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MikeyG89

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  1. I am a tradesman I slightly disagree with the comment above about more getting done when you are present as more often than not conversation stops work. Go with people that have been reccomended by people that have had work carried out. Always get a price on the job and not on a day rate. Be clear on exactly what you want and understand if that changes expect a cost. Best to go with tradesman you feel are honest and not always the cheapest price. Normally there are reasons behind the cost often the biggest cost of a job is labour Most tradesman you can expect to work off a day rate of 150-250 a day if asked so quite often it's best to get a total price on the job. If your a landlord the tradesman normally will do their best to do a good job as they understand you can give them more work. Ask for the best price but after that don't continue the bartering often this wil annoy them and this doesn't help when you want the best job from them as this is when corners start getting cut. I hope this helps
  2. Hi guys, There was a slight smell of gas in my kitchen, I had it checked with the man who checked the boiler and issued me with a certificate, Recently the smell got worse and I phoned British gas, who then informed me to contact the gas network. Subsequently they shut off the gas and I have a gas engineer due to be there on Monday meaning my tenant has no hot water in the property over the weekend. Should I be giving a discount on rent because of this?
  3. What should I do? I am in the final stages of purchasing a BTL I have just found out that the tenant have not been paying their rent and have been issued with a section 8. Do I... Get the property anyway and continue the legal process. Pull out and find another one Negotiate cost because it's potentially going to cost me money to get them out Any suggestions?
  4. HI all, i have had a quick look but cannot find what i am looking for... sorry if i have missed it. i am buying my first BTL property of which the tenants are in situ, how do i go about taking control of the property from the letting agent and also what do i need to get in place? is there a check list or will the lettings agent just pass everything over? thanks, Mike (new Landlord)
  5. Hi Sam, I am no financial advisor, however I am going through the process of releasing equity from my property. I would say the main concern is that if the person is close to retirement by releasing equity from their home it will mean re-opening, or making the current mortgage larger. ensure this person is ok to pay the new mortgage cost and also in the event of getting poor tenants that don't pay have they got an emergency fund to back this up. The process seems pretty straight forward, have the house valued and understand that you will need 25% deposit for the new property plus costs, if the new mortgage repayments are reasonable, go for it! the family member will however have to be able to cover both mortgages if the proverbial poo hits the fan and also the term allowed for the mortgage may be short pushing costs up. P.S they are taking the equity out of the property for home improvements... backed up by a quote for work, I learnt the hard way when I was open with my mortgage provider that I wanted to buy a second property to BTL... they said no... Good luck! Mike
  6. Thanks Dino, I've also done some research and talking about HMO's with some friends of ours they said potentially the property could make money if it adheres to the new conditions for HMO also they told me that they have 1 HMO property in their large portfolio and its the one that causes the most issues they are currently waiting for the tenants to leave in order to re-market as a normal let property. hearing all this advice is leading me to follow my original plan and definitely not take on a HMO as a first time investor.
  7. I'm preparing to get into my first property, although I am looking at 2/3 bed terraced houses a property has caught my eye as looking at the floor plan this is showing that all the living areas the house are being used as bedrooms, this got me thinking about if this may be a diamond in the rough investment, the location has a bad reputation with anyone with knowledge of the area they would suggest staying clear... however the property would be close to the high-street and local amenities, plus travel links to London. charging a minimum rent per room would be looking at good potential profit. Knowing that as a house it would be very difficult to rent or sell... would it be easier to fill this with tenants despite the area. Has anyone made this decision before... owning a HMO in a bad reputable area???
  8. I'm not yet invested in my first property yet but I would say from the outset this idea is different, but it could be a good thing. Bad Tennant's are a pain in the rear in all situations however knowing people who do rent. The mind set would be if the contract is 3 years then they will stay the length in order to save their own deposit for example. This potentially gives more stability to landlords.
  9. watched a podcast yesterday from the robs from this forum and if you go to www.lendswift.co.uk this is a company they own its specialised in bridging finance for property! they even have a calculator!!!
  10. Thanks Simon, I will do that. I just didn't want to suggest the same plan to get kicked to the curb again.
  11. Hi guys, Planning to get in to property using equity from my house, in speaking with my bank aka my current mortgage lender also they asked for what business I wanted to start using the funds I release... When I said I was planning to buy property they said they were not willing to lend into this type of business... However if I was to ask for home improvement they would have lent me... Shall I lie... Release the equity and then do as I wish or will that put me in trouble... Will they check up on how I have spend the money??? Any advice would be greatly appreciated. Mike
  12. HI Matt, I am in a very similar situation to yourself and looking into starting a PLC very soon with the intention of buying, renovating then letting if the property is right, i have want to go into partnership with another of which we are having a 50/50 split, but also with potential for outside investment. To my understanding you should start the business with your father and then your friend can invest as a business loan to the company of which you return the agreed revenue, however if you are going to the re-mortgage that same property to release equity then you are potentially going to cause a problem as your friend may claim your further houses are split with him too as he was part of the initial funding. i personally would treat it as a business loan over the course of 9-12months and then re-evaluate the situation later, this leaves you free to carry out your plans but also not tied into your friends investment. i will be keeping an eye on this post and i wish you all the luck MIke
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