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mike wood

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About mike wood

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  1. Hey all, Having experienced so much great advice here I wondered if people may have some advice which is actually for my parents. They are downsizing, they have just had an offer accepted on a bungalow (£370K) but have yet to put their current house on the market. They basically have 3 options as far as I can see for funding this purchase, but I wanted to see what those of you who know far more than me might think of doing. First, the current house they have has no mortgage and would likely sell between 650-700K. They still have an income of over £70K per year and a number of savings
  2. Hi hubbers! Hoping that some of you may be able to give me some advice ideas about my next steps and strategy given my newbie status and the current lead up to Brexit. Current status Own house Full-time employment No debts - other than mortgage on house 100K cash in savings and cash input from parents on a pay back scheme to be decided.... Ultimate goals Within 5 years have a passive income of £1.5K while working full-time Within 10 years have a passive income of £3K leading to full-time property developing career C
  3. This is really useful information and something I was not aware of so thank you Omar and Richard. As I am starting my journey into property (part-time at first!) I have initially been thinking of focusing on flips through a Ltd company to build capital. BTLs coming later down the line on interest only deals in order to provide the steady income so that I can reduce my required part-time work. I now wonder, given the 2 years of accounts required/25K+ income I employ myself through the Ltd company as I plan to do most of the renovations myself. The idea being in 2 years I need to le
  4. Hi All - Thanks for all your input, always very worthwhile So just to confirm the best idea here would be: 1. Keep my own property as it is (private), maybe rent it out to reduce out goings and live back with the parents (hopefully short-term!) 2. Buy any flips through a Ltd company 3. BTL - I would like to add some to the portfolio at some stage - this I would also do through the Ltd company. Planning on using BTL interest only mortgages. Are there any things I need to be aware of here? What income do I need to show to be able to get a BTL mortgage? Hop
  5. Ah yea sorry forgot some of those details! I would be looking at buying at 50K in cash, and use a bridging loan/loan from parents to do the renovation (max. 10K) In terms of reinvesting and earning - I guess that would all depend on if I rent out my current home, if I do then I would say my part-time income would be sufficient and most of the profits made would go straight back into the next development
  6. Hi all, Happy Friday - hope you are all doing well! I wanted to get some advice on a potential strategy I have to get into property development once and for all! I currently own my own home with a mortgage and have built up savings & access to approx. £50K. I currently work full-time but looking to reduce this to part-time or work as a consultant to enable me time to commit to flipping properties. I have been thinking of going down the flip route for 2 reasons, 1 - building up further capital, 2 - providing an income to top-up my part-time wage. I have been speaking
  7. Hi Phil - Bit of a newbie here looking at flips or BTL. Would you be suggesting buy now but then to hold till when?
  8. Hi all, I want to start building my portfolio over the next 5 years or so, with the aim of gaining a property a year. Initially I have been debating between BTL or flips, thinking BTL is more suitable right now in terms of building long term asset. I really enjoy my current work so have no plans to move into property full time anytime soon (maybe even never). But I do want a safety blanket for later life. I currently work long hours so have little time to spend on doing DIY myself. I have mates in the trade so could do jobs at lower than the going rates. I wanted to ask peoples opi
  9. Hi Richard, I just came across your reply to this post. A question that I also have been trying to figure out for my first venture out into property. You mentioned BRR, something I haven't heard of before. Can you tell me a little more about this? Also I would be keen to know about the course you mention. I am wanting to make 2018 my start into property with the aim of having a number of properties that would give me some nice passive income and assets for down the line. As a newbie I am finding the amount of information out there so confusing and contradictory. Would be great
  10. Hi all, So for many years I have thought about the idea of investing in property and what I would like to do, but have never taken the next step. Well having just listened to the first course on here about goal setting and being accountable I am making 2018 the year where I buy at least 1 property! I am based in Huddersfield, currently working as a project manager in Leeds. As my title says I am very much fresh out the box when it comes to all of this, but I am going to make this goal happen one way or the other! It would be really great if there are any experienced property invest
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