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Jay 556

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About Jay 556

  • Rank
    Newbie

Profile Information

  • Location
    Dorset
  • Areas I invest in
    Nottingham
  • About me
    I am very, very happy in my job and would give away all my investments to stay doing what im doing! But I love playing with property and refurbishing them to look better, been known to spend too much money because I want it looking a certain way. I love the idea of building things, business, streams of income, capital within properties. Big fan of Monopoly and its very similar to what im doing out there. Have family i want to be able to support via opportunities to grow in a career and support their whole life from something ive created.
  • Property investment interests
    It is about people and also money.
    I love visiting my properties and feel so proud that they're mine.
    I dont drive a nice car or have a shiny watch.
    I am fascinated about development and growth in myself, business, money, muscle, health
    I am grateful to have some great achievements both Physically and in business.
  • My skills
    Electrician
  • My goals
    2019;
    Completion of 2nd holiday let and 80% occupancy from both properties.
    Reduce debt that was used to refurb properties by 50%
    Have emergency fund of £10,000

    MARCH 2023
    £500 pcm to Phyllis Tuckwell hospice
    Employed my brother within the business
    Built a safety fund of £40,000
    New property every 6 months
    Portfolio leveraged @ >40% LTV

    MARCH 2026
    Portfolio leveraged @ >50% LTV
    Potential to support my family if I was to draw on the money (£60,000 per annum)
    £1000 PCM to Phyllis Tuckwell hospice
    Safety fund £40,000
    Net profit £12,000 pcm

  • Interests outside property
    Travelling about the world, diving in the seas, eating curries and drinking local beers
    Speaking Spanish
    Thai boxing
    Skydiving obviously

Recent Profile Visitors

567 profile views
  1. Jay Dove started following Jay 556
  2.    adam s reacted to a post in a topic: Property sucks
  3.    Craig WM reacted to a post in a topic: Property sucks
  4. Jay 556
    Just wanna say hello to the community and show who I am with the intention of getting to know some of you guys. I believe one of my weakest traits is networking and so far I've been working mostly on my own. ME So I am Jay and think I've got one of the coolest jobs in the world, I am constantly on the go around the world, diving, parachuting, driving fast vehicles and competing. In no rush to interrupt any of this, but my previous life of an electrician feels incomplete and I keep gravitating back towards property. PORTFOLIO I own 4 properties and am
  5. Jay 556
    Cheers Tony, it turns out the broker is very friendly and a great guide. Hopefully see the property on my books soon.
  6.    AnaSmith reacted to a post in a topic: Using personal loan to buy further property
  7. Jay 556
    Thankyou Ana ive submitted accounts to the broker im working with so hopefully they will not come back with anything opposing the deal.
  8. Jay 556
    Evening all Im looking to make some new contacts in the letting agents world. Ive got someone in the role but im hoping to get to know other agents who may have good contacts in the trades. Earlier this year I had some very bad work done which caused me to loose confidence in the agents recommended trades men. If anyone can share or discuss a contact id appreciate the help. Jay
  9. Jay 556
    Greg Nottingham is a great place to live, I did a few years up there and now have 2 properties left there which have not struggled to let out. The good thing about Notts is the City isnt that big and its very easy to get in and out on the tram. I really like NG7 and there is alot of flats around the forest tram stop which feed nicely into the city. What I noticed is its big on students around the Arboretum, Lenton, Forest recreation area and alot of students stay after Uni and make a life in Notts. Why have you chose Nottingham? The council are enforcing the landlord licence w
  10.    Jay 556 reacted to a post in a topic: Property purchase/investment advice Required
  11. Jay 556
    Jay 556 changed their profile photo
  12.    Jay 556 reacted to a post in a topic: Crossrail delay: What does this mean for London Property?
  13.    Jay 556 reacted to a post in a topic: £2bn pledge for social and affordable housing. Will it make a difference?
  14. Jay 556
    You raise a good point nick ‘10 year old proces today’ sounds alright to me too. Im sure you cant go too far wrong getting something relatively cheap generating good cash flow
  15. Jay 556
    Evening all Ive been offered a holiday let which im keen on taking, it requires more capital than ive got so im considering using a personal loan towards the deposit. Ill take a loan of £25,000 combined with £17,000 re mortgage funds from another property. Does anybody know if this is going to raise any problems with either the brokers or lenders? Thanks Jay
  16. Jay 556
    Dean im not that experienced but am on my 2nd via LTD coy, what ive found is that everything is more unfortunately. I bought a holiday let which may be different to single let, for a £60,000 loan I had £1200 fee put ontop of the loan and my valuation fees were £455! Mortgages for business were the brokers, theyve been really good so id recommend them. Im hoping these fees are just entry costs and when im more established ill be open to more lenders and competatove rates. jay
  17. Jay 556
    Go for it Dave we’re all keen to hear others stories. Ive got so many questions I’d like to ask about that experience you had, hope your happy to share more jay
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