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DerekT

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  1. Like
    DerekT got a reaction from Alvin in HMO Deal Analyser Spreadsheet   
    Hi a1terrier
    Not sure if you follow Mike and Victoria over at Inside Property Investing, but they have a free HMO deal analyser available. You might need to register an email address to access it.
    https://www.insidepropertyinvesting.com/resources/
     
  2. Thanks
    DerekT got a reaction from n-smith in Liverpool Landlord Licence   
    As an update, earlier this week the government refused approval to extend Liverpool City Council's licensing scheme for a further 5 years - https://www.bbc.co.uk/news/uk-england-merseyside-51076128
     
     
  3. Like
    DerekT reacted to tinyempire in Landlord insurance for a standard dwelling   
    Awesome piece of advice, their quote was £160 cheaper than direct line. Thanks for the heads up
  4. Thanks
    DerekT got a reaction from mark sloane in The pitfalls of a tenanted property for sale   
    Hi Mark
    Perhaps a couple of options - make an offer but assume the property will need a full refurb and price the offer accordingly (i.e. go low!). Ensure you outline the reasons to the agent/vendor for the offer price - e.g. previous sale fell through, tenant damage, requires work etc.
    Another option is to offer close to what you think the market price would be prior to the damages, but on the condition the vendor rectifies the damages caused by the tenant. This may or may not work depending on when the tenant's due to leave and when the vendor's looking to sell - potential delayed completion.
     
  5. Like
    DerekT got a reaction from Adam Hosker in Buy to let Mortgage broker   
    Hi Ben
    There's quite a few brokers on this forum, including the Property Hub folk. Some of the more vocal and helpful ones include @simon allen (who I've personally used multiple times and can recommend based on his service), and @lilla d (who I haven't used but she's very helpful in responding to forum member queries). 
    There are others as well which I'm sure to have missed. Contact them, have a chat and see who you'd like to work with and can help with meeting your financial needs and objectives. Good luck!
  6. Like
    DerekT got a reaction from lozza0390 in 4 or 5 bedroom house   
    Hi Lozza
    Sounds like you're in a good position. Best bet would be to contact all the agents in the area and ask for their opinion to see what the local demand is. For additional support, if there's a local property meet up or networking event, visit that and ask for their opinion. 
    For desktop research, look at Rightmove and see the number of 4 / 5 beds that have sold and the number that are currently on market. You can also check out Home.co.uk and see the difference in the 4 and 5 bed homes being sold - e.g. time on market, average price.
  7. Thanks
    DerekT got a reaction from dennis hughes in Suggestions please for property accountant.   
    I use Rita 4 Rent for both property and trading company accounts. They've been very helpful and responsive (especially compared to previous accountants). For example, I'd have a query and ping an email in the early evening after work and usually wouldn't expect a response until the next day, however I'd receive a response within an hour. So although they're a bit more expensive, their service and knowledge is good. 
  8. Like
    DerekT got a reaction from richard brown in Buy first BTL or pay off high interest debt?   
    Had a quick look as I couldn't see the signature and there's an option in Account Settings to turn on the signature view for other forum members. It's set to 'off' as default, which is why most people don't see signatures on this forum.
  9. Like
    DerekT reacted to Adriyanna in Investment opportunity! Investors, what would you do?   
    You've been super helpful Derek. I know most people don't like responding to newbies on here for some reason but I had hope someone like you might respond
    I did think it was a lease option you were referring to but just wanted to check I was on the right track! Thanks for that.
    I had a lovely Christmas, hope you did too. Have a happy new year also!
  10. Thanks
    DerekT got a reaction from mark-r in 18-Yr Cycle vs General Economy   
    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.
  11. Like
    DerekT got a reaction from JonP201 in What are your goals for 2020?   
    The 2 Robs have definitely assisted me with working on my goals. I had drifted a bit after uni, and cruised through working life. But now, with some structured objectives, it's been a lot more focussed and productive. 
    1. Few property-related ones for me:
    i) Purchase another BTL (most likely another 3-bedder but will keep exploring possible HMO) - stretch for two.
    ii) Attend more property networking events - aim for 1 every 2 months
    iii) Less than 10% voids across the property portfolio through good properties, quick maintenance and overall customer service.
    2. Helped provide focus and something to work/plan towards. A 2019 property goal was to purchase a property that I could do a light refurb and rent out - currently in final stages of decorating and should be ready to let next week! Also, when I first started out, I wasn't a keen reader, but since picking up property and mindset books, I've made it a goal to read at least 1 book a month - almost up to 50 books now after two years. 
    3. I have my goals / vision board printed out and stuck up on the cupboard door so I have to see it every morning if I want to get dressed!  Also, while it's good to have a goal, you need to have a plan/strategy to achieve it. As they say, 'a goal without a plan is just a dream'. So for example, if it's to purchase a house in 2020, you can break the plan down to save £X per month to get deposit £Y to purchase house priced at £Z, and visit 'n' number of properties in your desired area and speak to agents on a 'n' number of times in order to make 'n' number of offers. 
  12. Thanks
    DerekT got a reaction from JonP201 in Spreadsheet pricing refurbs.   
    Hellos
    Not sure if this helps, but I have a spreadsheet that goes room-by-room and covers most of the refurb areas, along with a gantt style chart to track the project.
    Available here on Google docs
  13. Thanks
    DerekT got a reaction from mark_peters in What are your goals for 2020?   
    The 2 Robs have definitely assisted me with working on my goals. I had drifted a bit after uni, and cruised through working life. But now, with some structured objectives, it's been a lot more focussed and productive. 
    1. Few property-related ones for me:
    i) Purchase another BTL (most likely another 3-bedder but will keep exploring possible HMO) - stretch for two.
    ii) Attend more property networking events - aim for 1 every 2 months
    iii) Less than 10% voids across the property portfolio through good properties, quick maintenance and overall customer service.
    2. Helped provide focus and something to work/plan towards. A 2019 property goal was to purchase a property that I could do a light refurb and rent out - currently in final stages of decorating and should be ready to let next week! Also, when I first started out, I wasn't a keen reader, but since picking up property and mindset books, I've made it a goal to read at least 1 book a month - almost up to 50 books now after two years. 
    3. I have my goals / vision board printed out and stuck up on the cupboard door so I have to see it every morning if I want to get dressed!  Also, while it's good to have a goal, you need to have a plan/strategy to achieve it. As they say, 'a goal without a plan is just a dream'. So for example, if it's to purchase a house in 2020, you can break the plan down to save £X per month to get deposit £Y to purchase house priced at £Z, and visit 'n' number of properties in your desired area and speak to agents on a 'n' number of times in order to make 'n' number of offers. 
  14. Thanks
    DerekT got a reaction from Karl Renow in Introduction + initial cost and fees questions!   
    Hi Karl
    Welcome to the world of property! 
    To save you some time, I have an existing spreadsheet that you can view/download and use for your own calcs. 
    You can access it via Google Sheets here. Let me know if you have any queries. 
    If you prefer to create your own, then stamp duty is pretty much set, but your costs and fees will always differ, depending on who you use, what type of property it is, the area you're purchasing in and using the services etc. 
  15. Thanks
    DerekT got a reaction from dungeonmaster23698 in Area Research   
    Hi Jay
    In addition to home.co.uk, I also tend to look at;
    Streetcheck.co.uk - for demographics and more importantly, crime stats Postcodearea.co.uk - for population stats and demographics / social class split  Mouseprice and RightMove Sold Prices -  for historical prices, housing stock and price/earnings RightMove - to compare number advertised vs sold, and number advertised vs let agreed Zoopla - for average asking prices and rents, market activity Spareroom - to compare number of rooms wanted vs advertised Google Maps / Streetview - to view the area, local amenities, transport etc. and to view the streets if not local to the area - e.g. other houses in the area, types of cars parked on the street, ensuring you're not buying next to a sewage treatment works... And the local online newspapers - e.g. if investing in Crewe, they have the Crewe Chronicle - helps keep up with local news, happenings, or developments Hope that helps! 
    PS: I have a couple of rentals in Crewe so let me know if you need any assistance / feedback on the area. Good luck!
  16. Like
    DerekT got a reaction from conrad_paton in Buying price to Flip vs other investors   
    I guess it depends on who you're bidding / competing against. If it's a owner occupier looking for their own home, they'll be willing to spend a bit more.
    Also, if the other buyer is a builder/trade, perhaps their refurb figures are lower than your £24k, so can pay the extra few grand?
    Just keep at it and you'll find something that fits your criteria. Continue to build the relationship with agents and perhaps you'll get first dibs on some off market properties.
  17. Like
    DerekT got a reaction from I Gee in Great find   
    Never too late to become a success (see picture below). What would we do without the Colonel?!
    There's plenty of free information online - forums, podcasts, YouTube, e-books, that you can immerse yourself in. Plus there's the networking events at minimal cost (£20 or less).
    Once you've got the basics and confidence, use the knowledge, network and funds to put into a property - those course fees (usually ending in a 7) can be used to pay the mortgage, builder, surveyor or kitchen fitting! 

