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Carl Matthews

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Everything posted by Carl Matthews

  1. Hi Ben, Interesting post.. some thoughts for you to consider. 1. keep the property, re-mortgage to BTL type, or with integral "consent to let", max out the equity release, 2. rent out current property to achieve regular income, 3. use the combined (saving & equity release) funds to secure & refurb (R2R or LPOA) a 6 or more bedroom mansion, 4. divide off 3-bed living accommodation for yourselves, rent out other bedrooms, 5. rebuild your fluid cash/capital, 6. rinse and repeat step 3. 7. build portfolio and capital in parallel. 8. have a fantastic holiday you would never have afforded by clinging to the rat race... ..just a thought !?
  2. Hey Robert, Regarding JK, and the possibility of the current owner trying to hide the fact... look for newly laid patios/concrete areas/hardstanding/dug over flower beds... these tend to be the go to tricks to hide any signs. But, like Jermaine, I wouldn't worry too much about JK presence, apart from mortgage/refinancing and the valuation exercise. Like with every other hurdle we have to jump over, get a good strategy in place. Good luck.
  3. Hi GTS, I hope you have a consent to let in place, or is the repayment mortgage a BTL mortgage ? If you're renting out this property do you have another property to live in ? If you are living in another property, have you considered taking lodgers to increase revenue ? Have you considered selling the above discussed property at the estimated value and using the proceeds as deposits on several other properties, (keeping something back for refurb costs) ? Reflecting on the nature of your question, have you considered investing some time/funds into training/education to help your progress ? Regards,
  4. Hi haf1963, Always useful to have access to a recommended and reliable "power team", I can see me treating you to a coffee sometime soon.. Thanks for the info.
  5. Hi David, Thanks for the reply. I'm particularly interested in R2R & LPOA deals at the moment, as well as gradually building my property portfolio. Anything you find and pass on warrants a sourcing fee, so let that encourage you. lol DD can be a challenge on times, if you get stuck or just need someone to sound off, gimme a shout, always glad to help (if I can). Best wishes & good luck.
  6. Hi Paul, Perhaps I can assist you. I'm the Cardiff Meet Up host, and am investing across South Wales and beyond. If you're focussing on Cardiff itself then your funds would make a nice deposit, but do keep some back for refurb costs... However, the level of competition in Cdf itself is quite high, so looking at surrounding rea is a good idea. Depending how far away from Cdf you go your funds could be the total purchase and refurb costs with some change left over. If you're thinking of coming down to Cdf make it a meet up night and it may prove worthwhile to chat with 'the posse'. We have a broad spectrum of experience, strategies, skills and advice within our group, for which many of us are grateful. Do message me if I can be of any further assistance. Ciao.
  7. Hey David, If you're sourcing around that area I would like a chat. Thanks.
  8. Hey, well done fella. Excellent outcome, and a very useful lesson to us all. Thanks for the feedback. Good luck for the future.
  9. Hey Ryan, How are you progressing with your investment journey ? I'm the host of the Cardiff Meet Up and if I can help you...?
  10. Hi, How was this one resolved ? I would very much like to know. Give us an update please. Thanks.
  11. Hi, With an AST the reason you are not allowed to sub-let is because the AST has a clause stating you cannot sub-let ! You don't need a "commercial" or "company let" based agreement. They are a different application, which may also include for use in a R2R strategy. Sub-letting is legal. But when doing R2R you cannot use ASTs. You will need specific contracts from solicitors who are familiar with the R2R strategy. Letting Agents will not support anything they don't understand, and in my experience most don't have any idea as to how the R2R strategy works. For Private LL, you may need to explain the principle to them once or twice before they buy into it, once they warm to it they get how it can work for them. Hope this clarifies the matter..
  12. Hi Nick, Have you secured deals on these properties yet ? I'm running around Luton, Milton Keynes, Northampton and Coventry looking for R2R deals. Let's chat. Thanks.
  13. Hi Ieuan, You don't provide enough info to answer a question like this... do you have a BTL, HMO, SA, or some other type ? Different agencies are better/worse at differing types.
  14. Hey Joncee18, I'm always looking for opportunities, where are you based ? What area are you sourcing in ? If you have something to share please do get in touch. Thanks.
  15. Hey James & Paul, R2R is something I'm doing at the moment. The excerpt you share is a very simplistic view of the subject, where-as in reality the topic is much broader and diverse. But, to answer your questions: - R2R is not illegal, but do be ethical and explain your business approach to the LL, they need to accept what you're planning to do. - HMO licence ? Maybe. You will need to check with your local council as regards their criteria, but generally for the UK if the property houses 5 or more persons of 2 or more households, you will need a licence. In my experience most BTL mortgages cover HMO use. - HMO prep work. If you're cheeky enough to get the LL to cover the cost, good luck, otherwise it's your risk, so be sure it's the correct strategy !! - Room numbers. Some HMOs have as few as 3 rooms, usually more, there are no rules regarding the least or most rooms, but do ensure the numbers work !! - Letting agents. Are usually useless ! Finding opportunities via them is a major pain in the butt, mainly because they don't understand R2R and so rebuff the idea when presented with it. Using them to manage a HMO, ONLY! when they are specifically geared up for HMO management, do your due diligence, ask as many questions as you can think of. Hope that helps.
  16. Hey Dan, So you're looking for an equity appraisal spreadsheet, to confirm the potential to re-invest. This is fairly straight-forward if you're familiar with spreadsheets..? If you're not so familiar with using spreadsheets then maybe I can help you, and with reasonable valuation of the properties in your portfolio. I do this kind of stuff 6 days a week, whether it's R2R, LPOA, BTL, BTF, BMV calcs, all of which strategies I'm using. If you're interested to chat further then let me know. Good luck.
  17. Hey Hitch, Looking forward to meeting up in the Meet Ups in Cardiff. Good to swap ideas & experiences. Good luck, Charlie.
  18. Hi Oz, I hope my comments aren't too late... If I were in your shoes... a quick check with local planning dept as to the possibility of developing the plot. - If they indicate a full application would be considered then the next question is do you have the funds to develop the plot. - If they state it will never get approval then its clear that unless you want to put up more garages its time to sell. - If you don't have the means to develop the plot, then perhaps raise an interim planning application, sell the plot with planning on it. - If you do think about developing the plot, perhaps I can assist with optimising the location, in terms of design, layout, style, budgets, whatever you require (or your budget permits...). Hope that helps. Charlie.
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