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Adrian J

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    Hi my name is Adrian and I invest in property in Co.Cork, Ireland
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    Adding Value

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  1. Thanks for the comment, that's basically how I do it too, I have the company card and bank account and then keep track of all my income and expense via Excel, the accountant setup a software system previously but I switched back to Excel because of its usability, great to hear someone else doing this Do you have any issues when you go to refinance a property or applying for a mortgage with only having one bank account? Ive recently had an issue with a finance company because everything was in one account!
  2. Hi all, hope everyone is doing well? I like implementing systems and where possible save time and money which I'm sure you do to! My question is; how do you structure your accounts, do you have one account that receives all the rental income from properties and also use this account for expenses like mortgages, bills etc, do you keep the income and expenditure accounts separate or in fact do you set up a new bank account for each property. Has anyone any suggestions for best practices on this topic, I have a really good accountant but his not property specific as he is the accou
  3. Hi Onkar & MWebster, Thanks for the response, the property in question is a BTL (4 apartments). I am leaning more towards the release of equity to put towards 3/4 deposits for future purchases, thanks again
  4. Hi all, hope everyone is keeping safe and enjoying the sunshine I have a property that is valued circa £400k, there is only £50 debt on the property in the form of a business loan Question: What would you do if this was your situation, for example would you refinance and take out 75% and buy another property or would you refinance and use that money as deposits on multiply properties, or would you use the property to bridge against future purchases. Be interested to hear your thoughts and any suggestions more than welcomed. Thanks guys
  5. Hi Stuart, Thanks for the response, yes it is within year one and the exit fee is 5% so £19,750 in this instance. The reason they gave for no advance was simple that they do not offer the service, the building is comprised of several apartments and the rent roll is fantastic. We are based in Ireland and have limited options when it comes to finance and a-lot are extremely "old school" and all had high exit fees for when we wanted to refinance, the property was a great deal and wanted to get it over the line hence the finance was not ideal. But I'm curious as to how you would of
  6. Hope everyone is keeping well? Question: We purchased a property for £395,000 using a 75% LTV towards the end of 2019. The time has come now to re-finance the property due to the uplift from the works and the fact we got it BMV, the valuation pre COVID 19 came in at £545,000. The finance company we used initially to purchase the property have high exit fees etc and as I have a good relationship with them I don't want them to think I am using them as a type of "bridging loan". I have asked them to further advance the loan to reflect the new valuation to which they declined. Wha
  7. Hi everyone, Looking at installing solar panels in our next project which will be an 8 bed HMO - as we include all bills with the rent and from researching online reports of savings of anywhere from 200-400 per year, I'm wondering has anybody looked at this option previously or better still installed them given the initial upfront cost is it beneficial.
  8. Hope all is well with everyone? Currently working on converting a property into our first HMO, our background is single lets. I have a few questions/queries for people. What heating system would you suggest (bills included). What water heating / shower system do people use? (8 bed HMO) Mixer Vrs Electric Finally what do you use for noise reduction in rooms, both on the floor and walls? Thanks in advance, Adrian
  9. Hi Folks HMO's in the right location will always be in demand, here in Ireland I have an HMO located within walking distance to a major city and have a list of people wanting to rent a room, on the flip side I have a family living in an Apartment who decided three months ago to stop paying rent, we have had to take them to court to evict them. The voids in HMO'S can be manageable unlike in a single let where you could incur a 3/4 month void with no rent. I simple spread the load, have a mix of single lets for capital growth and HMO's for cashflow and remember LOCATION LOCATION L
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