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About DerekT

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  1. Thanks for checking. It may have been updated by someone as I don't recall having voids there and I haven't bothered protecting that sheet. In any case, I've updated the formula to remove the double % calc so should be good now. If you've downloaded a version already, you can just delete the extra "/100". Let me know if you spot anything else.
  2. Hi HKD It'll be similar to the Royal Docks development where old industrial estates merge to provide a mass residential scheme. Barking has been an 'up and coming' area for a while, but if the development does go ahead it should provide more life and money into the area. It's probably a long way off before that happens so if you want to get in the area, might be better off looking for a solid, existing house or flat with share of freehold to invest in rather than a off plan/new build.
  3. Hi Matty I've moved the spreadsheet to Google sheets. Try: https://docs.google.com/spreadsheets/d/1ewDWbNsp5E-oj6VNvQ52udVmvy3qAu3vu6R0HEY2S3A/edit?usp=sharing It may ask you to request access, so I'll add you when it comes through. Then you should be able to save a copy of it to punch your numbers in.
  4. Hi Ian Depending on how long you have before you want to purchase, I find keeping a spreadsheet to track all the properties in your preferred area a great way to identify values. You can track when they were first advertised and for what price, reductions, if they've been taken off the market and re-listed. If they do get sold, then wait a few months and check on Land Registry / Mouseprice / RightMove, or just give the selling agent a call. That way, after about 6 months, you have a view of the area - what's sold, what hasn't, average prices, property types and standards etc. Takes a bit of effort to maintain (unless you want to outsource to a VA) but it's not very difficult, do it while watching TV, listening to podcast or something in the background.
  5. Hi Nick Just like with any joint venture, you still need to do your due diligence with family members. As Adam mentioned, do you have the same goals? What skills do you each bring to the company? What happens if there's a disagreement? With a non-family JV, you might be less emotionally tied which in turn might make decision making easier, but when it comes to family and money, this might be more difficult. So be sure to sit down with the family and document your plans, including any potential exit plans.
  6. Hi Sam Do you know the reason for the vendor selling up? Moving for employment? Down/Up-sizing? Any nugget of information you can get from the seller might help with leveraging the negotiation to identify what they need. Price might be one thing, but there's probably another reason they've set that price point (e.g. do they need that amount to repay a mortgage, legal fees and moving expenses?) Other options include finding comparables in the near vicinity of where you're buying/ This will come in handy, especially if the prices are lower than what the vendor is asking for to put things in perspective for them. Also, if it's been on the market a while, you can always mention that you're ready to go with the purchase at X price and it may be costing them Y amount each month it's on the market - drop in the Brexit and with winter approaching which tends to be slower market-wise. In any case, if you have an upper limit yourself, just make sure you stick with it and mention it's your full and final offer. They may end up waiting around for their desired price, but if you follow up each couple of weeks, they may realise you're their best option and agree to come down.
  7. I'm about to complete on a standard BTL through a limited co. using LendInvest and found it an easy process. Everything's done digitally similar to opening a Revolut account where they request a selfie for ID&V checks. They didn't insist on a secondary legal review to explain the personal guarantee implications which saved a few ££. They do have a restrictive panel of solicitors you need to use, but I've found them easy to deal with as well and quite reasonably priced. The solicitors I chose had a couple of office locations, including a London office which was around the corner from work which made it even more convenient. So all positives from me.
  8. The initial licence scheme was only approved for 5 years starting in April 2015. Liverpool City Council have asked the Government to extend the licencing for another 5 years, so whether or not that means another few hundred pounds for a new licence, or they keep it rolling based on when you purchase, I'm not sure of. Most likely you'll have to apply for a new one given it'll rake in more £ for the council...
  9. Do-able but might be slightly tougher in current market conditions, depending on your area. There's been quite a few stories of valuers down valuing properties to err on the side of caution on behalf of the lenders. You would probably have to show comparables of the £100k homes in the area to demostrate why it's worth £100k and not the £80k purchase price.
  10. Hi Kuro507 I'm not familiar with the area, but best way is to get an idea on what the local market wants. There's no point in extending to a 5 bedder if there's no demand for it. So if you haven't done so already, check out what's being rented out or chat to the agents and see what's in demand and then plan around that. Some questions might include; Is it close to good/outstanding schools? Are there large employers close by? Surrounded by council estates? Street full of HMOs? What's the demographics of the area - e.g. young couples, retirees... A couple of articles on best value improvements to the home: https://www.propertyreporter.co.uk/household/kitchen-makeover-revealed-as-the-uks-most-popular-home-improvement.html https://www.propertyreporter.co.uk/household/what-are-the-most-profitable-improvements-you-can-make-to-your-home.html
  11. Hi rambos I use Alan Boswell for my building and landlord insurance needs. They respond quickly and can provide a quote and recommendation based on your property specs. * Note - no affiliation or paid to refer, just a satisfied customer.
  12. Hi Arkadrich I'm guessing some high level questions would be around; Goals? (what) Timeframe? (when) Finance / Funding? (how) Personal skills that you can leverage? Network? (who) Strategy - e.g. single lets, HMOs, rent-to-rent, serviced accommodation etc (which)
  13. Not sure whether they're worth watching, but sometimes I have these in the background if they're on: UK shows: Homes Under the Hammer (obviously) Location, Location, Location and their other show, Phil and Kirstie's Love it or List it Grand Designs Sarah Beeny Property Ladder (bit dated) Nightmare Tenants, Slum Landlords US shows: Buying & Selling Income Property Oz show: The Block (probably need to find an Oz stream) There's also never-ending content and videos on YouTube ...
  14. Hi Sean I'm not 100% sure on HMOs and R2R, but is the existing HMO license transferable? I thought they weren't, which means you would need to apply for one if you're taking over the HMO duties of renting out the rooms? I guess things to check would be standard things, especially compliance wise - e.g. room sizes, fire safety (exits, alarms, signs), tenant demand (it's been empty since Jan with previously dodgy management - why?), room rates and household bills...
  15. I have one in Crewe and the one going through conveyancing now is also in Crewe, both within a limited co. However, I reside in London and have a BTL flat here as well which is in personal names as we used to live in it. Funding wise it's just savings - nothing exciting.