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About DerekT

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    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 Jayvicks Try Landlord Action. You may have seen Paul on Ch5's Nightmare Tenants TV show, seems to get the job done. Not sure why you gave them an ultimatum to leave, particularly during a lockdown after they've lost their job? 50% of rent is better than 0%. Usually you would provide notice in line with the AST (minimum 2 months) and then they might leave on more amicable terms. Unfortunately you'll have to go through the official process to evict them. Seems like the tenant knows what they're doing and stretching out their stay for as long as possible. Best not to switch off
  2. Hi Mark / James, Few Qs from me please if I may? Do investor packs help the CS's job in terms of valuing the property? e.g. showing before/after photos, compiling local comparations. Valuations seem to be more on the 'cautious' side these days, which makes sense given the current pandemic and economic outlook. Is there any particular insight James can provide, or offer his opinion of the current property market and what to expect over the next year or so? Does the quality of fittings/appliances impact the value? e.g. do you value the same property differently if it had
  3. Hi Ollie I'm sure the brokers on here will tell you with more authority than me, but if you're buying with a standard BTL mortgage with the aim to refurb and re-mortgage in a short space of time like 3 months, then you're using the wrong mortgage product. Standard BTLs are usually for long-term (e.g. 10, 20, 25 and even 30 years now) with the lender factoring in their profit over this period. If you then suddenly refinance it after 3 months, you might get away with it the first time but if you consistently do it, they'll add you to the naughty blacklist and remove all borrowing options f
  4. If you have some time on your hands, trawl through Rightmove based on your postcode area +1/4 and then 1/2 mile and include those that have been marked as 'Under Offer / Sold STC'. Check those that have been sold, how long it took to sell and what condition they were in. If those that are sold with a higher price have been modernised to a certain specification, then take note of the floorplans, photos, description etc. After a few, you can build up a picture of what's selling in your area and for what prices. Also note if there's a particular agent that's selling most of them and give th
  5. Hi AJWT I used Viewber in Aug 2019 for a property that I ended up purchasing. Utilised the Silver option (£54 at the time), which had a report and photos. There wasn't a lot of commentary for items that didn't apply, but a few lines where the viewer called certain things out. I added extra questions/checks at the end of the report for the viewer to ask which he responded to which was good. I went to visit the property after purchase to collect the keys and it was aligned to the report. Obviously if you're there in person you can be more detailed in what to look for. But as David ment
  6. Hi Mark I've done this for a 2 bed (with en-suite) flat in London where the room rates are high enough to cover outgoings and provide sufficient profit. The only time it's been vacant was between March to July this year when one of the tenants went back to Germany due to the lockdown, but other than that both rooms have been rented out. Both rooms have always been let out to females in full-time employment, one gets the en-suite and the other gets the main bathroom so pretty much they both have their own bathroom. As Dino mentions, check with the freeholder, mortgage and insurers if
  7. As EvolutionBlogger has stated, lenders don't really like mixing the businesses in the event your training company runs into trouble, they don't want any links to it. Best to set up 2 separate companies with the relevant SIC codes to give you access to more lenders. Will mean extra accounting costs however.
  8. Hi James As you've noted yourself, it's a case of supply and demand. Most likely due to Covid lockdowns, demand for apartment living has reduced which increases the supply. Add on the number of new builds available in Liverpool, creating further supply that can no longer be met at previous prices. What is the competition / other available properties like? Put yourself in a tenant's position - if you were searching for a place, what would make you choose your property over the next one on Rightmove? Can you offer other options like reduced first month's rent, or perhaps utilise
  9. I guess it depends on your risk appetite and plans for the future. You have to weigh up the benefits of repaying the mortgage (e.g. security, no further repayments) against the costs of doing so (e.g. opportunity cost - what else could you use the funds for, can you invest in something that might exceed your current mortgage rate?). The re-financing query is probably a query for your broker, will depend on your circumstances and financial position at the time you wish to draw down the funds. Will you still be in employment? What lenders will be available? What will you be using the refi
  10. I remotely invest in Crewe from London and haven't had any issues up there in terms of properties or tenants. It was good to read the article about it in the Hub magazine. The council created this video of the regen programme currently underway, which includes the HS2 hub and town centre development. Whether or not it actually happens in light of Covid, Brexit and the HS2 costs, we'll have to wait and see. However, it does look promising.
  11. Try the local planning portal where you should be able to view all the planning applications. Looks like the one for NCC is here: https://www.nottinghamcity.gov.uk/planningapplications Not sure if there's a quick way of viewing it, but you might have to scroll through them month on month to see applications for new builds. Alternative, call up some local agents and see if they're aware of any as developers will most likely look to sell a few off plan to help with finances.
  12. Sounds a bit lazy to me too. As long as they give the tenants notice and follow the rules (hands, face, space) and wipe down anything they've touched (door handles, windows etc), then can't see why they can't do a quick inspection. Perhaps call another local agent and see what their policy is?
  13. Hi Tomo There's a chrome ext. called PatMa that I've been using, shows when prices are amended, when it's marked as Sold STC or Under Offer or Re-listed. Very handy. https://www.patma.co.uk/page/property-tools-browser-extensions/
  14. Hi T I'm not an accountant, so please double check with yours or I'm sure an accountant on here will be able to confirm. If I'm understanding it correctly, you have a limited company that owns a property with ground rent/service charges payable? If so, then yes, it'll be considered a business expense, similar to other bills like insurance, accountant fees, travelling associated with running the business. Therefore it'll be deductible from the income prior to corporation tax being applied.
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