Jump to content

Joe Lowton

New Member
  • Posts

    17
  • Joined

  • Last visited

Recent Profile Visitors

The recent visitors block is disabled and is not being shown to other users.

Joe Lowton's Achievements

Established member

Established member (2/5)

1

Reputation

  1. I can't see Bootle turning in to a nice area in the next 100 years. I live in Liverpool by the way. It would work well for LHA HMOs
  2. Hi Andre, Thanks for your reply. I have noticed that my post has duplicated, however I'm unsure how to delete it. I can only find the option to edit it and this isn't much use. I presumed although maybe incorrectly, that a moderator would remove it. The Russell Cooke link is a great guide, although it is a little vague as to the definitions of a CIS among other things as these guides often are. As you suggest I think taking advice from my accountant and solicitor will be the way forward. My accountant is great for my day to day operations for my non-property endeavors, but I'm not sure this will be his area of expertise. thanks, Joe
  3. I've been conducting a lot of research with regards to the structuring of JVs within the area of buy to sell. For example if I had close family member with money to invest in a property with me, but the proposal is for them to be taking a hands off approach and their role is limited to providing funds only. How could you legally structure this? The funds couldn't be gifted as the family member would expect interest on their investment to be paid upon sale of the asset. I presume the investor can become a non-executive shareholder within a limited company structure, but this may not always be appealing as it could seriously limit your pool of investors, as in theory you would need to operate many companies for various deals. The below links are well worth a read, as from this I've concluded that many people are probably acting illegally from the point of view of offering unregulated collective investment schemes. I know there are people out there doing this, but possibly they are just taking the risk and hoping for the best. I'd be grateful for peoples experience on this matter. Thanks in advance http://www.russell-cooke.co.uk/media/1908/a-client-guide-to-property-joint-venture-vehicles-june-2011.pdf https://www.fca.org.uk/consumers/unregulated-collective-investment-schemes There does appear to be some permitted exceptions within the above article, namely where the investor is a "Sophistcated Investor or High Net Worth Individual" within what parameters does somebody qualify in English law as one of these descriptions?
  4. I've been conducting a lot of research with regards to the structuring of JVs within the area of buy to sell. For example if I had close family with money to invest in a property with me, but the proposal is for them to be taking a hands off approach and their role is limited to providing funds only. How could you legally structure this? The funds couldn't gifted as the family member would expect interest on their investment to be paid upon sale of the asset. I presume the investor can become a non-executive shareholder within a limited company structure, but this may not always be appealing as it could seriously limit your pool of investors, as in theory you would need to operate many companies for various deals. The below links are well worth a read, as from this I've concluded that many people are probably acting illegally from the point of view of offering unregulated collective investment schemes. I know there are people out there doing this, but possibly they are just taking the risk and hoping for the best. I'd be grateful for peoples experience on this matter. Thanks in advance http://www.russell-cooke.co.uk/media/1908/a-client-guide-to-property-joint-venture-vehicles-june-2011.pdf https://www.fca.org.uk/consumers/unregulated-collective-investment-schemes
  5. Hi Conor, I've very much enjoyed reading your post and I must say it was much like reading about my own current situation. I am based very close by to you. I'm originally from Rainhill (just between Widnes/St Helens), I currently live in Liverpool and I'm looking at relocating to Manchester this year, as my girlfriend is from there and my business predominantly operates there. I,like you have recently become very interested in property investment, and like yourself I also view this as a long term strategy. I will also note that could I afford a Lamborghini, I would likely prefer something far less bling . I operate a fairly substantial commercial electrical contracting company and have some funds to invest also. Some of these funds are tied within my limited company and I will look to free up other monies when I sell my house in Liverpool this year. I'm looking at putting it on the market in Feb/March and estimate my equity to be in the region of 65k dependent on sale value achieved. I have also been educating myself non-stop over the recent months, but keep hitting stumbling blocks with strategies, as I'm really trying to avoid tying my deposit up in one deal and then being stuck for the next few years waiting on growth. My area of expertise is construction. I am a numbers man, but likely not as sophisticated as you. I have extensive experience in project management, estimating, construction principles and electrical contracting. This has been across student accommodation, office buildings, residential premises of all description. I have no doubt that I can survey houses, estimate projects, have the trade accounts and connections to add value to any partnership. Initially I'm just trying to get myself off the ground as you are and I can't say that I'm looking to JV in any capacity further than developing my network and utilizing complimenting skill-sets to advise/analyse deals. I really think a coffee or quick pint could benefit us both. We can goal-set for the coming year and provide ourselves with some accountability if nothing else. I'm attending the Manchester meetup tonight, so look forward to seeing you there if you can make it. I'm 31 by the way. Regards, Joe
