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Petya Spencer

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  • About me
    I am a 39 years old Marketing Executive originally from Bulgaria but living in the UK for the last 17 years. I am very new to property investing and apart from buying 2 houses to live in ( and selling one of them) have very little experience in property investing. I found The Property Hub on the Bigger Pockets Youtube channel and I am now totally addicted to the Podcasts! I have learnt Loads and I am reading everyday and learning how to become a great property investor.
    My plan is to one day quit my 9-5 and become a full time property investor.
  • Property investment interests
    auction purchases, finances, mortgages, tax, inflation, macro economics, property cycles
  • My skills
    Digital marketing, Decorating, Interior Design, finance, printing.
  • My goals
    Become a full time property developer in 5 years.
  • Interests outside property
    Interior design, Personal development, Fitness, Healthy Eating

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  1. Thanks Tim! I have now spoken to the seller and we have agreed everything regarding the deposit and the rent. She had already told the tenants to not pay her October's but give to me instead. I am meeting the tenants on Saturday too so hopefully it will be all ok. Kind regards petya
  2. Hi Tim, Thank you so much for your help and advice! I will ask the solicitors to withhold the rent and ask the tenant for the deposit once the flat is legally mine. I have booked a gas safety check for next week and I will have all the correct paperwork ready to give to the tenant and get them to sign that they have received it. Thanks again for your help! Kind Regards Petya
  3. Hi Tim, I have a few questions that I think only you can help me with: I am buying a flat with a tenant in situ and we are due to complete on 29th September. The deposit has not been protected and the seller has advised that the deposit will be returned to the tenants and I can then ask them for it so I can protect it. My solicitors have told me that there is nothing they can do to make sure that the deposit is given to me as they are not trained in tenancy law! Also, the tenant currently pays the rent in advance on 29th of every month, which means that by the time we complete they would have paid the October rent to the seller. I have asked my solicitors and estate agent selling the flat for help with this but they are not willing to help. What is the best thing to do? Any advice would be greatly appreciated! Thanks in advance! Kind Regards Petya
  4. Hi Pieris, I tried the link and it does't work for me either but here are the bullet points from the Podcast's show notes. Before you get there Rental demand The discount Fundamentals of the area Expected market growth Regeneration ROI Parking Transport links and location Vendor checks Years left on lease and ground rent/service charge, if it’s a flat Reason for sale Price history / any offers Internal checks Boiler Windows/doors State of flooring Condition of electrics Signs of damp Condition of the roof Potential to add value Has anyone else extended? I also use another Property viewing list I got from http://monoperty.com/passive-income/ I tried to attach the file here but it didn't work. I hope it helps. Petya
  5. Hi Tim, Thank you so much for your clear and extensive replay! I understand completely how the process works now and that I will be the new landlord and nothing else will change. The tenant is not as tidy or clean as I am personally at home but like you say, everyone is different and I have to accept that. I love asking and answering questions and I hope to get to your level of knowledge one day! Thanks again so much! Best regards Petya
  6. Hi Tim, You are very welcome! My mortgage broker also struggled to find me a lender at first but finally Virgin Money agreed to look into it - I still haven't got a firm mortgage offer but it may be worth your try. My flat is also ex council and I am a first time BTL investor which made it very difficult. My mortgage deal is 25% deposit for a 60K mortgage (81K purchase price) - 2.45% rate + £995 fees + £500 cash back. I don't think it will be very easy to trick the lender by asking the tenant to vacate for a day but you should speak to your mortgage broker. You will never know when the lender' surveyor will book with the vendor to go and inspect the property. I (stupidly) wanted to reference the tenant before I complete the purchase but it is pretty impossible because they have to fill in all the forms and why would they do it for me, they already have an agreement to rent the flat! If the tenant has been a good, paying tenant there should be no reason to reference them again but Tim Wragby will know better than me. Good luck and keep us updated.
