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dino v

Established Member
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    505
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About dino v

  • Rank
    Obsessed member!

Contact Methods

  • Website URL
    https://lynnproperties.wixsite.com/home

Profile Information

  • Location
    Manchester
  • 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

2,269 profile views
  1. Many buildings, both commercial and residential, contain asbestos, including in things like ceilings and pipe runs. There's no legal need to remove it, but there is a duty to keep people safe, both tenants and any contractors, so it'll depend where it, the condition and the subsequent risk. If you need to do anything with it which disturbs the asbestos, you need to get a specialist contractor in. If you decide to just seal it back up you would be ok, however, you'd need to be careful and make any builder aware that there was asbestos in the area which may have already been disturbed or c
  2. From experience of licensing elsewhere, they achieve nothing other than to give the council some revenue. Not one of my licensed properties had been visited by an officer, so whilst I've said they're fit for human habitation, they've actually got no idea. The other flaw in the system is that only the decent, legal landlords will apply for it and pay it. The ones they should really be focussing on just ignore it and don't join the scheme. If they were therefore prosecuted and fined and made to improve, I'd be ok with the system, but from what I've seen, they get to carry on giving landlord
  3. You may need independent legal advice, the requirements of which will depend on to the lender. On one, we were able to use the same solicitor, on another we needed a separate solicitor but that was done by Zoom call. Just search for Independent Legal Advice. Think ours was through ILA-connect It's a farcical requirement that ticks a box for the lender in case they ever have to come after you for payment
  4. Have a look at Meaningful Money - website, podcast or YouTube. Was introduced to it through Property Hub in the early days and will give you everything you need. Weirdly (Hello, Google), this had popped into my YouTube recommendations after posting this, so a good place to start https://youtu.be/SStg4QsivZw
  5. It's ok, the government will bring in more licensing and rules to fix the illegal housing issues... Licenses should be very low cost but compulsory with the emphasis placed on finding the properties without them. It's not a difficult check of names on land registry, council tax and utility bills to find unlicensed property, although they'll undoubtedly go for the easy meat of compliant landlords again.
  6. Considering inflation is supposed to be 4% by the end of the year, I'd be amazed if only 55% raise rents over the next year. Certainly anyone including bills in the rent is going to need to increase the rent to cover the gas and electricity prices. I've not raised any of the rents over the last 18 months, although some were new tenants in that period, and have been flexible at times, especially early on before the support packages were announced. Biggest concern would be reductions to LHA rates, as it was supposed to be a Covid increase, although they hadn't gone up in years. If they
  7. In terms of minimum requirements for tenancy, the only things will be an EICR, gas certificate and smoke & CO2 detectors. If there's licensing, there may be additional requirements. You'll also need to make sure you can achieve an EPC of an F. To be clear, that's the minimums. You may as well try and get an EPC of a C to stay ahead of the legislation. You'll also need to do whatever is necessary to get the tenants you'd expect for the property i.e kitchen, bathroom etc. Make sure you get the spec of them right - easy to overspend but you can't go too cheap if expecting higher rent. De
  8. For any of the ones with a rent guarantee, that's baked into the purchase price, so you effectively over pay for the property and they will have insured against needing to pay you. Also consider that in 5 years time etc, all those guarantees will run out and every apartment in the block is going to be looking for tenants at the same time. Personally, I wouldn't touch new build, certainly apartments, but there can be advantages, not least not needing to go anything initially. If you are interested, I'd speak to Property Hub invest, as they buy in bulk so you should be able to get something
  9. Another cracking idea, but why stop there? There's loads of other greenery in London, places like Hackney Marshes, all those football stadiums - we can't need all of them. Swimming pools as well, don't need them. Let's concrete over the lot and build some houses on them to fix the issue of overcrowding. Alternatively, and I appreciate this is going to be a wacky, off the wall sort of idea, but how about moving some of the work to other bits of the country, meaning less people need to live there, putting less pressure on London and providing more jobs elsewhere. Maybe give it a clever name
  10. Got my accountant to do it for me, first about £40 all in. You can do it yourself online for about £13, you just need to pick the right SIC codes depending on if you're trading or just investing.
  11. Another vote for Simon. His company is Searchlight Finance based in Cheshire, but everything is online (I've never met him despite being relatively local).
  12. If you were planning on mortgaging it, lenders don't like it being part of another company for the reasons you mention. It's therefore usual to set up an SPV for the properties. You should be able to lend from one ltd company to the other, but get decent advice before doing it
  13. There are some bits of BB11 that will rent will and other bits that will rent, but... Be very careful if you don't know the area and the sourcer is unlikely to give you an unbiased view. 10% management will be a struggle for a start, as most are 10% plus VAT and you'll definitely want a good agent. I can recommend one in that area, if you need. Question would be why is someone selling a £100k+ house for £75k? There's plenty of buyers available at the moment. Chances are it's going to need some work, so factor that in. If nothing else, you'll need an electric certificate which is likely to
  14. I've not seen anything that says you can't do this. I'm interested as we're at serious risk of making a profit this year if we don't buy another property and in trying to follow Amazon's model 😉 Can't recall our SIC, although assume it's the same. Intention was to start paying into pensions to reduce profits whilst still working and we don't need the income. Want to pay down the mortgages a bit as well, so some tax is inevitable, but let's not overdo it. It'll be very annoying if that can't be done
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