  18. Thanks
    DerekT got a reaction from Matthew Milner in 18-Yr Cycle vs General Economy   
    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.
  19. Like
    DerekT reacted to SamPage in Negotiating a deal   
    Thank you to everyone for your help. Every piece of advice has been beneficial and I have now agreed on a final sale price.
    Thanks again, Sam.
  20. Thanks
    DerekT got a reaction from snookjas in Lendinvest steps into the Buy-to-Let Market   
    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.
  21. Like
    DerekT got a reaction from MVP Properties in Can you refinance a BMV property if you haven't added value?   
    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.
  22. Like
    DerekT got a reaction from rambos in Buildings and landlord insurance   
    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.
  23. Like
    DerekT got a reaction from rambos in Liverpool Landlord Licence   
    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...
  24. Like
    DerekT got a reaction from david graham in Can you refinance a BMV property if you haven't added value?   
    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.
  25. Thanks
    DerekT got a reaction from snookjas in How to renegotiate price after survey?   
    Hi Cathie
    Sounds like you're in an unfortunate position. Assuming the £55k valuation is based on the current state of the property as opposed to the refurbed value? Was the valuation done through the Homebuyer's Report, or through the lender (if it's mortgaged)?
    Is there a reason why you don't want to provide a copy of the report to them? You might be able to say that the survey's highlighted issues X, Y and Z, and if you're able to source and provide 3 quotes for each issue, you can then share this to the agent to try and knock down the price closer to the £55k or ask the vendor to fix the problems.
    What are the comparables like for the area? Worst-case scenario if they're not willing to negotiate down, then you can cut your losses and walk away if the comparables aren't there. 
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