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About lewisproctor

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  1. Hi All, thanks for your responses - really appreciated. I have liaised with a mortgage advisor, in the meantime and we both agreed that it would be better for me to take option 2 as it enables me to get started on my property journey as well as earn an income. There is also the potential added bonus that if the property I am currently living in increases in value, I can use the increase in my 50% share to use as a deposit for the purchase of the remaining share. I appreciate the comments relative to the T&C's and have since checked my Contract and lease agreement, both of which do not mention anything about purchasing any further properties. My Contract is with the council and upon buying my original 50% share, they advised me that I will be denoted as the owner of the property and it should be treated as such. I possibly should've made it clearer in my first post that I don't have the 'savings' to purchase 100% and will be using a mortgage product. But still, the numbers work out better for me if I use option 2.
  2. Hi everyone, Just hoping to get some advice on a strategy dilemma I am in as I want to make sure I am making the best use of my money. I am currently living in a shared ownership flat (where I own 50%). I have savings to buy the remaining 50% this year, but I am not sure whether to proceed and buy the remaining 50% or continue to save my funds to put towards a BTL property next year. Subsequently I think I have two options but am struggling to work out which way I would get best value: Purchase the remaining 50% of the property this year with my savings. Then continue to save for a BTL, which will take me approx. 2 years to get the required funds. Don't purchase the remaining 50%, continue to save and look to purchase a BTL next year with a view to purchasing the remaining 50% at some point in the future. Only issues are around property prices increasing, which could make buying either property slightly difficult. Look forward to hearing your thoughts, thanks in advance.
  3. Hi, I am 23 years old and have had a keen interest in property for the last couple of years. Based in Stockport, I currently work as a Project Manager / Quantity Surveyor for a Construction Consultancy which mainly focus on retail and leisure projects around the country and overseas. I have recently bought my first property, for personal use, in October last year and have started to see the appreciation in its value already which has made me hungry to get involved in this area more. I have been listening to the Property Hub podcast since I have become interested in property a couple of years ago to try and build up some knowledge on property whilst I save to buy my first property. My current dilemma which is stopping me from getting involved in property is getting the funds to invest. Ideally I would like my investment area to be close to home (i.e. Stockport) but the prices of properties in this area are generally higher than other places around the country. I am saving £400 a month at the moment and currently have around £5,000 saved. To start investing in this area, I have worked out that I would need between £25k - £40k in funds. I have explored other avenues to obtain the funds such as; Obtaining equity from parents’ home – We are currently in conversation with a mortgage advisor about this and I am hoping they can potentially provide me with the funds to get started. Joint Venture – I have spoken with my girlfriend about the potential for us both to save some money and do the property venture together to which she is interested. It just means we will need to continue to save, again taking time. JV with friends – I have a potential friend who I know can help when contracting out the renovation works as his father has a family contracting business, but I am yet to mention this venture to him yet as I want to have a clear path on where I want to go. I am not quite sure if he will have money to put into the venture but I am sure he can help when it comes to the Project Management side of the business. My plan for property is to begin completing flips with properties, not just to gain experience in the industry before we go on to bigger and better (I say loosely) developments, but also to get a larger pot of cash together to allow us to invest in these bigger developments. Once the sum of cash is big enough, we will buy a property in cash, look to add value, re-mortgage and let the property out whilst taking money back out which can be then used to buy another property, and so on… I have broken down my goals for the next 5 years, using the Rob's advice and guidance and am hopeful (money dependant) that I can make a good go at my tough but realistic goals. Please feel free to get in touch with me, for anything and I will be sure to become a regular on this forum.