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Everything posted by haf1963

  1. I am sceptical of 'best and final' as in my limited experience it often goes to a choice by the agent - based on unknown factors - assuming the bids are all reasonably close.
  2. looks more like a canvas farm and tenant got caught. I've had something similar in one of my rentals so the pics look identical to what I found.. The loft area will be in a dire state for sure In terms of STC then the process of listing can take a couple of weeks and it may be that it got sold during that period..
  3. the bigger cost will be putting everything right afterwards if new wiring is done properly under floors and in walls etc. If hose is needing full refurb then its easier to manage and 2k is not excessive
  4. Its always difficult starting out and I spent a year looking for the 'perfect deal' before deciding that 'good enough' was ok and went for a deal that was more than my budget but decent area - thinking back, my idea of buying BMV was too optimistic and I should have upped my budget at the start. You also need to check that you are able to get a LTd mortgage etc upfront so you are fully informed. My advice would be to try a location that is not too far so maybe Northampton/peterborough etc as they are accessible from north London versus Liverpool/manchester etc - especially if doing BRR.
  5. Excellent deal by the sounds of it and if its really 110 versus 150k then I would not really be asking many questions or worrying about future mortgages as the deal is so good. The seller 'however motivated' must not be very smart as, in the current hot market, he could sell for 130 and get it instantly snapped up (assuming its in a half decent area). good luck
  6. Thats a very comprehensive sheet Damyan - seems to have all the details needed and a much more advanced version of what I do. Its a bit funny that I was very thorough when I started and as I have added properties I have become much more high level. I am finding that properties needing a full refurb are very hard to find and I can't really be choosy so if the property is what I am looking for and where I am looking then I simply add 20k as full refurb price (based on experience) and 5k for 'other costs' and see if the numbers stack up. leaving max 10%/10-15k in the deal is ok for me.
  7. I did exactly this but it was a cash bought property so yes the solicitor/accountant sold from me to the company but I did not have to actually pay anything as part of the deal - directors loans etc enable this sort of thing quite easily/ Obviously it will be more complex for a mortgage but I would assume the same principle applies
  8. I found that roughly 50% of my gross employers salary was actually paid to my bank due to tax/benefits/pension/etc - with a LTD I am finding I can get over 80% of the gross by being smart with how I setup etc eg bought myself an electric car through the company and save 15k
  9. I think you are being way to ambitious on both counts of finding decent properties in Liverpool for 80k (versus slightly dodgy areas) and being able to buy/min-refurb/get-tenant etc 4 times in a year. My experience on LTD mortgages is 4-5 months as they will do some serious checks against you personally as well as the company. Whether you will actually get 4 mortgages is also another question. It also looks like there isn'y much of a buffer in your calc for deposit/solictor/stamp-duty/etc at 20k per property. I would say 2 per year is amore realistic goal and maybe 100k each to get in a
  10. I am not sure doing Flips far from home is a good idea given the extra costs involved in a remote refurb - may make the deal un-viable. BTL remote is fair enough and many have made that work well
  11. or you could try your local auction as I have had some success there in the past - a bit more risk and need a bit of luck but do-able as a cash buyer
  12. Depends on how accurate you need to be. Either you need to factor in inflation into everything or just ignore as 5 years is not that long a timescale for the long term. I tend to do a quick calc without inflation and then make some assumptions on top. Others have a complex spreadsheet with lots of extra detail to get a very precise figure. Also comes down to if there is a buffer in your 5k figure or if its a minimum needed..
  13. Yup - I am also finding being a cash buyer doesn't seem to make much difference in negotiating a bmv price - a lot, no doubt, to do with the 'booming' market. Though its also true that buying cash doesn't make much difference to the timescales and I have often bought 'cash' but had plenty of time to get a mortgage while the deal was going through - I suspect I am not alone here
  14. maybe start with spelling 'agency' correctly in the title 🙂
  15. There is no simple answer and things like going LTD have loads of advantages and disadvantages so it needs to be part of a broader decision - as well as a big difference between a JV investor and a business partner so I am not sure anyone can give you a sensible answer without lots more info about the kind of JV, long term goals, tax situation and a host of other things.
  16. i vote for 1 house in a decent area and add value... flats have too many complications for my model..
  17. I find that ideal are the best in terms of decent quality, decent price and easy to maintain. Been my goto boiler fro years including in my own house.
  18. The way its worked for me is buying at near market prices but doing a full refurb plus some sort of small extension and then refinancing after a year. Its allowed me to get probbaly 90% of my cash back and a second refinance after a few more years will easily mean i have all cash out. You just have to find a model of BRR that works for your circumstances
  19. Good question and (not being an expert) i would say 'no' - in a hot market at the middle end of the segment especially. There will always be some situations where a sourcer does indeed get a great deal but i would say its the exception rather than the norm. I tend to use auctions but even there its rare to get much below market due to the intense competition and, as you say, i end up buying 5-10% BMV at best as the only wa to secure a deal to avoid never buying anything I can't say I have used sourcers in anger so don't want to do them a dis-service but i remain un-convinced that they can
  20. This is a complicsted subject with many posts but essentially if you are a high rate tax payer, intend on building a decent portfolio, not in need of taking money out of the business, then ltd is generally the way to go - and is what i did from the start - in a similar situation.
  21. I believe yes but its permitted development - best check a I am no expert
  22. government guidance https://www.gov.uk/government/publications/houses-in-multiple-occupation-and-residential-property-licensing-reform-guidance-for-local-housing-authorities useful resources https://www.hmohub.co.uk/the-ultimate-guide-to-hmo-property/ also don't forget to look at planning permission as thats now a big factor
  23. For anyone wanting to start out and keep a low risk profile then you cant do much better than Vanguard and one of their global tracker funds - low cost and can be used in ISA or SIPP
  24. around 50% is enough for me - especially as its interest only. Total depends on your risk profile, time horizon and ability to service the debt
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