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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. 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...
  2. 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.
  3. Might be easier if I just share the link on Google Sheets in case others want a copy. It'll ask you to request access. Please let me know if you spot any mistakes.
  4. Hi Lozza I've found the word 'require' highlights properties that requires either cosmetic upgrades or modernisation.
  5. Hi Nigel There's a few options regarding viewings: If you still have family / friends in the UK, you can always ask them to visit the properties; Property sourcers - they offer the packaged service, but do ensure you do thorough due diligence on the sourcer Viewber - a company that provides a service to view the property for you and prepare a report / photos / video of it for you depending on various levels of fees. I've used them on one occasion and ended up offering on the property, currently going through conveyancing on it but still haven't seen it. There's probably other options available, but hopefully something to get you started.
  6. Hi Jack Is the below something that you're looking for? If so, let me know and I can share the link to the Google sheets with you. Cheers, Derek DEAL PROJECTIONS: (enter your estimates into the yellow coloured cells) DEAL ASSESSMENT: INPUT - PURCHASE INFORMATION EXIT OPTION - BTL Purchase Price £103,700.00 Total Investment Costs £39,036.00 Stamp Duty £3,111.00 Monthly Cashflow £309.04 Legal Fees £2,000.00 Gross Yield 7.23% Refurb Costs £8,000.00 Net Yield 3.58% INPUT - BORROWING (enter 100 for deposit if not borrowing) Return On Investment 9.50% Deposit 25% £25,925.00 EXIT OPTION - BTL (REFINANCING) Mortgage 75% £77,775.00 Refinanced monthly cashflow £273.13 Mortgage Arrangement Fee 1.00% £777.75 Cash Out From Refinancing £12,225.00 Mortgage Interest Rate 3.49% £228.46 Money Left In Deal £26,811.00 INPUT - BTL INFORMATION (if applicable) Months Before No Money Left In 98 Monthly Rent £625.00 EXIT OPTION - BTS Letting Agents Fee 10.80% £67.50 Total Investment Costs £39,036.00 Monthly Running Costs £20.00 Total Selling Costs (includes 6 months mortgage) £4,070.75 INPUT - REFINANCE INFORMATION (if applicable) Profit From Deal -£1,659.50 New Market Value £120,000.00 Refinanced at (% LTV) 75% £90,000.00 Mortgage Arrangement Fee 1.00% £900.00 Mortgage Interest Rate 3.49% £264.37 INPUT - BTS INFORMATION (if applicable) Sale Price £120,000.00 Legal Fees £1,500.00 Estate Agent Fee £1,200.00
  7. Hi Alex, I've copied/pasted a list of books I've read in the last couple of years, hope it helps! Mix of property, entrepreneurial, mindset and auto-bio type books. Give us a shout if you have any queries. I see you're based in London, so if you're in the SE or work in the city, more than happy to lend them to you too. Book: Total recall - Arnold Schwarzenegger The Magic of Thinking Big by David Schwartz Elon Musk: Tesla, SpaceX, and the Quest for a Fantastic Future 100 Property Investment Tips - Rob Dix and Rob Bence Rich Dad Poor Dad by Robert Kiyosaki How to be a Landlord - Rob Dix The Richest Man in Babylon - George Clason The 4-Hour Work Week by Tim Ferriss How to Win Friends and Influence People by Dale Carnegie Rich Dad’s Cashflow Quadrant by Robert Kiyosaki The Property Coach - Aran Curry Think and Grow Rich - Napoleon Hill The Compound Effect by Darren Hardy The 7 Habits of Highly Effective People - Stephen R Covey Black Box Thinking: Marginal Gains and the Secrets of High Performance - Matthew Syed The Chimp Paradox: The Mind Management Programme to Help You Achieve Success, Confidence and Happiness Paperback - Prof Steve Peters Awaken the Giant Within - Tony Robbins Man's Search for Meaning - Frankl Secrets of the Millionaire Mind - T Harv Ecker Hot to Get Rich - Felix Dennis Never Split the Difference: Negotiate - Chris Voss Quiet: The Power of Introverts in a World that Can't Stop Talking - Susan Cain Thinking, Fast and Slow - Daniel Kahneman Millionaire Fastlane - M J DeMarco The Power of Habit by Charles Duhigg The Subtle Art of not giving a f*** – Mark Manson Shoe Dogs - Phil Knight Factfulness - Hans Rosling The One Thing - Gary Keller Outliers - Malcolm Gladwell Mindset - Dr Carol Dweck You are a Bad Ass - Jen Sincero Miracle Morning - Hal Elrod Getting to Yes - Roger Fisher The Marshmallow Test The E Myth - Michael Gerber The 10x Rule - Grant Cardone Delivering Happiness – Tony Hsieh The Millionaire Next Door - Stanley and Danko How to fail at almost everything and still win big – Scott Adams Property Pension Plan
  8. Interesting point drkidd. I think that even with all the data and tech available, there's one thing that those things can't cope with or understand (yet), and that's human emotion. I think the tech makes things worse with instant access to information, 24-hour news (and fake news). These magnify cyclical events. When there's one bad news story or inklings of a downturn, people panic and start selling (or stop buying) which causes the downward spiral. The fear of missing out is a powerful driver.
