation and I won’t be taking much notice of any of his future proclamations.
  2. As your situation is not straight forward I would strongly recommend you avail yourself of the services of an experienced BTL mortgage broker. Don't use a broker that just does mainly residential.
  3. It depends. Each lender is different. For example you can get a 'consent to let' based on the existing residential mortgage. However you will need a good reason for this request. For example your partner has just died and you are moving to be near family. Or you could be going to work abroad or in another town or city. A consent to let would usually last for 12 months then be reviewed. If the mortgage continues to be paid as normal you may well find the consent to let just carries on indefinitely. Bear in mind with a residential mortgage you may well be paying capital as well as interest
  4. Have you thought about splitting the utilities so each flat has it's own bills?
  5. I bought for £66,000 and sold for £155,000. I kept it for less than a year. It doesn't get much more concrete than that. I have also provided another example in one of my other posts. You can also check Rightmove and see what price HMOs have sold for and check what the house was originally bought for. There are hundreds of examples. You don't necessarily have to prove a track record of stellar rental income. THere is a strong demand for brand new HMOs with no track record. Comparables of other HMOs would be used in stead to prove rental demand/income.
  6. I'm not advocating keeping HMOs. I'm advocating flipping them. I wouldn't recommend keeping HMOs medium to long term as they are a lot of hard work and don't have a lot of capital appreciation in them.
  7. HMO flips as I described previously, definitely do work if done right.
  8. In reply to Adiel I don't think this was a very lucky first foray into HMO land. I did a lot of research before I got involved. I was also an experienced BTL landlord with an extensive building background. I agree that HMOs do cause a lot of headaches but that is only if you decide to keep them. My strategy was about flipping them. It takes 3 months to convert a house into an HMO. You could say you're destroying a Victorian house but on the other hand you could say you're converting a very run down house into good standard housing accommodation for many more people than before thus helpi
  9. I know someone with 63 houses in his personal name. As you might expect he’s a higher rate tax payer and is interested in going down the incorporation relief route. Can he keep say 20 houses in his personal name (50/50 with his wife) and put the other 43 into a company? Or does the whole of his portfolio i.e. 63 houses have to be transferred into the company to qualify for incorporation relief? Thanks in advance for any advice.
  10. I doubt there will be one that isn’t biased. The same would go for the Brexiteer side of the argument. I wouldn’t waste your time. We’re leaving so the issue is already settled. I very much doubt that will change. If by some miracle the remainers overturn the decision then I dread to think what the consequences would be. There would be unbelievable civil unrest. Half the population would be up in arms and it wouldn’ t end well.
  11. Brexit is a mere blip on the horizon. The economic cycle is all powerful. I don’t lose any sleep over it and ignore all the media sensationalism. When the economy booms which it will over the next 5 years or so we will adapt and Brexit will be forgotten about. Long term I think as a country we’ll do very well and there will be many opportunities available to us that weren’t there before.
  12. Location is Doncaster rented to professionals. We don't have a university (yet). The standard of work was poor throughout the whole refurbishment. For example 3 extractor fans vented directly into the roof space. A chimney stack wasn't properly supported. Rising damp issues were caused by the builder. Radiators were located in inappropriate places. TV points didn't work and were badly located. The project took much longer than it should have. I could go on. The experience left me traumatised. It was like a bad dream and I just wanted to put the whole experience behind me so selling was the ea
  13. I thought I'd share my experience on my first HMO as I've made quite a bit of money almost by accident. I am now actively pursuing this strategy as it generates a lot of money and could be a quick way for people to pack the day job in in less time than is usually the case. Property is generally not a get rich quick scheme but I believe I've come across a way of packing the day job in within a year if not less. I bought a 3 bed Victorian terraced house for £66k. I turned it into a 5 bed ensuited HMO. Refurb costs were £40k. So with solicitors bills, stamp duty etc. I invested £110k.
  14. These people don't just concentrate on 'education' though do they? They claim to practice what they preach. If what they are preaching is so good then why don't they spend all their time putting their 'education' into practice? The answer is because most of them are nothing but professional con men looking to make a huge fast buck at the expense of the naive and gullible.
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