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About DerekT

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  1. Nice work Anton. Seems to all work based on the various options I clicked around. I think the benefit of a s/sheet over a web-based calculator is the ability the compare deals and offers. Would there be an option to say, save Deal 1, then re-run the figures for Deal 2 then compare? You may have come across the Bigger Pockets rental calculator. Although it's US based, perhaps something like that would be good, where you can then print out the analysis as a PDF which you can either use yourself or show investors if you're a sourcer?
  2. Like onkar states, it is possible. Comes down to the lender that's offering you the BBL and what their T&Cs are. Some lenders won't allow you to purchase assets with it, purely for working capital only related to the business, whilst others don't care what it's used for. There's quite a few articles / forum threads on other property sites that discuss the pros/cons of using the BBL for property investing purposes. One thing to think of is how you'll repay the loan. Assuming you're eligible for the entire £50k (which means you either turned over last year or are expecting to turnover £200k), then after the initial 12 months interest free period, you'll need to repay c.£850 pcm over the remaining 5 years. Not sure that many £50k properties will generate enough rent each month to cover that, which means you'll need to subsidise any shortfall. You could try to refinance it, although lenders may be limited if they knew the refinance was for the BBL - who knows what will happen after the 12 months?
  3. Hi Brad, If you're a competent person, which sounds like you are if you're already planning a pre-tenancy checklist, then you can do the assessment yourself. If there's no water tanks in the property, then it makes it even easier. If you're a member of the NRLA or another landlord association, then they can provide guides/forms. Alternatively, you can grab one for free if you Google it. If you can't find one, message me and I'll see if I can dig out the last one I used for you. Cheers, Derek
  4. Hi Brad I normally get the tenants to sign/date this when keys are handed over and confirm how and when it was provided (e.g. EPC - copy email on 28 May 2020) Hope this helps? Cheers, Derek
  5. Hi @paulh94, I'm not aware that they're published anywhere. I believe you have to sign up and have a chat with their team first before being added to their distribution list for offers. And yes, the asking price is just the purchase price. I only took a screenshot of my tracker and that includes the other columns for costs like stamp duty, fees (sourcing, legal etc), ongoing costs (service charge, ground rent, mortgage, etc). Thanks @onkar! I originally based it off Rob D's spreadsheet, but slowly modified it overtime. Been using it for about 3 years now to track certain areas and deals that come in from various sourcers. If you want an extract of the above with the full details/columns, just drop me a message with your email.
  6. Hi Paul I haven't used any sourcers like PH to date, but do like to keep track of what they're offering. One thing I find interesting is whether or not they do actually offer 'BMV' deals. Obviously, it's a long-term investment so it's difficult to track due to the lag time. Here are some of the offers from PH (previously RMP) that they've provided in the past. I've received some 'deals' from other sourcers (not PH/RMP) where they just ping out emails to their investor lists. Sometimes when you go back and check on Mouseprice or Nethouseprices for what it ended up selling for, it's lower than what the sourcer was offering, so you would've paid a sourcing fee plus a higher price. Moral of the story is, conduct your own due diligence. Not only on the deal/property/area, but also on the sourcer. I think one of the benefits of PH is that you need to have a call with one of their team first before joining their mailing list to identify your goals/plans. They also send out any offers the week before to allow you to do your own research, rather than pressuring you into a rushed purchase. Based on onkar's feedback, it seems positive. And I've spoken to a couple of other investors when they had the old meet ups, where they've invested multiple times with them too.
  7. Hi Nicolas Think you're after a client account rather than a personal current account. You can find some more discussion on it here in another Landlord forum where they provide some suggestions. Best of luck!
  8. This thread has a similar query and the link within to a spreadsheet I based on Rob's one if it helps?
  9. Cheers Alex. I remember speaking to Simon a couple of times before going through with the actual application. I invested via a Ltd Co so had a few queries for him and he was happy to assist. Hopefully he's able to help you too. I'm only an investor in property, don't actually 'work' in it.
  10. Similar to you, plan is to keep monitoring certain areas, seeing how the market has reacted to the lockdown. Now that it's been lifted and viewings/moves are now allowed under certain guidance, then should start seeing more properties coming onto the market and agents back open again. Might take a few months for the back log of the property transaction process to be cleared. On the side, continue to check in on relevant webinars and online network events, read, listen to podcasts etc.
  11. Charles Louis is the mortgage provider / partner of Property Hub. Dave Cookson writes articles in each of the Property Hub magazine and has been on the podcast a few times. If you search the forum, there's quite a few posts about them. I've used @simon allen of Searchlight Finance a couple of times to source mortgages, and he posts quite regularly on the forum. Received good advice and speedy service from him, all done online these days. There are other brokers on the site as well to choose from, but just offering my personal feedback. Good luck!
  12. Sounds very productive, Matt. Are you planning to purchase any properties with your growing deposit pot this year? Or you think you'll wait and hold off to maybe next year? Great to hear you were able to source another tenant for your property. I don't have any voids at the moment but unfortunately one property hasn't paid rent for what is 2 months now and with the agents not being in the office, they're not able to pop around the corner to visit it. Makes it a little more difficult trying to chase by email / phone...
  13. I was little bored over the weekend so updated my blog to include the reading list above, with some additional books added since August last year. Broken down by entrepreneur and leadership, mindset and property categories and includes a brief one-liner of what the gist of the book was (based on my comprehension). Hope it helps if you're after some reading material during the lockdown! I need to add some of those recommended above to the shopping cart as well... https://abcdad.co.uk/books
  14. Hi all Hope you're all keeping safe and well. With so much time being spent at home, I've found myself getting 'itchy' fingers in terms of property investment. Not sure if it's just me, but I've never been on so many webinars in the past month, usually with the same Q&A about C-19 issues. Other property-related activities during lockdown include reading books/forums, listening to podcasts, researching areas, reviewing existing properties, catching up on admin and paperwork, working on social media/networking... Agents are WFH and viewings limited, and for the areas I monitor, there's been a lack of new supply. My plan for 2020 was to purchase another BTL, which is still possible with the potential easing being whispered by government. I don't know if I'm maximising the extra time during this period so it'll be good to get other people's thoughts. What are other investors doing / up to during this time?
  15. Hi khuram Thanks for the feedback! The spreadsheet assumes it's interest-only, with the annual mortgage interest is shown in column AG (so just need to divide by 12 to find the monthly). And yes, stress test is if the market moves and interest rates were increased. Not likely at the moment, but you can tweak it to test whether the investment is viable if rates were to increase to x%. For example, if a single let is still generating a positive cash flow based on a 7% stress test rate, then you know you'll be to cover the outgoings without having to dip into your reserves should rates get that high. Any other queries, feel free to ask!