  6. Ok I'm officially suffering from analysis paralysis. I'm researching property extensively. I have some funds (a lot of which are currently in my contracting limited company and haven't been drawn down on). I feel like I keep hitting stumbling blocks with every idea and I feel I need a mentor. Why would a mentor help me? Well I own a medium sized NICEIC approved electrical contractor so I will offer 3 x electrical installation condition reports in return free of charge. If you prove valuable and our relationship works/develops then I may throw in a few more. I need the real deal here, no chancers. Happy to meet at anywhere, skype, my office, your office or maybe even at your properties whilst I carry out the tests. Mr Bence I'll happily do a few more for you!
  7. Hi Karun, Thanks for taking the time and leaving such a detailed reply. It does sound as if there are some positives with attending and they do have a great reputation. It's quite clear that they are excellent sales people so I will be leaving my cards at home if I do attend and be taking in a few pound notes to cover food etc. I am right at the beginning of my investment journey but I do subscribe more to the Rob & Rob train of thought with regards to the only way to truly begin learning is through application and making your own mistakes (I hope their aren't too many made). I do want a mentor I suppose, but think I may have lined myself up with one locally. The sob stories really do annoy me too, tears would make me cringe. I attended a free Legacy event and this was their approach also, but it clearly works for them. I viewed a progressive property webinar on Sunday night and the speaker used this approach at the end and proceeded to slag off the NHS, which particularly offended me! The reason they sell courses is because it is pure instant money without a massive overhead. They had 700 people viewing their live webinar on Sunday evening and sold tickets to their MSOPI event along with some bonus CDs for £18 pp. If 500 people purchased this they've made £9,000 for 90 minutes work, which could then lead on to further purchases made at the event. Genius really. I have to admit I parted with £18.00 which is most unlike me, but I wanted to view the bonus material, but I've a feeling that they will only send this once I've booked on to the MSOPI. Joe
  8. Hi all, I'm just wondering if anybody has attended Progressive Property's MSOPI (multiple streams of property income event) and whether it is worth the effort. I'm well aware that it's aim is to sign you up to all sorts of courses and buy their products so I would leave my credit card at home, but do you actually receive any training or anything of value over the weekend? I trust everything that Rob Dix and Rob Bence teach, but Mr Moore I'm less sure about. Interestingly though you don't find too many negative reviews of Progressive Property which does surprise me. I'm quite confident of starting to invest under my own mettle using the valuable sources such as the hub, books, meet ups etc but I'm curious as to the benefits of sitting specific courses as they do seem to be recommended and quite popular. Only a fool thinks he knows it all and education is strongly advised in books such as Rich Dad Poor Dad. I'm just after some unbiased reviews. I'd also be grateful for recommendations of better courses without the cayman islands upsell. I do plan to try to attend a property hub summit in 2017. I'm certain that will be of value!
  9. Hi Simon, I currently run a fairly substantial electrical contracting business so I have a book-keeper in house and an accountant that I use. I have yet to speak with my accountant regarding property investment as I am a complete newbie. I feel I have a fair handle on the proposed changes and I am looking to set up a SPV to invest in property with money loaned from my principal company. It's not this simple though as I have private equity in my current home that I wish to invest with also and I'm looking to move to a new home personally. So it's slightly more complicated than your average. I would like to chat most definitely on an informal basis initially as it may be a month or two before I'm ready to take the plunge. Do you usually attend the Manchester meet up? I can't make the one tomorrow unfortunately but let me know when you're free to talk and I can call you if you don't mind. Regards, Joe
  10. I would be grateful for some recommendations (via PM) is fine. I need to discuss my situation with a professional if possible as I have several plans for the next year involving my personal home and investment properties. I would rather receive recommendations from within the community as I will feel more secure this way. Thanks in advance
  11. Hi Nikki, Yes I think you're right, but I don't think that will help me with this scenario as I wish to hold the property and not sell it for many years. Hopefully somebody will be along with further info as you say. Thanks
