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About DerekT

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Profile Information

  • Location
  • Areas I invest in
    London - 2 bed flat (2014) // Crewe - 3 bed terrace (2017)
  • 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 property, entrepreneurial and mindset podcasts
  • My skills
    Love spreadsheets
  • My goals
    Retire in 2032 with a desired net income, travelling the world

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  1. As with the above replies, check the legal pack, view the property and know your numbers. Also, try to attend an auction before the one which has your preferred property. That way you get to experience how it works, what the process is and what happens during without having the pressure of purchasing something.
  2. Hi James I think it's due to the previously lack of competition in the limited company market. Prior to the mortgage interest relief changes, most investors kept the properties in personal names. The personal BTL mortgage market is much more mainstream with most high street lenders offering BTL products. Now, with the focus on making the private rental sector more 'professional' and the move to limited companies, there are more lenders in the market offering limited company mortgages, hence the slight decline in rates. As it becomes more popular and with more competition, the number of available products has increased whilst the rates have decreased. Hopefully they'll be more aligned soon...
  3. Hi Stella I'm not an insurance broker, but isn't it just regular life insurance? Assuming the properties are owned in your personal name, you could arrange enough life cover to repay any mortgages you have against the properties in the event of your death. I recently used Life Search in association with Pete Matthews from Meaningful Money after listening to his podcast and reviewed my family's life insurance needs in case something happened to us. ** Note: not paid or affiliated with either of the above, just my personal experience **
  4. Hi John I haven't used their services but it looks decent and they offer a free 14-day trial (https://propertydata.co.uk/free-trial/2). If you've narrowed down a particular area, then perhaps sign up for the trial period to test it out and use it as much as possible over the 14 days to do your research.
  5. Hi Mike I don't have any experience with this (yet), but I'm guessing communication is the key thing. Let the tenants know you're trying your best to rectify the lack of cooker. Obviously if you've let it out and the cooker's on the inventory, then they're paying for a service that isn't currently working so if you were in their shoes, you'd be a bit frustrated as well. If possible, can you provide a microwave cooker as an interim solution until a gas engineer is available? Perhaps search for one on mybuilder or checkatrade. For appliances, there should be some availability online or perhaps try a 2nd hand one? Best of luck!
  6. DerekT


    Sorry, figured out it was the pivot table causing the issue in Google Sheets, so I've updated it to just be a simple sumif calc instead. I have updated the link in my message above which should now allow you to view / save a copy if you wish to use it. Any issues or queries, let me know.
  7. Hi thosken I've used SJ Dobson Plumbing and Heating to complete the gas safety certificate for a property in Crewe. Sourced via the lettings agent and did the job for reasonable price. https://www.checkatrade.com/SJDobsonPlumbingAndHeating/
  8. DerekT


    Hi Nyall Try the link above in the message to see if you can access it via Google Sheets. Any issues, let me know.
  9. Hi Nyall I'm not familiar with the area, but looks as though the home could do with some general modernisation. I guess it depends on the local market/area, but personally if I was planning to sell it, I wouldn't bother trying to convert the garage into another bed or the extra garden work. The garden looks fine from the photos, and the potential extension to the garage could be left to any potential buyer. I would just focus on the modernisation of the home - e.g. new kitchen area, new main bathroom. Having a look at the recently sold section under 'Market Info', the one that sold for £425k in Feb 2019 has been done up. It's difficult as there doesn't appear to be too many comparables for that location. What's the feedback from the viewings and the lower offer that was made? How confident are you that it would achieve £450k once the works have been completed? It could be a nice project to start off with as it's a family member's home and there might be less pressure for profit.
  10. Hi kirsti p I remember hearing it as well, seemed like a novel idea! I tried searching for it on the podcast search, but nothing turned up so perhaps one of the worker bees at the PH can confirm. I did a quick Google and the name 'Drivy' sounded familiar? It's a car sharing app so perhaps that was the one?
  11. Hi pfeth1 Congrats on the purchase. Did you purchase the property via a solicitor? If so, that would be my first port of call. If it's written into your contract, then ask your solicitor to point it out to the developer and their solicitor. I'm guessing the funds have all been paid as well before the snagging was completed?
  12. Hi Wookash I guess it depends on your personal, financial and tax situation. Best to speak with your accountant to review the appropriate set up. As you mentioned, the funds could be saved in a bank account or distributed as a salary, however, you could also use the income to: Purchase more properties, or other investments Contribute to your pension - likely to be the most tax-efficient, but also means you'll lock it away till it's accessible Distribute any profits as dividends - currently the first £2k is tax-free, and then it steps up into different tiers for tax, making it less attractive As always, depending on what you do with the funds, it will have a tax implication. For me, and this is not tax advice, rather just my thoughts and what I'm currently trying to do. I would keep snowballing it and hopefully have my kid takeover the company if she wanted to when she's older. On the side, I would squirrel some of the funds away into a SIPP (pension) that is invested in a ETF or similar index fund. But, everyone's different with different goals...
  13. DerekT


    Hi peeps I have one saved on Google Drive / Sheets that you can try to download - note: it may say it's too large for some reason (it's only 27kb) but just select the download option as opposed to opening it with Google Sheets. I have made the spreadsheet shareable so you can download it and then make the necessary amends to suit your personal needs and project. It's nothing scientific, more a Frankenstein of other spreadsheets I've seen. If you want more things added to it, or spot any glaring misses, please let me know. Cheers, Derek
  14. Property Tracker is handy, shows you the price changes and dates on Rightmove. I think Property Log is another version that does similar work.
  15. Well done mate, been great following your journey. Amazing what one can achieve through setting goals and working hard. Keep up the success!
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