Jump to content


Established Member
  • Content Count

  • Joined

  • Last visited

About DerekT

  • Rank
    Obsessed member!

Contact Methods

  • Website URL

Profile Information

  • Location
  • Areas I invest in
  • About me
  • Property investment interests
  • My skills
  • My goals

Recent Profile Visitors

2,458 profile views
  1. DerekT


    Sounds reasonable, but no use asking us on a forum, ask your JV partner! Is your husband 'qualified' or experienced with refurbs? Is the JV partner comfortable with your husband's standard of work? If so, then happy days. As long as you're both aware of the responsibilities of who's contributing what to the investment, both in terms of money and sweat, then there'll be no quarrels at the end. Be sure to document the agreement.
  2. Hi Nikki Hope you're enjoying Oz! Whereabouts are you? Hope you're not locked down in Melbourne. I'm originally from Sydney, been in London for 10+ years now and like you, have a young family (a daughter). I have a couple of investments up north in Crewe so it's a bit tricky trying to expand the portfolio when you need time to view and chat to the agents. If you put in some time upfront, build the relationships, then it makes it a little easier. You can outsource the management to a local agent, especially if you've built the rapport and relationship. You can also hire locals to view properties for you, or use services like Viewber to do them. There are some weekends when you train / drive up to the investment area to check in, but maybe you can make it a family weekend trip or something. As you educate yourself, if you know of an area you're interested in, best thing to do is to track properties you see on RightMove. By the time you return and are ready to invest, you'll have a decent catalogue of previous properties that have sold, so know what they listed for, what they sold for, specs and condition they were in, the local agents that sell the most, rental prices etc. You'll have a picture of what's a good and bad deal. Good luck in your property journey, and enjoy the Aussie summer!
  3. If the Leeds red light district is similar to those in Amsterdam or Sydney, then property prices tend to be quite high in those areas! The CGI interior design looks nice, not sure how I feel about the kitchen/living being the middle of the 2 beds though. Usually prefer a separation of zones but that's probably just me. As usual, do your due dil on the developer, agents and property/area. What's the rental demand like? What are the service changes? Potential net yield? Who else is buying? Is it all investors (if so, financing it / renting it out might be tricky)? What else is available at this price / spec? What's the competition? If multiple agents are trying to flog the flats, why? Is the developer having trouble moving them? What's the developer's history / completion rates / timeliness / safety record etc? If it does sit on the red light district boundary, are there plans to future gentrify/develop the area? What's the crime stats/demographics (streetcheck.co.uk)? And many more questions...Best of luck!
  4. Hi Zerohour9am No personal experience in this, but had a dig around and found a thread on MSE here that provides some assistance (skip to the most recent comments from the last couple of months). As it suggests, you'll probably need to liaise with the management company of the block (assuming there's one), to get them to arrange cover. The more research / work you do for them, the more likely they'll take it forward on your behalf. If you have a block AGM coming up, maybe get it added to the agenda. There's also other insurance providers that are looking to assist those impacted by Alpha going bust in offering replacement policies. Not sure how they work or how reputable they are, but maybe ask an insurance broker to see if they're able to assist?
  5. If you're planning to develop a large portfolio of properties, then might be prudent to get some tax advice upfront to ensure it's set up correctly and in a tax-efficient manner. Easier to establish when it's early days than trying to unwind things at a later date. Perhaps pay for one-off advice at the start, or assistance to submit the first year's accounts. Maybe try to do your own at the same time and see if it matches up with the accountant's figures. Then ask loads of questions about it and if you're confident enough give it a crack yourself the following year. Don't forget, you can expense the tax advice.
  6. In light of the recent issues with cladding on flats, houses (freehold) for sure!
  7. Hi Keung Best to speak with a broker as they'll have the experience and knowledge. From what I've read (which may or may not be correct), you'll need to: Prove the source of funds - so that'll be a deposit if using finance/mortgage, or if purchasing in cash, you'll need to pass AML checks; Prove you're able to repay the mortgage - most lenders have a minimum income requirement, usually around £25k per annum. If you're generating that through your trading and can support that with statements, tax returns etc., then can't see why it can't be used to evidence your ability to meet repayments. Good luck! PS: If you have any trading tips, do share!
  8. If you're limited for reading time and prefer something visual, he's condensed his book into 30 minutes on YouTube! If you set the playback speed to 1.5x, even shorter!
  9. It's already here, albeit on one bank that I know of. If you hold a Starling Bank Euro Account, then I think it's -0.5% interest per month on holdings over €50,000, so if you hold €60,000, you get charged €50 for the privilege. I'm sure more will follow suit, or start adding account fees to previously free accounts.
  10. Hi Steve I haven't used them but did a quick Google on the company. Looks to be a husband/wife team, previously had ReadyLets Ltd which they dissolved in Sept 2020 after about 3 years, and opened up ReadyLets Properties Ltd in Jan 2020. Not sure why, looks like different SIC codes now. Accounts for new company not due yet, and their accounts for their previous company from 2018 seemed to have c.£230k in inventory with c.£260k due to creditors. Not sure why they'd have so much inventory? It looks like they specialise in Durham/North East properties, but from their Contact Us and Privacy Notice pages, the address to direct queries is to an address in Woking Surrey, which is also where the registered address for the companies is, which is their accountant. So seems like they're based in Surrey but invest/source in Durham? Again, not sure if that's the case but might be worth asking. Checking a couple in the 'Sold' section and comparing to actual sold prices, take what you will from it: Ascot St, SR8 3RU - said it was on sale for £48k with tenants-in-situ. Taking a look on Mouseprice, 'recent' average sales don't come near that, all 3-bedders below £40k. William St, DL17 0DJ - said it was on sale for £42k with tenants-in-situ. Again, Mouseprice shows a couple of other 2-bed properties sold in May 2020 for £34k and £38k. As always, check if they're registered with the relevant associations (redress scheme/ombudsman, ICO). Do your due diligence on them and their deals.
  11. Hi Wayne Of course, just click the link and if you want to download a version for yourself, you can request access and I add you to the editor list. There's no fees or charges, just sharing what I use.
  12. Hi David Welcome to the PH forum. Congrats on building up a portfolio! As always, speak with your accountant for the most tax efficient way, but some ideas, depending on your personal circumstances and level of income needed to support your lifestyle include; If you're close to retirement age, you can contribute to a pension via the limited company, then drawdown a pension income; Depending if you have any other income, you can look to pay yourself a salary from the limited company, or a mix of minimal salary topped up with dividends; Expense everything you can via the limited company - e.g. you're allowed to claim up to £150 per year on one-off events, like the Christmas party. Either way, as you've stated, you'll be paying tax somewhere along the line - corporations tax for profits within the company, and then personal tax when withdrawing funds from it.
  13. Personally, I'd let it go as you've said they paid and left the property in reasonable condition. Yes, you were inconvenienced, the insurance situation is hypothetical, but is it worth the hassle for less than a quarter of the deposit? The amount of time spent collating evidence for TDS, then waiting and chasing them up, might be put to better use in calling up agents, doing viewings, chatting to investors etc. In light of Covid situations, the tenant just wanted some 'us' time with her, which is understandable. In the event that TDS does agree with you and pays the requested amount, what would you do with the proceeds? Pay it to the tenants that are now back for the inconvenience?
  14. Hi Jacquie Admin and maintenance wise, especially come tax time, it's easier to set up a separate account for your property investments where the rent and property expenses can be tracker, without having to filter out your personal items.