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Gareth Young

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  1. Hi Emily, I am now in the same boat as you, would you recommend the solicitor you went to in the end? I'm buying in Leamington. Thanks, Gareth
  2. Nick and Tim, thanks for your replies. I've decided to put my student venture on ice and focus to a market that I know better for now - young professionals. I think I'll look at students once I have more experience/confidence in being a landlord. Thanks!
  3. Hi, I'm thinking about buying a property that needs moderate work (new bathroom and kitchen + painting etc) and then moving in to it for a few months. I'm eager to avoid a lengthy void after purchasing the property and since I only rent at the moment (although I have an investment property), I'm quite flexible and could save money by living there until it's ready. My question is, what could I do from a mortgage point of view? Would I need to get a residential mortgage initially and then switch to BTL once I have finished the works? I assume that I would living in the flat for approx 6 months. Could I start off with BTL and save fees associated with remortgaging? Could I still consider it a 'void' from a tax point of view even though I was living there? Basically, I have lots of general questions but imagine that this is a common approach, so any general advice would be very helpful indeed. Many thanks, Gareth
  4. Hi, I've just found out that my wife has a new job in Coventry and Warwickshire as a doctor (exact hospital tbc) and it's made me start to look at Coventry as an area for investment. Fundamentals seem good, but the student population really stands our and it's making me think about targeting student tenants. I would presume that students start to secure their accommodation for the following academic year before they break for the summer, is that right? I'm concerned that the window to find, purchase and market a property is closing fast and I would probably need to have adverts attracting tenants by May at the latest, which would be quite tricky. Does anyone have experience of this? I don't want to sink cash in a student BTL only to find that I've missed the boat for a year. Any pointers, war stories or general advice would be gratefully received, Thanks Gareth
  5. Hi Ewa, Any progress since your initial posts? I'm curious to hear (and learn from) your experiences. Thanks, Gareth
  6. Hi Rob, Can you send an update once you've sourced your new kitchen? I'm very curious as to how you get on, because I hope to be in your shoes very soon and would love to learn from your experience. Personally I used Wren kitchens and found them very good, but way too pricey now that I'm taking property investing more seriously. Thanks, Gareth
  7. Hi, I'm afraid that I can't help you in relation to your search for a QS, but I'm looking to invest in West Mids and was curious what your experience has been and which areas you like. I'm originally from Worcester, but feel it's too small a city to invest in at the moment, so would prefer other cities. We're planning to move to Warwickshire. Any pointers would be much appreciated. Also, I will get in touch with a friend to see if he knows any Quantity Surveyors. Thanks, Gareth
  8. Hi Louis, I recently had some mentoring from Damien Fogg and Richard Brown. I got so much value from it and would strongly recommend that you get in touch. They have started to do some work together. Don't worry about location either. Nowadays it's easy to use Skype and get just as much from a session. Cheers, Gareth
  9. Hi Chris, My wife is a doctor and she graduated from Keele and worked at the hospital for a year. Although I'm not from there originally, I lived there for a year and I personally don't think it's the best location, although that's based on my opinion that it's still a bit down on its luck as a general area. Whereas some industrial cities such as Sheffield have started to reinvent itself, I haven't seen much of that in Stoke and surrounding areas. That said, it really depends what your goals are. I'm interested in capital growth and I just can't picture stoke changing for a long time. My wife just mentioned Godwin Way, which is minutes from the hospital. We had friends there (also doctors) and it's a very popular area for junior medics. We lived in Hartshill. There are some decent streets, but be careful because if you stray into the wrong street which can be metres away, it's pretty grim. This can really throw off your comparable a and you could think you've found a bargain only to discover it's a dud. There is a good student population in Stoke and they tend to live all over, so if you're interested in HMOs or some kind of student let that could be a winner. Also, I gather that there is a new development being planned in Hanley, which will be a bit of a boost (and much needed) to the the area. All in all, I'm not a fan, but depending on your strategy and goals I'm sure you could do well. Hope that's a bit helpful... Cheers, Gareth
  10. On point 1, I'd say just go for it. There are so many possible outcomes, but generally the market forces will stay the same. You can always look to some political or economic events that could have an impact, but in reality things stay on a fairly similar course. As for moving abroad, that shouldn't be an issue. Provided you're in the UK when you buy and take out the mortgage, I would think you'd be okay. Unless your concern is managing the property. If that's the case just use an agent. I'm about to buy (once I've found it) my second property, so can understand the nagging concerns, but if you can afford it and you find a decent investment opportunity, I'd say go for it.
  11. I went through the same challenge a couple of years ago and I'm definite knit getting best value for money. I generally find the whole insurance process a pain in the @rse because you spend ages giving all your details and often end up with an uncomparable quote. Things are getting easier and when I buy my next property soon, I will get my act together and find a more competitive deal. I'd be interested to know what you go for in the end. Good luck. Gareth
  12. Hi, I'm looking to buy my first true investment property (I'm an accidental landlord) and I'm a bit stuck and need a gentle nudge to take the next step, as I'm struggling to commit to a strategy. My goal is to be financially independent and not *have* to work in 10 years time. Based on my lifestyle I think I need be in a position to generate £10k per month by that point. I am thinking of taking a mixed and changing strategy... Initially I would like to invest in properties with decent capital growth potential in desirable areas with strong fundamentals. I'm looking in Bristol, as I know the area and feel it's got prospects. The challenge I have is that the purchase price is relatively high making the yield and ROI lower than ideal. For me that's okay, provided I stay cash flow positive as I'm in it for the long haul and expect reasonable capital growth. Once I've gained more experience and learned the ropes and built up a good amount of capital, I think that I will start to switch strategy and change to HMOs for higher rental income potential. The idea of HMO scares me at the moment though - way too hands on for now. Does that approach make sense to people? Just writing it has clarified it in my own mind, but I would really appreciate some thoughts and ideas from the property hub. Many thanks in advance. Gareth
  13. Hi Paul, I'm actually looking to buy in Bristol. Do you know much about the regeneration project in the Temple Meads area? I'm hoping that will make it a good spot. Cheers, Gareth
  14. Hi, I live in Worcester and have actually been thinking about Birmingham as an investment area, so your post jumped out at me even though you're looking to invest elsewhere. Funnily enough, I lived in Stoke for a year up until last July as my wife was a student there and worked there for a while. It would be good to catch up to discuss ideas and I could provide my knowledge of the area. I know where all the students and junior doctors live, but not so much the low income group. If you fancy a beer or coffee let me know. I'm new to this too and having other people to talk to would be so helpful! Cheers, Gareth
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