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ChrisC62

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  1. You will need to do the HMO course in Leeds to be allowed to get certified. Watch out for predatoey letting agents too. Are you based in Leeds or in ma8nland Europe?
  2. Oh that was 5 years ago. I bouhht a 6 bedroomed HMO in Headingley my nephew acted as locsl manager which was accepted and I had full occupancy for 3 years I have since been letting through local management which has been fine but the occupancy has not been as good but no surprise thete.
  3. Here's another technique, type into google: url:www.rightmove.com HMO Manchester It searches for HMO and Manchester on all web pages from rightmove
  4. Do you have a mortgage? Is the net cash flow after repaying capital on your mortgage? If the property is worth 100k and you have no mortgage then you are getting 3.6% yield which while better than the bank is on the low side for property as an investment. Depending on where the property, e.g. Central Manchester, it may nevertheless be worth holding on to take advantage of capital gains. So not a simple question to answer with so few details.
  5. One of the attractions of Buy-To-Lets is the hope one can at some point leave 9-5 paid employment, however, the salary that employment brings in can help the bank justify the mortgages that enable one to get on the ladder for buy-to-lets to be purchased. Assuming the portfolio is built and the buy-to-lets are self-supporting in that the revenue pays the repayment mortgage and bills (though maybe not with the full safety margin the bank initially required when given the mortgage). However, the surplus without the salary might be seen as meagre to live off. Two questions here: 1) As the salary
  6. I did some research and Skipton International may be another mortgage lender worth considering.
  7. I have HSBC premier accounts in France and UK and have banked with them (starting with the Midland Bank 35 years ago). I have mortgages in France with them and a good credit history there. HSBC France will not lend on UK properties, and HSBC UK say I have no recent credit history in the UK so won't lend to me either. You would hope that one of the benefits of being in the EEC and globalization would be that two parts of the same bank would talk to each other, but apparently not, at least yet.
  8. I am a UK citizen working in France and have 2 buy to lets here. The last one I bought last year with a 90% loan to value mortgage and 2.53% fixed rate repayment mortgage (interest + insurance) over 10 years. Yield varies by property, area and market, but I think 5% is about average. Management fees start at 6-8% before tax plus charges for work and drawing up contracts, we manage our properties ourselves. Not sure what you mean by leaseback but I am told sub-letting is illegal in France. Tax on income generated in France is payable in France, we pay about 20%, I would get professional advice
  9. I think people who follow this line of thought may be missing some gains which are more interesting: 1) Developing a property to make it give a higher yield also can increase the value of the property but increasing the value of the property counts against you with this ratio. 2) Some houses that require cash purchases as mortgages are unavailable are usually discounted and look good with that ratio, but you end up tying large amounts of capital which could have given you better returns if combined with borrowed money - especially with the low, interest rates that are available today.
  10. Why not just provide a service for your friends? Identify the property, arrange a mortgage, do it up, find lodgers, manage the property and do this for a fee, but they own it. Do this enough times and you will soon have enough money for your next buy-to-let solely in your name.
  11. Thank you, Scott, I have listened to this podcast. Wasn't it good? I'm aiming at graduate students/young professionals. I'm just interested in details of how others approach this. Any use an interior designer, for instance?
  12. I have just had an offer accepted on a 6 bedroom HMO in Leeds which is a 4 story Victorian terrace (including basement) and has been in continuous use as an HMO for at least the last 20 years and I'm sure can continue to be so. It seems to be fine structurally, but needs an upgrade decor wise at least which is what the estate agent recommended. I have a 2 month window to do some work between completion and the students moving in for next year. I have rough plans and many photographs, and am looking for advice on what to do. I have some workers provisionally lined up, though this is the first
  13. Hi Charlie, Why not consider yourself as part of the solution? If you are young professional in rented accommodation, why not get your parents to pay a deposit on a house for you, you take a mortgage on your salary for the rest, and you find lodgers to share the house with. That way you perhaps you don;t even need a letting agency saving you 10%. If the numbers work out right, your parents get a reasonable return on investment, and the lodgers pay off a fair chunk of your mortgage. If you are more established (i.e. don't fancy sharing) you can do the same thing together on a second property
  14. Hi Francis, My question was initially for the landlord, in this way they could take more control of the let. Some of these applications allow the landlord to put repairs up for tender with qualified workmen; allow transfer of deposits to 3rd parties, provide logs of communication etc. However even if this was for letting agents, then if the landlord has access, he could track how responsive the letting agent was to issues with his property, then this would still be useful.
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