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DerekT

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  1. Like
    DerekT reacted to nickboaz in Contract with builder   
    Quick update; we completed a JCT signed by us and the builder. What a simple process! And great peace of mind. 
     
  2. Like
    DerekT got a reaction from abbyk in Multiple BTL purchases   
    Hi Abby
    Your friend can purchase more than 1 at the same time. In fact, if they buy it from the same vendor, they can benefit from a linked transaction and potentially minimise their stamp duty impact - HMRC link. 
    Might be best for your friend to discuss options with a mortgage broker if they're looking to borrow funds to help with the purchase, and an accountant to ensure it's being purchased in the most tax-effective manner. 
  3. Like
    DerekT got a reaction from benjiw in Book recommendations please?   
    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
  4. Like
    DerekT got a reaction from carlhague in TPP 224 Back to the future: How to predict future property prices   
    HI Carlhague
    If you try their media resource page - https://www.nationwidehousepriceindex.co.uk/resources - there's a tab near the top for 'HPI Historic Data' that you can download as an Excel file.
  5. Like
    DerekT got a reaction from gemk in Down valued by 80k!   
    Was that the lender's valuation or one that you commissioned yourself? If it's the lender's, then they might be particularly cautious, or perhaps there's little for the valuer to work with in terms of finding comparables so opted for the lower end. 
    It's currently a hot market and homebuyers have pent up demand and savings to spend, hopefully before the end of the SDLT holiday. 
    It may well be that the second purchase will fall through as well when they get their valuation done, so keep an eye on it and see if it comes back on the market. If it does, then get back in touch to let them know that your offer is there, assuming you're still happy to offer at the lower amount at that time. 
  6. Like
    DerekT reacted to nickboaz in Contract with builder   
    Thanks Derek! That's really helpful. 
    (I bought you a coffee.. )
     
