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jonnyboy

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  1. Seems the simplest and cleanest method is to just take a loan from them which amortizes over time. Offer them the lowest rate and work from there. If they want a higher rate and it works for you then increase it. You could use the templates on this site to generate a loan agreement with your investors. https://www.lawdepot.co.uk/contracts/loan-agreement/ Alternatively, if we use your £24k loan example, why not just take a cheap personal loan from a bank? Tesco and Nationwide offer low rates. Probably others too.
  2. Is it me, or does it seem that ltd company mortgage rates are going up and fees are quite high? e.g. a remortgage with TMW has a higher rate than I'm currently on and a fee of £1995. That's pretty rubbish and a big chunk from potential profit. Have others noticed this?
  3. Hi Tom, What evidence are they looking for? I didn't have any particularly odd requests from them when I opened mine.
  4. Hi, Just been thinking about upgrades that are required by law to make a property EPC compliant...i.e.. minimum rating of E. Things like replacing glazing, loft insulation, insulating walls etc Does the cost of doing this count as a revenue expense or a capital expense?
  5. Has anyone had any experience with using Starling for their business bank account? Would you recommend them? I'm currently using Natwest but thinking of moving. Thanks
  6. First of all, congrats on getting the funds together. No easy feat. I think if you have a long term time horizon then it doesn't matter when you get into the game. Having said that, I personally won't be buying any further properties until after furlough has ended as I think the market will start to drop then. I know it's been extended but it won't be extended forever. And good luck!
  7. I found this website a while back which looks really useful for making loan agreements between businesses if you need to do it or if you want to do it for piece of mind. Might be of use for you. https://www.lawdepot.co.uk/contracts/loan-agreement/?s=QSGeneralInfo&g=QGPaymentType
  8. Funnilyy enough we've just painted a living room ion one of our properties magnolia for the very reason that it is warmer feeling than the previous white. The entire house was white. Every room and corridor. We didn't paint it that way but it needed changing. Obviously these things are tastes so everyone is different and it's interesting to see you both have different views. I guess I just think it's nice to have a "warm" house when you walk in. I like the idea of a feature wall to breakup the monotony of a place. These are BTLs and not BNBs Cheers
  9. Does anyone else think the combination of grey and white for seemingly all refurbs these days is a bit boring? I know it's easier if you do everything one colour but it's so lacking in imagination. For our BRRs we're planning on making the homes look like you want to live there rather than something quite sterile and cold. Is this a good idea or a waste of time/money?
  10. The mortgage company might want to see where the money came from in the first place and then my not lend if it's 100% debt. The actual lending between companies isn't a problem although I think there could be some issues with it which an accountant/tax advisor would have to help you with.
  11. I'd be tempted to pull out of the deal altogether. It just sounds like hard work with people who don't really want to help at all.
  12. If you do decide to invest via limited company, which I myself do, then you don't need to pay an accountant to do this for you. You can do it via Companies House and pay the small fee yourself. My thoughts on ltd via personal is this, if you are going to hit 40% and/or you want a number of properties then ltd is very likely better for you.
  13. Hi, some of those values are very expensive on a monthly basis, even if you are being negative. Gas certificate is about £60. Agent shouldn't be paying more than about 10% +Vat. Fire alarm testing... Seems a lot. Mortgage rate is double what you should be looking at. I understand being negative, I do it myself, but you need to be realistic too. With the refurbishment I try to break it down a bit more... I'd advise that. HTH
  14. Good advice, thanks. Yeah at the moment I'm running the numbers on quite a few properties and comparing them to sold in the same street/area with similar sized properties/bedrooms etc. I won't be jumping into one yet as I think the prices will come down in a few months. Getting our ducks in order and seeing what's out there and been sitting around for a while is the focus right now.
  15. Thanks for the reply. I'm curious about the comment on renovation being more about marketability than capital value. I thought the whole point of renovation was to add value. Am I wrong? What would you advise for adding the most capital value? We're not in a chain. We're looking for our 4th property at the moment but don't want to pay above and beyond what is reasonable.
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