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Everything posted by amasonestates

  1. Yes I did, all worked out smoothly, see other answers about becoming an employee. But basically it took about 5 min phone call, and then the purchase process was no different than buying in my own name. Just a big saving on tax
  2. Hi, I have bought the car, no issues from accountant other than I have to be set up as an employee with 0 salary. I also financed it via black horse without an issue, other than as the director I had to guarantee payments, but didn't have to go through the rigmarole and cost of having solicitor validate the directors guarantee
  3. Hi Thought this may be of interest to people who use an SPV to buy property. I happen to have both SPV & BTL's in my personal name I was looking to buy a new car and i decided to look at doing it via my SPV: I am buying a car within my SPV so the car will go into the company name and the company will pay the finance. This feels tax efficient as i am paying with company money not mine, and it reduces Corporation tax too. The company will provide me with a P11D and i will pay personal tax on the benefit, but this is low as i am buying a fully electric vehicle. However i am replacing my own car and i have 10 years No Claims Bonus (NCB), therefore i would like to insure the car utilising my NCB! So my assumption is i can put the insurance in my name, declare the company ownership of the car to the insurance Co. (similar to when you lease a car), and claim the cost of the insurance as a business expense too. Anyone know if this is correct? or done it themselves? Before i get the obvious answer of speak to the accountant, i am doing that Monday but thought it would be useful to go pre-empted and use the accountant as a confirmation. Also thought others may be interested in the answers/thoughts
  4. I have been using this from early on in its inception. Have found it really good for keeping track of the P&L and also for all the diary reminders etc. I have a mix of SPV held and personal name properties. It is a little clunky to set up the initial data bute fair not significantly worse than typing into a spreadsheet. The user experience has been fantastic with updates and new features based on user feedback. The concern that everyone has is will it cease to exist, I think it will but it could possibly become a paid service, I have tried to use their partners for things such a GS, EICR (which is how they fund it) but each time I failed to get a timely response so used my normal supplier. Some fantastic features such as deal analysis. Yes before I used a spreadsheet, outlook, and occasionally trello and worked fine, I just fine this easier in a single place and easier to use on the mobile phone. Andy
  5. Buying your own home 1st will make it easier to get a BTL mortgage, also I would consider renting a room out, income from this isn't taxed so you can save even faster for the BTL property
  6. Hi Dan not sure how far you got with people speaking to you, but we are now at the point of the long stop date, so i believe that you are now entitled to your deposit money back. My thoughts are i will start to look at claiming my deposit back, i'm not sure if there has been any commitment to ever complete this development, but it seems that it isnt yet through planning, so i would suggest we are still 18-24 months from completing. One thought is what should happen with the sourcing fee, this has obviously failed to complete the deal so i would hope that this fee should also be refunded. I would be interested to get some sort of formal update and future plan from RMP property as how they deal with this will give people confidence or Not, in doing future deals with them. I certainly havent looked at other deals, and wont until the Weavers Court development has come to a close with either a refund of deposit & sourcing fee, we would still be out of pocket on the solicitors fees, or some sort of discount on the property purchase price and a commitment to the project Andy
  7. there is a free app out there called Lendlord, it has a deal analysis section which works well. I recently started using it and have added my properties and some history. Company is committed to keeping it free and they are updating functionality all the time based on feedback, personally i think the product is excellent but try it for yourselves https://www.lendlord.io/
  8. i looked into it previously and decided to keep my current properties in my own name and buy new ones in the Ltd co. Some costs to consider: You will need to pay stamp duty, potentially you need the deposit in the Ltd co. although i think you can gift it, buying costs via Ltd are slightly more expensive for legals and you will need to provide directors guarantee for each mortgage which costs anything between £100 & £500 per property, you will need to create new lease agreements to put in in Ltd co name, change rental payments etc. for tenants. I have 5 properties in my personal name so i thought it wasnt worth the hassle & costs for me to move them, so i simply add new properties to the Ltd co. Advantages of the Ltd co. are no S24, corp tax not income tax which is lower, but this advantage is lost somewhat if you withdraw money as dividends, can pay directors pension etc. to reduce tax, the IR is slightly higher but nothing to break the bank. Get some advice which it seems you are doing, if you self manage you could have your Ltd co manage the personal properties and reduce some tax that way as your are adding costs to the personal property. It depends though on your current tax position etc. and your exit strategy
  9. i think we are in the mid cycle wobble, but the explosive stage will be shorter that the usual 6-7 years, i think more like 2-3. If we follow other cycles the the drop will only be back to the mid cycle dip prices at worst. Personally i am buying if a deal stacks up for the cashflow, i am at the point where the cashflow means more to me than the capital growth, I am seeing houses sell that are ready to go, the refurb properties seem to be the ones sticking sround a little longer, but i expect that to change once the trades have cleared their backlogs and you can turn around a refurb more quickly
  10. I think generically the cost is ok, I continue to listen to Rob and Rob and value their content. I have lost faith in RMP and other add ons such as yellow lettings, and personally wouldn't these days choose to pay for an event hosted by propertyhub. But I think it is fair to charge a reasonable fee for such an event and am sure the content will be worth the fee, just not for me. I would however not be adverse to attending in the future should my faith be restored
  11. Personally I declared this as a cost in my 1st year and carried a loss into the 2nd year, which subsequently sorts itself out. However that was 10 years ago and rules etc. may have changed.