  7. Hi Tim, This is absolutely fantastic, such a detailed answer! I am so grateful that you took the time to reply. I have been researching this exact topic for over 3 weeks now and I have never come across such a specific and detailed list. I will be printing it off and going through it point by point with my solicitors :-) One more question for you: The flat that I am buying needs some freshening up and the garden needs a bit of work too. The outbuildings are full with bin bags. I have seen pictures of the flat before it was rented to the current tenant and it looks a lot worse now. Can I expect that current landlord will deduct costs from the tenants for damages to the property or its contents? Thanks so much in advance! Best Regards Petya
  8. Hi Rob, I am in the same boat! I am currently buying a flat with a tenant in situ and I was told that they have been paying the rent etc. I would check if they are working, I just asked the tenant when I went for the second viewing. I also asked if they have any problems with the flat or the neighbours, just to try to judge character. I was Very friendly and casual and she told me quite a few things! You can ask your solicitors to check everything when your offer has been accepted and if you are not happy with anything, you can do something about it. I know you would have paid valuation fee and solicitors deposit but I think buying with a tenant in situ could be a great thing. These are the questions I sent to my solicitors to check: 1 How long have the tenants been at the property? 2. Have the tenants ever been, or are they currently, in rent arrears? 3. What references and checks were taken for the tenants? Can I see them? 4. Do the tenants have rent guarantors? If so, what references and checks were taken for them? 5. Are there any ongoing disputes with neighbours regarding antisocial behaviour? 6. Does the current landlord expect to deduct costs from the tenants for damages to the property or its contents? 7. When was the boiler last serviced, and how old is it? 8. Has the owner ever made any insurance claims against the property? 9. Are there any outstanding repairs or tenant requests that require attention? 10. Has the property ever been treated for damp? 11. Is there a history of pest infestation at the property? 12. What type of tenancy agreement is in place? 13. How long is left on the current tenancy agreement? 14. Was the tenancy agreement drafted by a reputable law firm (and are there any associated copyright issues?) I hope this helps! keep us posted! Kind Regards petya
  9. Hi youngjoe80 I totally agree! Rob & Rob and the team are doing such an amazing job of educating us and getting us connected! I wish there was a podcast every day, I am totally addicted:) I do go to the meet ups and find them extremely useful! I am thinking of going to the Summit too. I only started investing property investing a few months ago and I thought that there might be some good courses to go to, that's why I asked the question. Kind regards petya
  10. Hey Karun and Joe, I am just watching the progressive webinar and I did think it was ok to pay £800 for 3 days for 2 people but I googled it( as you do) and found your messages. I won't be going... but did you go to any others that you found useful? PS ...they are just giving me a crazy offer: 6 cds for £99+vat... wow! I would just re listen all of Rob and Rob podcasts I think :)) PSS. It's all up for £18 now. CDs and 2 tickets for free! Thanks in advance! Best regards petya
  11. Hi Noah, I am a newbie too but I am currently buying a flat so I have some experience but please double check everything. Yes, you would need to pay for all upfront: lender valuation fee solicitor mortgage broker your surveyor( if you need to do a survey) Dont forget the stamp duty, which will have to be paid further down the process but can't be added to the mortgage. The only fee you could possibly add to the mortgage is the arrangement fee if the lender would allow it. You could pay for some of these on an 0% credit card, set up a Direct debit to pay it all off over the term of the card! Make sure you research your mortgage broker carefully because there will be fewer BTL lenders that will lend to a first time BTL investor. If the broker doesn't know s/he will put your application and the lender will do a hard credit check on you and that will have impact on your credit score and you still won't get the mortgage. This is what happened to me. Check the broker is whole of the market, has a lot of experience with BTL, ideally an investor himself, I know a few great guys on this forum are! Good luck and please keep checking everything in the forum and the rest of The Property Hub website, you will learn everything you need to know! Best regards petya
  12. Hi DerekT and bakedbeans This is phenomenal! It must be mentioned as a resource of the week on one of the podcasts! I often re-listen episodes over and over again but now with the spreadsheet, I can really keep a record! Thank you so much for the fantastic job you have done! Kind Regards Petya
  13. Hi Stuart and Lilla Darren recommended this post! Thanks for your input and I have just read Stuart's post on his website and it is fascinating. This is one of the reasons why I love property and why I wanted to become a financial advisor a few years back. I would definitely be contacting you for my next mortgage if I can afford you!
  14. Hi Dil, You have probably already bought a property but I will give you a few areas to research in Birmingham if you are still interested. City Centre is alway good but look into Kingstanding, Sutton Coldfield, Streetly and Great Barr. A 3 bed well presented house in Kingstanding is on for let for £750 in today's local paper. You can probably pick one up for £110-130K Good Luck Petya
  15. Hi All, I'm a driven marketing executive with over 10 years experience in the construction sector and I am based in Sutton Coldfield, Birmingham. I have extensive knowledge of digital & direct marketing, event planning and marketing research. I am CIM level 4 qualified and I have a passion for anything property, finance and marketing. I have a stable job but I would like to work for a property investment company or a company that buys, sells or develops properties. I am planning to buy my first investment property in the next few months and I am a huge fan of Rob and Rob so I have listened to all the podcasts, read all their books and completed all the courses on the property hub. I love learning about property and I would love to get some hands on experience by working for a property investor, even if it's helping for free on weekends. If you think I can work for you or any of your property investor contacts please let me know! Thanks for reading! Best Regards Petya
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