nick smith

Hi David, Thanks for the reply. No they're not based in London, they're a national franchise and we use the local branch. The properties are owned equally between us but the income is split in favour of my wife using trust deeds. There is nothing particularly complex about our situation we just have these properties and our salaries which are dealt with through PAYE. Thanks Nick

Hi, Was just about to ask the same question myself. We have just paid £1300 inc VAT for two tax returns covering 5 BTL properties in both names and over £25k income pa. They aren’t specialist property accountants and we don’t really get any property specific added value from them so was interested in views from those who use property specialists and what typical costs look like. As an additional point our firm charge £75 per return for each additional BTL so every time we add to our portfolio it will cost a further £150. Thanks Nick

Similar to others we have a wall box for keys and all are tagged with street name only with different colour tags for different properties. For docs we have a box file for each property and a standard folder structure for all properties that holds all electronic docs and related spreadsheets. Nick

Hi, Just to add to this, what you can do quite legitimately is choose a lender who offers “additional borrowing” and then after 6 months (which I believe the the minimum) apply for additional lending with your lender post refurb. This is effectively an additional loan against the property to extract some of the equity built via the refurb and obviously relies on the valuer agreeing to the increased value you now put on the property. Hope this helps. Nick

Hi, Just a general question on additional lending following a refurb. In terms of income requirements are these the same as they were for the full mortgage or less? Also in terms of personal income do lenders still generally apply the £25k minimum income rule and if so can rental income be used as part of this? Any guidance from any brokers on here would be much appreciated. Thanks

Hi, Have a deal which I was originally looking to take on myself but the timing doesn't work due to other commitments so now offering as a sourced deal to other investors. Full details can be provided by email however high level numbers below. Purchase Price: £125k Other Costs (SD, Legals, Refurb etc..) : £25k Total Cost: £150k Projected End Value: £165k Estimated Rental Value: £700/month Property is a 3 bed semi with large garden and detached garage located in West Yorkshire which requires full refurb. Seller has inherited it and is looking for a quic

Hi, Looking at options to finance a DTV opportunity that’s come up so would appreciate advice from anyone who has experience of bridging/refurb finance on what options there may be and the likely costs. Have the chance to purchase a 3 bed semi which after light refurb (new kitchen and decorating) would see a significant uplift in value. Problem I have is our cash is currently tied up in another deal so can’t progress this one without an investor or bridging/development finance. Happy to have a chat with any brokers on here who think they may be able to help to discuss the details.

Well I guess that's a matter of opinion in terms of the deals and returns people can get elsewhere but in terms of traditional returns given there is talk of negative interest rates it doesn't look too bad I don't think.

This is still available if anyone is interested...

Hi, We’ve put these in place for every BTL we’ve bought with the same split in favour of my wife and it has had absolute no impact on our borrowing, it’s not something lenders even ask about to my knowledge. Thanks

Hi All, Having spent the last 6 months completing our latest BTL/BRR refurb due to Covid delays we are now in a somewhat unexpected position having started looking for our next investment. In terms of background we started out in 2017 and our story (which is due to be updated with our latest BTL Refurb shortly) can be seen here: So having begun looking for our next investment in what seems to be a very competitive market in the middle of a “mini-boom” we have managed to find not one but two deals! We have had an offer accepted on a 3 bed semi which is progressing and is all goo

Hi, Have to say I agree with others, the amount of work and quote seems totally over the top based on the pictures and description. I would want to be very certain that the roof, GCH and electrics all actually need fully replacing (have you had an independent survey done?) before committing to doing them but even then I would be going nowhere near the supplier of your quote! I’d also agree with Darren on going with a “one stop shop” builder which means your paying a “management fee” on top of the individual trades. You’d be better just managing the individual trades yourself after getting

Hi, Have been thinking in the back of the episode above and the Rob’s view that the most likely scenerio is a boom followed by depression and a resetting of the economy. It left me with a question - how would one prepare for a depresssion and a fundamental resetting of the economy? It’s different from a “normal bust” - deeper and longer as I understand it and with the potential for cash being worth less in real terms. So in normal circumstances you might be looking to refresh your portfolio and sell any poor performing properties prior to a crash so you have cash to invest aft

Hi, I’ve identified what I think is a decent opportunity for a flip however I’m struggling to come up with a financing solution that would deliver a decent return working within the constraints I have. The numbers are below and the constraint is that due to being in the middle of another project at the moment I have little cash to invest - usual story! Purchase Price: £220k Stamp Duty: £8.5k Legals/Holding: £5k Refurb: £13k Potential End Value: £270k The numbers ive used on purchase price and sale are conservative and I’m pretty confident on the refurb number

Hi, I’ve identified what I think is a decent opportunity for a flip however I’m struggling to come up with a financing solution that would deliver a decent return working within the constraints I have. The numbers are below and the constraint is that due to being in the middle of another project at the moment I have little cash to invest - usual story! Purchase Price: £220k Stamp Duty: £8.5k Legals/Holding: £5k Refurb: £13k Potential End Value: £270k The numbers ive used on purchase price and sale are conservative and I’m pretty confident on the refurb