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sam white

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About sam white

  • Rank
    Established member

Profile Information

  • Location
    Isle of Wight
  • Property investment interests
    Currently 4 BTL's. Intensions are for 10 within next 5 years. 40 within 10. I plan on doing some high end renovations as buy to sell purely for pleasure along the way.
  • My skills
    Project managing, Joinery, design. General building knowledge. 3 high end renovations within the last 6 years.
  • My goals
    Financial freedom through property investment within 10 years. 40 properties in my target area will provide this.
  • Interests outside property
    Flying, sailing, surfing, windsurfing, family. (Not in that order!!!)

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  1. mikeyg89, Thanks for the reply. They are releasing funds from their main home, they don't have the funds to pay the new mortgage. It'll be a 'equity release' product specifically designed for retirees in their situation as oppose to releasing equity that we refer to as investors. Its a niche area of finance that I'm not familiar with. Sam
  2. Hi Hubbers, I have had a family member (but not my immediate family!) ask me the best way they can release some equity form their home as they are approaching retirement and don't have a huge amount of cash. I think it may have been a hint for me to 'get involved', something I am not going to entertain! Obviously as the 'property guy' in my family I was the obvious choice to turn to for some sound advice, problem is I have no idea about this side of property finance! Before I refer them to the MSE website and others I thought I may post here (a rare occasion!) in
  3. Martin, This all seems a long time ago now but i'm glad you asked! It is worth noting that the above was written before the war on landlords started! The set up described above was not acceptable to HMRC, so the previous years tax accounts were corrected and the back tax paid. I have since looked at putting these properties into a ltd company via a deed of trust but as per lots of threads on the subject have found that the SDLT and CGT payable makes this a non starter. As a side note I am selling a couple of properties that don't work too well with the new tax rules.
  4. Not sure if this is allowed on here or not! i'm guessing if not it will be removed!! I have become aware of a very nice 9/10 bed HMO up for grabs for 290k, rooms are circa 350pcm each. Most rooms ensuite. All in good order with little work to be done. As the buzzword on here is BMV- then I should write- Yes, it is BMV!! The property is on the Isle of Wight where I have a portfolio of rental properties. I am an experienced landlord with 9 rentals (both on an off the island) but as I am currently finishing a renovation I have not got the capital to go for this opportunity. (At least not on
  5. Thank you for time taken to respond Kevin, I am planning on keeping the properties, once split so timescale only really matters to get rid of the costly bridging finance. I will have 30% of my own money in it from the start so even if, once split I can't borrow more than the purchase cost (plus Reno costs) ie. not releasing my profit, then that's ok. (For now!) The reason for me to split the freehold and create the leases is mainly to open up other finance options to me. I will look again at my exit strategies and make sure I am on the right track. Thanks for your advice. I am now going
  6. Simon, Thanks for your reply. The six month restriction does then apply to the creation of a new lease, That's good to know. The retail unit is just for A1 purpose. As I will own the freehold to the retail unit I will make sure that it stays that way. The retail unit is currently a high end hairdressers who wants to renew the lease as soon as able. They have just spent lots of money on a refurb and are keen to make sure their investment is secure. I am awaiting the results of a commercial valuation survey and will not be signing for any finance before I have consulted with an expert! Regard
  7. Alan, Ultimately it will depend what the market in your area is like as to whether it stacks up. If you are unsure do more research, and trust your instincts! What will it be valued at when works complete? When you compare, make sure to only compare with sold prices, not 'for sale' prices! Your net (pre tax?) profit is a 3.5% return on cash. Not startling. You are relying on capital growth to make good your investment. Some would say invest for income, treat capital growth as a bonus. Everyone is different. For interest below is my latest deal. It is similar figures to yours..... It's on
  8. I am looking at buying a building on the high street. It is currently set out as a retail unit, with 2 flats above. The building is for sale as a whole (it's a repossession). The 2 flats are registered as separate dwellings but there is no lease on them separately (ie. the whole building is currently listed as one freehold building). If I buy the whole building (freehold) on bridging finance or cash (ie a finance with no charge on the property) and then issue 999yr leases for each of the 2 flats how long would I need to wait before I could get A BTL mortgage on the flats? Could they be treat
  9. James, Firstly well done for realising the investment potential that your inheritance may give you. Done right and you will have a very nice lifestyle with that money invested. Without meaning to preach I think you should invest in bettering your knowledge of finance and investments before you invest in anyone to invest your money!! If you don't understand the language your investment manager/mentor/guru is speaking then your not ready to invest. Most people that will invest your money for you will make money out of your money, even if you are losing money! Get a good reading list toget
  10. Richard, Thanks for your thoughts. I thought I was on track and on the right side of the line until I read a chapter of the tax cafe book, using a company to save tax. That seemed to indicate that in order for the company to be acting correctly and not classed as a close investment holding company that that property management company should be acting for lots of different owners and can only charge the going commercial rate (the example given is 15% of monthly rental). As I suggested in my previous post I am now awaiting a meeting with a specialist property accountant and will post his tho
  11. Thanks Tim, After a couple of days more research I have found that I am not as exposed as I initially thought, or at least if I am, so are many others! I take your point about contacting HMRC before they contact me and have contacted a specialist landlord accountants to act for me in future. They are looking through my last tax return and will be advising me accordingly. If I have to change the way I am operating then I may need to give the rights to let the properties to the company in the form of a deed of trust. Sam.
  12. Good evening property people.... It seems my accountant may have overlooked some fundimentals when advising me upon starting my LTD company and now I am confused and possibly in for a slapping from HMRC. I have been a landlord for a good few years and currently have 5 BTL properties. As an individual I have purley been interested in capital gain as I am fortunate to be a higher rate tax payer and don't want to receive any extra income. With that in mind I started a LTD company to deal with the daily runnings of the properties, on effectively a rent to rent basis. The company rents the prope
  13. Stuart, I'll firmly say offset mortgage! Coventry at the moment- 2.2% same day transfer, no limit of withdrawal. No penalties. Based on 60% LTV (on own home!) Sam.
  14. John, One issue I can see with your plan is the remortgage after 3 months. Unless you know of a specific lender/product then you may need to research this. I have been told on many occasions that you will not be able to remortgage for a higher amount than the purchase price until 6 months has past. Even for cash purchases. If I am wrong and you do know of a product please let me know as I a waiting to mortgage a property after a cash deal earlier this year! Regards Sam.
  15. I have reduced rent once in the past with a tenant that had been made redundant. He was the best tenant I've had, both before and after he was made redundant. In the long run I was not out of pocket and (for the right tenant with the right reason) wouldn't hesitate to do the same thing again. Trust your instinct. Sam.
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