  12. Hi All, After a couple of months of extensive research I've hit a wall. I'm convinced that I'm going to have to sell my first property (main residence) in order to move up the ladder. I hope I'm mistaken, and would be grateful if somebody could shed some light. I currently own a three bed semi in Liverpool. I bought it in 2012 for £107,000 and have since done a pretty major refurb ie Rewire, new heating, kitchen, bathroom, plastering and full decs and believe the current value is approximately £140,000. I'm confident it would let easily as it is in an area of great fundamentals and is a nice family home and I believe the property should see respectable capital growth. I would like to re-mortage to a BTL but I need to purchase a new main residence and this causes me a bit of a stamp duty headache! Are the below calculations correct? Current value = £140,000 and amount currently owed = £75,000 £140,000 - £75,000 = £65,000 Equity Remortgage on BTL @ 75% LTV = £35,000 deposit leaving me £30,000 cash (disgregarding fees for now as I have other minor savings) I plan to purchase a new main residency in Manchester as a joint purchase with my girlfriend, as this property does not suit our current needs and I can't continue to live here. The value of the new property is likely to be in the region of £350,000. Keeping my current property would mean our stamp duty bill would be £18,000 as opposed to £7,500 if I sell. I have concluded that I would be better to sell the property in Liverpool (painful as this is) and split £60,000 pot between purchasing my new main residence (my gf will contribute towards our new purchase costs also) and using the remaining funds towards a deposit for an investment property (more than likely using an SPV due to my personal tax affairs) and effectively start again. Am I right in thinking that purchasing investment properties through an SPV will allow me to replace my main residences as and when the need arises without paying the additional stamp duty rate, as the company will be a separate entity to me personally? I'm aware that the company will pay it's own stamp duty on the properties it purchases but as I progress up the property ladder personally, I wish to avoid paying the increased rate for owning more than one property, as I will be replacing my main residence each time. Can anybody see anything I've missed or another way of going about things? It's a shame to break the unwritten rule of never selling a property! Thanks,
  13. Hi Nikola, yes it does sound like our positions are very similar. Like you I am really enjoying gaining all of this knowledge. If only I'd enjoyed educating myself so much in my school years haha. Interesting tip there with regards to audible, I'll have to have a try of that. I do feel the same as you with regard to my remortgage/sale date and I'm chomping at the bit to get started, but I'm sure the time will come around quickly. Hope you have a nice weekend. Joe
  14. Thanks Chris. I have been doing nthing but listen to the podcasts over the last few weeks. They are a great source of information as you say. I've still got many more to get through yet. I plan to do some flips with my business partner as a seperate venture but I'd like to buy and hold for some perosnal investments. I'm yet to get it all fully worked out, but I do have a bit of time yet fortunately.
  15. Hi, this post is about my current situation, my plans and a few general queries I have. I'm 31 and currently own a property in my own name with approximately £60,000 worth of equity in it. I'm mortaged with Santander fixed until June 2017. I can get consent to let on my current repayment product for approximately £300.00. My girlfriend is from Manchester and my property is in Liverpool. We plan to move in together as soon as possible. She can't easily live in Liverpool as she is a doctor in a Manchester hospital and with shift patterns etc it's not really practical. I predominantly work in Manchester also, so it's quite clear that Manchester is the better option for us both. I plan to sell the property in the spring of next year and move in to my girlfriend's flat temporarily leaving me chain free and with a hefty deposit contribution to put towards us buying a home together. I plan to split the equity from the house sale between the deposit for our joint home and starting an SPV to purchase my first investment property (probably BTL). In an ideal world I would keep my existing property, remortgage to access some of the equity and use this property as my first BTL. I believe the property will have attractive but not amazing capital growth and would be a popular let for a working family. I realise that it's not quite as simple as holding on to this property though. My reasons against this strategy are listed below: The property would be in my personal name and I am right on the cusp (to the last dollar) of becoming a higher rate tax payer and given the forthcoming changes this isn't an attractive proposition. I plan to purchase a main residence in the region of £350,000 so the additional stamp duty I would pay as a result of holding on to this property is too much for me to stomach. I currently know and get on my with next door neighbour quite well, I don't think she is keen for rental tenants next door to her. She knows my phone number and I don't fancy the hassle of her ringing me regularly if tenants are noisy or in any way behaving undesirably. At least with a future BTL I could be somewhat anonymous as the landlord, if employing an agent. Queries: Do you think I am better to sell this property and split my equity between a new house purchase and then invest in a BTL through an SPV a few months later? If I were to keep the house and remortgage to access the equity in order to fund the deposit for my new main residence, how exactly does this work. I currently owe £75,000, is it simply a case of taking out a new product to the value of £105,000 in order to release £30k equity (give or take fees obviously). Thanks for the help - I'm becoming addicted to property!
×
×
  • Create New...