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Mark Longfellow

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  1. Hi Richard, Thank you very much for the advice! Just downloaded the book and look forward to reading it! Thanks Again Mark
  2. I am struggling to find the right BMV property through local estate agents in my investment area so thought I would try a different route! I have put together flyers and business cards to leave in local shops and post through doors in the area. However, before hitting the print button I have read there are some very strict guidelines around what you can and cannot say. Specifically you can not offer to buy and rent back and you can not refer to releasing cash. Other than a leaflet that just says 'Sell me your house' I am not sure what else I can say. Our latest purchase is almost tenanted so do not want to be waiting around for the deals to fall in my lap. Does anyone have view on this?
  3. Hi all, Need to pick a brain or 2 if I may? We rented a property on a joint tenancy agreement on 1st August to 2 unrelated tenants, one of which moved in on the 1st August and the other on the 1st September. I have had an email from the tenant who moved in more recently saying it has not worked out and they would like to move out. I have replaced the actual name of the tenant with 'John Smith' for privacy and copied in some of the email below. 'Unfortunately, things have not worked out sharing the house with John Smith Since moving in on 1 September I have only managed to stay in the house for roughly 7 or 8 nights. Within the last week he has asked me to move out twice. Moreover, he has some pretty severe anger issues which have resulted in me not feeling comfortable in the house. Therefore, I am hoping to move out by 1 October John Smith and I have spoken and he will be taking on the lease solely. I hope this is not a problem, as the property was originally let to John Smith as sole occupier before he suggested to me that I move in as well. As I was paying rent and bill money direct to John Smith, there should be no change in the monthly transfer to you for rent. Would it be possible to have my name removed from the lease? I am happy to pay for any administration fee that may be incurred by the work involved in doing this. Also, once I have a move-out date formalised, would it be possible for me to arrange to hand my keys back directly to you? Although John Smith and I have a working arrangement and will keep things amicable as I move out, I would like to make it formal that I have left the property' I was wondering if anyone had a suggestion on the best way to resolve this for everyone concerned? - Would I need to draw up a new single tenancy, if so does this automatically make the old agreement null and void, what happens to the signed inventory, deposit protection we have set up etc etc? - Can we just get everyone involved to sign a letter stating this will be treated as a single tenancy from 1st October and detailing who will be responsible for what? - Is there another preferable way to do this? Any help from anyone on the best way forward on this would be much appreciated. Really keen not fall short of a legal obligation or be left without any rights somewhere further down the line?? Thanks in advance Regards Mark
  4. Hi Elaine, Good to hear from you. Sounds like you have a plan in place so sure you will do well! I've not really looked in to any networking sessions in the area but would imagine there would be plenty in Leeds! I'll repost if I come across anything! Good luck!
  5. Hi there, New this year to property and looking to pull money out of our first purchase to part finance our 3rd purchase. We are tied in to The Mortgage Works for 2 years with ERCs not worth considering so looking at taking out a further advance on the mortgage after 6 months which would be at a rate of 4.99% plus another £1k product fee to borrow up to 80%. We are looking to borrow c£15k so will only make a £62pm dent in our cash flow so it seems like a logical decision. However, Every property forum, book, article I read talks about re-mortgaging but never a further advance so I was wondering if there was something I am not aware of which makes a further advance a bad idea? I did also find out today that with the mortgage works you don't just need to own it 6 months but also have a tenant in for 6 months which will set us back dramatically (are better mortgage brokers able to get round any of these 'rules')? Any thoughts much appreciated!! Podcasts on here are great by the way!
  6. Hi all, I started to consider property as a future career path earlier this year (for no particular reason other than a book I read seemed to make sense) and now along with my wife and in-laws are about to purchase our 3rd BTL. I have to admit I am completely addicted but unfortunately after this one the funds will have dried up so having to wait until we can pull some of the money out (which I found out today not only do you have to own it for 6 months but also need a tenant in there for 6 months before we can take out a further advance on the mortgage)... lesson learned. We are buying in Leeds and looking at c70k 2 and 3 bed back to backs only. When we hit 5 we are going to start looking in to HMOs. First one went great with a 11% yield (before tax - but hoping to be tax neutral for the next few years). I got a little too excited with the 2nd one because it had a tenant already in situ paying above the local average and we do not really have the ability to add any real value to the property... 2nd Lesson learned! Looking forward to getting involved in the forums. Thanks
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