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Michelle Wallace

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About Michelle Wallace

  • Rank
    Established member

Profile Information

  • Location
    West Lothian
  • Areas I invest in
    West Lothian
  • Property investment interests
    BRR BMV Renos/Repossessions.
  • My goals
    High monthly passive income

Recent Profile Visitors

818 profile views
  1. Hi, Can anyone recommend a good/knowledgable property accountant in central Scotland? Ideally West Lothian/Edinburgh but would consider Glasgow. Thanks
  2. Thanks I do hope it's the right move. I do see so many cheaper properties in towns I don't know so well but I can always try one later down the line when I can afford to be a little less cautious. Suppose if your 2 bed gives you as much profit as the Linlithgow one, I guess it doesn't matter which one as much. It's more whether one will appreciate more and I guess the flat is more likely to do that if it's city centre (guessing). My concern is more just judging the rental income and area for if it will let well. Thanks
  3. Thanks David, yes I think myself and my mum have been clear. She has better facilities that she could get any other way but yes it's something I keep my eye on and am sure it won't always be easy but I would rather try to help her stay somewhere she will at least be safe. I am just purchasing my latest property (First real BTL) it's exciting and terrifying in equal measure lol Boiler gets serviced every year and we are just about to put in new windows and doors
  4. Hi All, I am looking for a property close to home for my first real investment. My strategy is BRR/BMV as I wish to re-invest and grow quickly to leave my full time job. However I have taken my foot off the gas the past year, after banking an equity release in lieu of purchasing another property (Which unfortunately didn't happen at that time). I am now around a year on but am back a raring to go. I do need some advise though as properties in my local area seem to not really be going BMV anymore with my recent offers as much as £10k over ask on only circa £80k prope
  5. Hi All, Does anyone have advise on the littler things that can mount up. E.g. Lino or tiles more cost effective? Wall tiles or these new wall boards? Which items get broken most? Door handles on kitchen doors or grooved doors? Anything knowledge/experience welcome. Thanks Michelle
  6. Hi Zaheer, Unfortunately it sounds as thought your in a hurry. I apologise if any of this is like teaching you to suck eggs. I would personally try to let it (having too fell in love with something in the past myself I know how much drive you will have to make it so) if you do get at least 3 letting agents to check your personal valuation. Sometimes letting agents might not expect the "modest investment" you do/sometimes they might want more but the letting agents will be best to tell you. I don't know what the agents will be like in your area but mine certainly can g
  7. Hi Dave and Chris, @chalky78 Thanks for the advise, when working out property acquisition I had taken into account the tax changes, however I had forgotten that it this would be added before tax to my own income so great catch, thanks! I shouldn't go into high rate still (at least not with the first one). I am not planning on taking any money out for at least 2-3 years. However then I plan to take a salary and continue to reinvest the extra. I have now set up a meeting with an accountant next week to help solidify my strategy at least from a tax perspective.
  8. Hi Chris, I too would like an to know more about this. I can only help you with my own research so far and am less experienced than you. I currently own one consent to let and am trying to acquire 2 standard buy to lets also in my own name. So I apologise in advance if this is not helpful at all but here is my approach to date. I have spoken with an Accountant, I guess the experienced people would say start there. Although when I did this I was always advised you are better off in a LTD company. I have tried to get to the bottom of why (other than o
  9. Hi, I am new to property investing and I'm just making an offer on what will hopefully be my first property let to strangers. (I have a consent to let with family but I'm sure this will be much much more challenging). I am looking at letting agents within the West Lothian area, I have had a look at "letting supermarket" after seeing an advert. I have spoken with a representative from the company and they seem to operate like local agents do but are only charging 5%+vat for a fully managed service. With this in mind my questions are: Has anyone had any exper
  10. Hi, To date I have one consent to let which is capable of getting more rental but is currently home to my wonderful mum which I don't wish to change. I am now in the fortunate position after much scrimping and saving of being able to purchase 1-2 cheap ideally BMV properties, mortgaged circa £100k. I currently am keen to invest in the devil I know, so only West Lothian. My plan is madness long term but short term I am hoping to leave my job within 2-3 years and become a full time property investor. I have bold goals for the next 10 years and welcome a
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