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About DerekT

  • Rank
    Obsessed member!

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Profile Information

  • Location
  • Areas I invest in
    London - 2 bed flat (2014); Crewe - 3 bed terrace (2017); Crewe - 3 bed terrace (2019)
  • About me
    Originally from Sydney, Australia, now settled in London. Looking to build an empire...
  • Property investment interests
    Setting property strategies and goals
    Listening to/reading property, entrepreneurial and mindset podcasts/books
  • My skills
    Love spreadsheets
  • My goals
    Retire in 2032 with a desired net income, travelling the world

Recent Profile Visitors

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  1. Hi James Great to hear your plans! You may initially find it difficult to engage a builder / PM without a property in place. Most builders (the good ones at least) are generally booked out for weeks these days, so might be hesitant to attend viewings with you to cost up projects. Unless you have an existing contact or recommendation, you could find a potential builder from places like MyBuilder, ask your local building merchants for recommendations, or walk around the area and see if you can see any working on existing homes. You can then ask or offer them a small payment for
  2. If you're looking to give the items away for free, or sell them at a very lost cost, then Gumtree works a treat. Nextdoor is also good for local collections. You'd be surprised what people are willing to pick up!
  3. Hi Seanmc23 One way to reduce your taxable income is to salary sacrifice more of your employment income into a pension. You could salary sacrifice the amount of rent you're expecting to receive so it keeps you under the higher tax bracket. This is assuming you're currently employed and don't need the extra income generated by the rent as the funds wouldn't be accessible until you retire. However it'll be invested in a tax-effective pension environment where you can invest in a ETF or something that provides potential for decent capital growth. I'm not a financial adviser. tax account
  4. Hi rid Assuming that's Stratford in London, then lofts tend be alright given the limited space and prices in London. One way to check is try to and find somewhere close by that has done the same, converting a loft, and see if you can find a value on it if its been sold recently. Might take a bit of digging around Rightmove sold prices, or if you know of any neighbours that have done so. Best way to get a builder is through recommendations, so again if you know of anyone that has done a loft recently and they're happy with it. Also, if you drive or walk around your neighbourhood, see
  5. As @EvolutionBloggerand @dino vhave mentioned, not giving up. If you come across a problem or setback in property, it's probably not the first time it's happened. So reaching out for help, whether it's a forum like this, a broker, accountant, builder etc, there's most likely an answer or solution for it. And always keep learning. Things change, especially over time (e.g. new taxes, building regs, council crackdowns etc.), so to be and stay successful, you need to be on top of things. You don't need to know everything, you just need to know who to call...
  6. In addition to the good advice above, Rob D has a handy page on his Geek site about finding sourcers. In short, you have to do your due dil on both things, the sourcer and the property. Sometimes it's more work than trying to find your own property!
  7. Hi jayw I have one available for free on my site where you can plug in figures to run some quick numbers. Hope it helps!
  8. Hi mac-higg Depending on your goals, financial and personal circumstances, risk tolerance, and whether you're already living in your own home or not, have you thought about buying a home to live in yourself, say a 3-bedder, then rent out the other two rooms to lodgers? Not sure if the £11k is enough for a deposit for a 3 bedder in your area. Benefits are: mortgage rates are generally lower compared to BTL mortgages, it's tax-effective, you can receive up to £7.5k per year tax-free in rent from the lodgers, you get some experience in finding, referencing and manag
  9. Hi Stephen I use insurance brokers, Alan Boswell for landlords insurance, and they have 'unoccupied property' insurance when you're refurbing and it's empty. There are other brokers available, but I've found AB helpful and affordable.
  10. Been fortunate enough to have good, working tenants. In the last 3 years or so, only had 1 change of tenants across the two properties. During Covid, one of them was in arrears for 2 months but the agent chased and discovered it was because they were stuck overseas. They then followed up and once the tenant returned to the UK caught up on the arrears. Maintenance wise, they kind of sort out jobs under £100 or so, and larger jobs they'll let me know to ask for the go ahead. Monthly statements come in and it's all pretty hands off, but they're contactable and responsive when needed.
  11. DerekT


    Looks like you have a great property there foster! Lots of options and depends on what your plans and goals are. I'm not familiar with the area, so cannot provide any specific insight, but if you want a bit of both based on the considerations you've listed above, could you perhaps live in one building, and rent out the other as a service accommodation/short term let? You can then get the good life whilst generating an income from it.
  12. Hi Lukel I've been using Your Move AN for a few years now. They're quick to respond to any issues, don't cost too much and have found decent tenants with minimal void periods. They also have an online portal to keep track of your portfolio.
  13. Hi Jameston Are you looking to use it to list a house, or to provide it to architects/planners to refurb/develop the property? I've played around with Floorplanner before, it's free but takes a few goes before you get used to it. You can even style and convert the 2D layout into a 3D one.
  14. Hi Richard I'm not a broker, so please check with one, but I believe that if your Nan is still living there when you decide to mortgage it, then you'll be severely restricted in terms of possible lenders as she's considered a relative and is usually excluded as being a tenant in the T&Cs. If you don't charge market rent, then that brings up even more issues of sale and rent back which is a FCA regulated event now. Best to speak to a good broker to weigh up the options.
  15. Hi Chrispg Is there a floorplan for the property? Can't picture the living/dining/kitchen being a single room yet still split by a door frame. The main hurdle would be, depending on what's in the lease, the landlord will usually have to get consent from the freeholder as it might be deemed a layout change by adding another bedroom. So whether or not they'll be bothered is one thing. If they are and do get consent to change it to a 2-bedder, then what's to say the landlord/agent doesn't bump the rent up to what a 2-bedder would be? Other things to consider: Does the 'lou
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