  7. Like
    DerekT got a reaction from balliardi in Finding properties in need of refurb   
    If you're using the likes of Rightmove, you can search for 'keywords'. There's an option above the first search result to "+ Add keyword", so you can search for phrases like 'need modernisation', 'refurb' etc.
    You can then save the search criteria and set up alerts for when a new property is listed. 
    If you're using Zoopla, you can also search for keywords by clicking on the 'Filters' option after a search, then adding the same keywords. 
    It's a bit hit and miss as it will depend on how good the descriptions are. Rightmove won't filter out those that don't have the keywords in it and will show you whether or not it contains those words. Zoopla will filter out those that don't match the keywords. 
    Other ways might be contacting the local agents in the area you're looking for and registering your details with them, specifying that you're looking for refurb properties. 
  8. Like
    DerekT got a reaction from david slater in Advise on viewing properties when you don't have the time?   
    As David has mentioned, you can use services like Viewber to request someone to view on your behalf. They're independent to the purchase so tend not to have any vested interest in the property besides providing you with a report. Costs are fairly reasonable and you get photos/videos and a general report. You can then use these to request quotes from builders if it needs work/refurbing.
    Obviously it's not as good as if you went in person, but sometimes if they're doing this day in, day out, they might spot things you might not if you're only doing sporadic viewings. 
    You can also request them to ask certain questions or inspect certain bits of the property. They also arrange a suitable time with the agent to view the property, then send the report shortly after.
    I used them once as I think the cost for the report was £60 or something, and a return train ticket for me to go up to view would've been £80. Based on his report, I ended up purchasing the home and then went to view it after the offer was accepted. 
  9. Like
    DerekT got a reaction from abbyk in Parliament Square, Liverpool   
    Hi Craggy1sland
    I have no personal experience or investment in this development or agent, but there's a few threads over on the Property Tribes forum where other investors have also raised their concerns. I think there's a private group you can join to discuss the issues.
    Related threads are here:
    https://www.propertytribes.com/rw-invest-liverpoolmanchester-reviews-t-127636511.html
    https://www.propertytribes.com/one-baltic-square-liverpool-investor-group-t-127650252.html
  10. Like
    DerekT got a reaction from abbyk in London & South east investors   
    Hi Jamie
    Whereabouts in the SE are you based? Depending on the funds available, you might be able to pick up a flat around Medway area, the likes of Chatham, Rochester all the way across to Gillingham. Some areas a still a little rough but there might be something decent near the town centre? 
    Otherwise, you can always head up north like a lot of other priced-out Londoners. A 2 and a half hour train journey from Euston and you're up in Manchester/Liverpool. There are the closer places like Birmingham/Nottingham You can visit the areas and agents you're interested in, walk the streets, build rapport. Then once you're comfortable, view and make the offers as usual. If you can't make the viewings, you can always hire someone like Viewber or a local sourcer to view on your behalf. 
    Pitfall-wise, you can't be as hands on as you would being a local. This might mean missing out on some properties as you're not always there viewing, and takes a bit longer developing relationships with agents, builders etc. But you balance that out with lower entry costs compared to investing in the SE/London, so if you have the time, you can always make the trips up there. 
  11. Like
    DerekT got a reaction from thosken in Good lettings agents in crewe   
    Hi Lukel
    I've been using Your Move AN for a few years now. They're quick to respond to any issues, don't cost too much and have found decent tenants with minimal void periods. They also have an online portal to keep track of your portfolio. 
  12. Like
    DerekT got a reaction from Mark Rocks in SPV and letting legislation   
    Hi Colenago
    As long as the lettings agent is legit and decent, then you should be covered. However, the onus still falls back on the landlord in the event anything happens - e.g. the agent doesn't protect the tenant deposit, the liability is still on the landlord.
    But no, there's no official scheme you need to be a member of as a hands-off landlord. 
  13. Like
    DerekT got a reaction from kalok in Help! "Director’s board resolution approving terms of the lender’s offer..."   
    Hi Kalok
    Your solicitor should be able to confirm what's required, but my understanding is some typed up minutes of a 'board meeting' would be sufficient.
    You can Google what needs to be in them, but the standard company name, address, date of meeting, and then confirmation that it accepts the terms of the mortgage offer dated XX April 2021 from XYZ Lender, signed and dated by the directors of your limited company.
  14. Like
    DerekT reacted to frankroberts in Leeds Area Review - 22/04/2021   
    @DerekT Evening Derek, yeah that would be great. Please fire it over to frank_harry@me.com when you have a moment! Much appreciated, I’ll catch up with you after a few days once I’ve take a look?
    Thanks, Frank
  15. Like
    DerekT got a reaction from frankroberts in Leeds Area Review - 22/04/2021   
    Hi Frank
    Great spreadsheet and research, looks great! 
    If it helps, I can ping you a spreadsheet I created for someone else that was looking to invest in HMOs in certain Leeds postcodes. I don't personally invest there and it's a bit outdated (two years!), but you're more than welcome to look at the data included in it to build on your own one.
    It includes things like population size, employment/social class breakdown, housing stock, price/earnings ratio, current/recent sale prices, and room rates.
  16. Like
    DerekT got a reaction from pauldavies in Assured returns?   
    Hi Max
    Most likely the assured rent and no expenses have been factored into the purchase price, or they're being used as sweeteners to try and shift the properties. 
    Some things to consider besides the headline figures:
    As they're student accommodations, you're limited in terms of exit - i.e. selling to another investor. What's the end goal/exit plan? What's the local market / competition like? i.e. for the same level of rent and purchase price, what else is available? Are there other purpose built student accommodation available / being built causing over-supply? Who's assuring the rent? The agent, developer or insurance policy? If it's the agent/developer, what happens to the assurance if they go bust? Continue to do your due diligence and see what else you can find.
  17. Like
    DerekT got a reaction from mo_mir in Build/Project manager help needed   
    Hi James
    Great to hear your plans! 
    You may initially find it difficult to engage a builder / PM without a property in place. Most builders (the good ones at least) are generally booked out for weeks these days, so might be hesitant to attend viewings with you to cost up projects. 
    Unless you have an existing contact or recommendation, you could find a  potential builder from places like MyBuilder, ask your local building merchants for recommendations, or walk around the area and see if you can see any working on existing homes. You can then ask or offer them a small payment for their time to attend the viewings with you. 
    An alternative is to take loads of photos on the viewings, then ask for online opinions. Obviously won't be exact but might give you a ballpark figure for costs.  
    Good luck!
  18. Like
    DerekT got a reaction from Stephen clay in Selling existing contents   
    If you're looking to give the items away for free, or sell them at a very lost cost, then Gumtree works a treat. Nextdoor is also good for local collections. You'd be surprised what people are willing to pick up!
  19. Like
    DerekT got a reaction from horne-properties in Renovation insurance   
    Hi Stephen
    I use insurance brokers, Alan Boswell for landlords insurance, and they have 'unoccupied property' insurance when you're refurbing and it's empty. 
    There are other brokers available, but I've found AB helpful and affordable. 
  20. Like
    DerekT got a reaction from Stephen clay in Renovation insurance   
    Hi Stephen
    I use insurance brokers, Alan Boswell for landlords insurance, and they have 'unoccupied property' insurance when you're refurbing and it's empty. 
    There are other brokers available, but I've found AB helpful and affordable. 
  21. Thanks
    DerekT got a reaction from EvolutionBlogger in What is your number one tip for success?   
    As @EvolutionBloggerand @dino vhave mentioned, not giving up.
    If you come across a problem or setback in property, it's probably not the first time it's happened. So reaching out for help, whether it's a forum like this, a broker, accountant, builder etc, there's most likely an answer or solution for it. 
    And always keep learning. Things change, especially over time (e.g. new taxes, building regs, council crackdowns etc.), so to be and stay successful, you need to be on top of things. You don't need to know everything, you just need to know who to call...
  22. Like
    DerekT reacted to laura186 in Can I revise my offer by 10k?   
    Hi, Thankyou for all your advice.
    We ended up going in at 133k (costs of works) and after lots of negotiation settled on 138k! 
  23. Like
    DerekT reacted to EvolutionBlogger in How to assess your sourcer and the sourced deal?   
    That's the opinion that I took. It's quicker to find a good property, than a good sourcer!
  24. Like
    DerekT got a reaction from EvolutionBlogger in How to assess your sourcer and the sourced deal?   
    In addition to the good advice above, Rob D has a handy page on his Geek site about finding sourcers. 
    In short, you have to do your due dil on both things, the sourcer and the property. Sometimes it's more work than trying to find your own property! 
  25. Like
    DerekT got a reaction from foster in Hello   
    Looks like you have a great property there foster! Lots of options and depends on what your plans and goals are. 
    I'm not familiar with the area, so cannot provide any specific insight, but if you want a bit of both based on the considerations you've listed above, could you perhaps live in one building, and rent out the other as a service accommodation/short term let?  You can then get the good life whilst generating an income from it.
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