  12. Not wrong just not maximising your cash, never wrong to be taking action. You get a tax break on the interest that is why people dont pay them off via repayment mortgage. If your goal is to pay them off it's better to invest the money until such time that you have enough to pay them off if you so wish, but simply you control the money and payments rather than the bank.
  13. I assume he is talking about Emma Jayne
  14. I know you have done this already for cash, but if it was me I would buy 3 houses for 150k with 50k deposit for each. Lowers your risk and increases your profit, using your 800 rent as an example, mortgage on each one would be 100k so @ 4% (should be less)the mortgage payment would be 330 so even if you allowed for 170pcm for expenses(also higher than expected) you would make more pcm than the single house. I would probably look to buy them 4-6 weeks apart to make it easier to manage. The reason I say less risk is even if 2 houses are empty the rent from 1 almost covers all 3 mortgages, 2 rented covers them with some profit. Whereas 1 house when empty brings in no money. This all assumes you know the market and it is expected to be attractive to tenants and your not simply speculating. If speculating buy 1 for cash.
  15. Yep I have heard this before, I'm not sure how they define derelict though, I dont think you can simply remove the kitchen and bathroom and declare it now uninhabitable and get a refund. Possibly if the property is not mortgageable (is that how you spell it?) Then you probably have a case. Be interested to see how you get on
  16. I have only bought 1 property with cash, that was a fairly painful experience regarding the AML as you need a full audit trail of the money so try to have it in as few accounts as possible etc. I have never heard of banks being funny regarding their clients purchase from someone who has only owned the house for a short period. If you are buying via Ltd company, which your name implies then I wouldnt think it should be a problem, but a would ask a property solicitor.
  17. I would avoid near the stadium unless its snowdon road area, claughton can be good although again be choosy, around daffodil road is decent with good rental. Penton is to big an area as it's a borough, oxton I would avoid as expensive for the good houses. How much are you looking to spend?
  18. For me I would almost always go for interest only and 75% mortgage, I then remortgage without taking equity but minimising my charges by looking at product costs etc. So that over time with inflation the real cost of the debt reduces. I dont plan on paying off mortgages for another 30 years so will continue to reset term to 20 years with each remortgage. Invest in isa etc. To have longer term plan for paying off mortgages The way I see it is paying down the mortgage is equivalent to a 2-3% saving interest, whereas investments grow at 5% so nett nett you are better off, factor in the tax offset, which still exists but is reduced, it makes no sense to be to do anything other than IO You have control to overpay if you wish. Finally if I'm making 300pcm profit whilst paying 125 mtg, why would I choose to 400+ mtg when I could have 3 mtg for that cost and 900pcm profit
  19. Hi Sorry didnt see the message. Yes I am from the wirral but work in London these days. Still invest in wirral. I mainly stick with New Ferry as good cashflow but you need to be a little careful where you buy. A friend also buys in claughton, again need to be a little careful, and I believe some parts of wallasey are good but I dont know the area. I buy for less than 100k with a monthly cashflow (net profit) of 300, it has worked quite nicely so far Andy
  20. Hi Andy, good luck on the journey. I have 5 properties in my name and 3 via Ltd company, I'm also in same quandary regarding moving the properties into Ltd, at the moment I'm favouring keeping them in
  21. Hi Just listened to this, not sure if you know this already but Australia already has the ban on foreign investors buying existing homes Andy
  22. Hi Flo, those prices are realistic but I would say buyer beware, I invest in the north west and the more you know of the area the better. I find the sweet spot is the 75 to 100k houses, getting 475 to 575 pcm, with good tenants. The cheap houses have similar yields buy in my opinion, mire troublesome tenants. My advice would be pick an area do some research and talk to other landlords and few letting agents Andy
  23. Hi I'm Andy I have 5 investment properties on the wirral. Am in the long process of buying my 1st one via a ltd company. Thought it was time to get serious about property and wanted to learn from other people's experiences, hence im signing up here Andy
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