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dino v

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About dino v

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Profile Information

  • Location
  • Areas I invest in
    The north west, concentrating around Manchester
  • About me
    Working full time, but looking to be in a position to retire at 55. Whether I do or not is up to me, I just want to be able to.
    Owner of Lynn Properties. Find me on Instagram: @Lynn_Properties
  • Property investment interests
    Single lets to date. First refurb underway at the moment, so looking forward to seeing how that goes
  • My skills
    MSc in Project Management that I haven't used in a long time.
  • My goals
    Financial security by 2020 - enough to survive on.

    Financial freedom by 2022, then equal salary by 2027.

    Then retirement, or maybe full time development and set the family up long-term. Who knows.
  • Interests outside property
    Personal finance, football. Oh and the family.

Recent Profile Visitors

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  1. It's the valuation, not the value of the mortgage. Usual is £50k, certainly for a ltd company product. There are fewer lenders, but a £60k property shouldn't be any issue
  2. There will be lots of issues that the current landlord may not have resolved, so check the various regulations. Things like there needing to be an EICR in place (about £100 for the report and could be £1-2k for any works). Illegal to rent without it. Gas safety certificate that's in date. Smoke detectors that need to be in place at the start of the tenancy. Is it EPC grade E, as again wouldn't be able to start a tenancy if not. If there's a letting agent in place, you may be best to stick with them, as they should have made sure everything is sorted. If not, I'd suggest you take one on an
  3. We've got a mortgage at £55k property value with The Mortgage Works. Not sure how they'd feel about the ex-council as well, especially if high rise. I'd suggest finding a good BTL mortgage broker. We got ours through Searchlight Finance (Simon Allen who's a member on here)
  4. Need to consider this from the lender's perspective: You "Can we borrow a lot of money, please?" Lender "Sure, but can you confirm you'll definitely pay the money back in the event you don't like BTL or it doesn't make enough money" You "No, don't want to do that, we'd just give you a house back that could be worth less than you lent us, but that's your problem as we'll wind up the ltd company as well" Lender "Excellent, how much do you want..." If they're only lending at say 50% LTV, they may be more confident that they could get back all their costs by shoving it thr
  5. No and neither will anyone related to you e.g. your children. It's a fairly standard condition on the mortgages. Would they check and care as long as it was being paid - who knows, but a big risk. It also doesn't make sense to unless for a short period e.g. between moving own homes, since you'd require a larger deposit, the interest rate would be higher and you'd be paying corporation tax on any capital gains.
  6. Don't give up. It's not easy at the start and will feel like trying to push start a truck, but once you find an area and a deal, you can leverage the knowledge of that area and of the letting agent, if used, and suddenly you're ahead of probably 90% of investors looking in that area.
  7. For Manchester, you'll struggle with that budget around Sale - just looked on Rightmove and there are 5 houses for sale, most added in the last couple of weeks. Yield will generally be pretty poor, but clearly not something you're looking for. Capital gain will probably be the best of the areas you mentioned. Stretford would be my suggestion for a couple of reasons. It's cheaper than Sale, as it's closer to the city centre, but it's still in Trafford meaning grammar schools, which creates a premium over the rest of Greater Manchester. Additionally, there's been a lot of work done on the
  8. Definitely speak to the local authority housing officer. Suspect there are lots of rules being broken here and by a landlord who won't have registered anything and therefore won't be on any authority radar. Landlords like this should be banned from being one, but the result is usually new rules that only impact legal landlords and result in higher rents instead. Grrr
  9. I've used Simply Business and Discount Landlord previously, but currently moving renewals over to Alan Boswell. They're quotes have been slightly cheaper, but moving everything on to one policy which will hopefully be even more competitive in the next year and less hassle with just one renewal
  10. Not sure you need a financial advisor, but for a mortgage broker, contact Simon Allen at Searchlight Finance (and a regular contributor on here). Not too far from you either, not that it matters - everything is online or a few phonecalls. He's done a few mortgages for us and we've never met him or been to his office, don't recall ever even posting anything to him.
  11. 'Investment fund provides chart that shows it did better than a fund chosen at the end of the period'. What a shock. Hard to tell from the website, but don't think the costs of the fund are included, not least as the cost doesn't even appear to be on the website, I had to Google for them. Smith is currently one of the ones beating the market, whatever you want to class that as. There have been plenty before him there will be plenty after him, but there's a huge risk they get it very wrong at any point going forwards. Funds that start to perform badly get dropped and changed into new
  12. Past performance... Very few funds beat the average over the longer term, especially once fees are taken into account and you can only know which in hindsight.
  13. If you want £3000pm net as an income, in an ISA/pension/GIA you're going to need at least £900k invested, using the 4% rule. Many now believe that's optimistic, especially for longer periods, so you might want to reduce that to say a 3.5% withdrawal rate, so probably £1m to be safe. Unless all of that was in an ISA, there could be tax implications in the growth and withdrawing it, so you'd need to work that it. I totally disagree with the point about potentially losing money in a S&S ISA. Invest in a passive global tracker (rather than individual shares or an individual market like t
  14. Not done it, but a few things to consider. If people are just taking a room as oppose to the full property, they will expect things like bills included. You may find that the numbers don't work taking that into account, especially as the rent would be less per room than the whole flat. Depends where it is and the level of rent you can charge, as bills will be similar anywhere. You've also got to furnish it, which is an initial expense plus an ongoing one in replacing items. You're likely to get a faster turnover of tenants, so you my need to decorate more frequently. If you've got a
  15. I'd suggest finding a broker who specialises in BTL and understands the needs of a landlord and is recommended by other landlords. A good broker should be able to understand where you're trying to get to and support that by finding the right products from the right lenders. That's especially important if you're trying to grow over the next few years, as some lenders just won't be right for you. We've used Simon Allen at Searchlight Finance for a couple of years for ltd company mortgages and everything's gone well - you'll find him posting on here occasionally. Sure others could recommend
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