  9. It depends on how good the deal is, but personally if I was a tenant or owner-occupier, I would probably choose another property (but that's just me). I had a quick Google and there's lots of sites and forums that discuss this situation - top ranked site was http://www.emfs.info/living-substation/ I guess if it's a brick wall / fence and you can't really see it, then it should be alright. As Dennis said, it may limit your lending options and certain tenants (e.g. families with young kids may opt for alternate living arrangements). Not sure how much you'd be able to re-negotiate assuming the substation was visible at the viewing, but no harm in asking?
  10. Hi Bryony You definitely have a solid foundation of funds to work with. It's best to define your goals (e.g. your why, when, how etc) so you know where you're headed on your investment journey. From there, you can then see which strategy suits your needs best (e.g. single BTLs, HMOs, serviced accommo etc). It's also advisable to seek professional advice from: Mortgage brokers, especially if you're looking to leverage, to see what's the ideal way to fund your investments Accountants - to identify the best way to structure it for your current tax situation, and also future - inheritance/succession planning Agents - it's never too early to start popping in to an agent's office, build rapport and see what the current market's like And as always, never stop learning. There's plenty of courses at the Hub and there's lots of other forums, YouTube videos, blogs, podcasts on property to absorb information from.
  11. Great stuff Darren, motivational as always. It's always a tricky balance weighing yourself so frequently, it can either be a driver when you notice weight loss, but a downer if there's no movement or an increase even after heavy sessions at the gym. Just keep going and turn it into a habit, and I'm sure you'll continue see the benefits! I switched from after-work visits to 5am sessions and found it to be a lot more productive, so if you ever lose the motivation, you can try switching up the schedule.
  12. Hi Matt Some other ones I tend to listen to each week include: Bigger Pockets (a US property podcast, but offers some good content and is interesting) Property Voice (hosted by Richard Brown, who also visits this forum!) Progressive Property Podcast (has a good mix of content) Inside Property Investing (quite focused on HMOs / serviced accommodation, but has other content as well) Tim Ferriss Show (long episodes, with some you can skip, but offers good interviews and mindset/entrepreneurial insight) Michael Yardley (an Aussie property podcast, but also offers general property advice and mindset moments) Meaningful Money (as you've mentioned, a friend of the Robs, general finance podcast) That should keep you occupied for a while!
  13. Update from big BoJo regarding the Northern Powerhouse and it's rail connections. Looks positive for the Manc to Leeds link... https://www.bbc.co.uk/news/uk-england-49132477
  14. It's a little hit and miss, but outside of Googling "Location employers", you can try Glassdoor.co.uk. You can search by the area and the main companies should pop up.
  15. Speaking from personal experience, we (the Mrs and I) came over from Oz to London and initially stayed in a one bedder for a year. For some reason, we then moved to a studio in the same development (think it was cause of the better view, same rent) and stayed there for a year before we upsized to a 2bedder. I believe there is a demand for then, think the area / location is more important for the property and tenant type. As others have mentioned, if you're investing in a family driven area near schools, a 1 bedder probably won't be the most in demand home.
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