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kylie ackers

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About kylie ackers

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    I have renovated my last two houses, while living in them at the same time. I really want to go back to doing these type of refurb projects, but as a business.
    I plan to build a property investment portfolio over the next 5-7 years that will generate enough income to continue to organically grow without me having to contribute further savings.
    At this point I should be able to leave my IT job and start doing property refurb projects full-time.

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  1. Have a look at Paragon, they have now removed their restriction of having to be the only lender to a LTD company. Their rates seem to be the most promising at the moment. Their affordability in terms of rental is calculated at 125% x 5% As an aside, I ended up failing with Shawbrook earlier this year (due to their extreme slowness and solicitors incompetence) and missed the SDLT cut-off. Re-doing the figures to move the properties into a LTD with those additional costs has proven to be less attractive than keeping them owned individual.
  2. Hi Peter, I had a very similar problem, and now manage my LHA tenant myself and get the housing benefit paid directly to me. This is very much going to depend on the council, but I would suggest that you give them a call and discuss. My tenant simply had to agree for her benefit to be paid directly to me, then I was free to set this up with the council. If you get the right person on the phone it really can be that simple. Good Luck!!
  3. Thanks Damien, I knew I didn't want to be driving up and down the motorway, but hadn't considered that a lot of the viewings could be complete wastes of time. I think I've come up with an even better solution, though I think I'll combine it with your number 4 (love the video idea) to really kick ass!! 6. Use a trusted friend who lives pretty much in the middle of all my properties to do all the viewings/check-in/checkout's. I'll effectively hire her on a freelance basis to do all the bits and pieces that need a physical presence. I'll probably still use someone like upad to do the
  4. I currently own a small portfolio of properties that are in the North, while I live down in London. Two of these properties are very shortly going to require new tenants. Previously I used a lettings agency to do all the management including the tenant finding, but have decided recently to self-manage as I didn't find the lettings service very effective. Question for other remote self-managers: what is the best way of finding tenants. As I see it I have a couple of different options: 1. Use a service to list the properties on all the property portals and attend the viewings myself
  5. Hey Gavin, I got the same response when I asked the same question of Virgin - they don't lend to companies and as a limited company is a separate entity there is no way to transfer the mortgage. I'm now in the process of re-mortgaging to Shawbrook products (and they ain't cheap! ). I have spent hours in excel calculating the trade off of ERC, SDLT, CGT and the personal income tax. For me personally, transferring three properties before the 1st April is more effective than waiting, even with a 2.5% ERC (I've managed to reduce this by overpaying each of the mortgages in the short term,
  6. Hi Antoine, I've just checked and I can still access hometrack - might just have been a blip when you tried? https://www.hometrack.com/uk
  7. Hi Steve, welcome to the fun of LHA tenants. I was in a similar situation to you, where I bought a property that had a sitting tenant who was receiving benefits - she'd been there 18 years without a single rent increase, while her benefits had increased. I left the co-ordination between the council and the tenant to my letting agent, but after all the benefits were sorted I increased the rent by just under 10% to bring it in line with market rates. Understandably the tenant didn't like the increase, so I agreed that she could stay on the cheaper rate for 3 months before the increase
  8. I recently remortgaged a BMV purchase after 9 months. I managed to extract some of my equity, but not all. I think it's down to what has sold in the surrounding area in the time and the lender (originally the property was valued under the purchase price, and I got a 15-20% discount!). I was quite worried about paying fees upfront without knowing that the valuation would come in as I expected. Richard Brown suggested that I get a HomeTrack Report. I did this and it showed the property should be valued at the mark I wanted. I got my mortgage broker to pass the report across to the survey
  9. Hi Jamie, Certainly not a silly question. I think every investor is different in how they analyse a potential investment. Personally I always look at ROI (of the cash I have invested) - this tells me how hard my money is working, and it's thus easy to compare to a savings/ISA interest rate etc. I look for around 10% on a single let property, and would expect much higher for a HMO. I'm also willing for the ROI to be a little lower (but not much) if I'm buying in an area where capital growth is likely. The actual figures really come down to your own strategy and whether you need a
  10. Ah, what a sweet little love in I feel I've missed contributing as much as I should recently - can you believe that life and building a portfolio have been getting in the way! The new year should give way to more time, and slightly less ambitious goals, then I'll be challenging you Sir Brown with your illustrious number of likes
  11. Hi All, I'm currently in the market for a new accountant (my existing one has just royally screwed up). I'm looking for someone who can do the following: 1. the accounts for the limited company that I run my IT Consultancy business through 2. the accounts for my small property portfolio (individual rather than through a limited company) 3. prepare my yearly tax return 4. advise on matters of tax efficiency etc for both my limited company and property portfolio. Having had a look around I'm finding many firms who specialize in either I.T or property businesses, but not both.
  12. My latest favourite read ... Crush It by Gary Vanderchuck. I listened to it on Audi book, then had to go buy a paperback so that I could highlight sections. Not entirely property related, but has some good motivational stuff in it about just doing it! Also reading Millionaire Fastlane on Kindle. I'm keen on having many simultaneous books on the go - on all different mediums. Just found a half read book on Che Guevara that I started months ago and had put down on my bookcase ... will delve back into that one now. Thanks for the Amazon tip Richard!!
  13. kylie ackers


    And if you don't like doing the calculations yourself, you can just use this calculator http://diytopropertyinvestor.co.uk/toolkit/investor-calculator/ Works best on chrome
  14. Definitely not - I would want to see all the paperwork - there might be something on there that you want to query, or even worse, aren't happy with. If nothing else it gives you piece of mind that all is ok. Personally, I'd not be using that solicitor again - they have a responsibility of duty to keep you fully informed on all aspects of the purchase, including the search results.
  15. And just as an interesting side note - Virgin (who will lend on an RMP deal) currently have a fixed 2-year product at 3.58%. They also have a tracker currently at 3.39%. That's less than 0.25% below the fixed rate. Normally I would take a tracker for reasons similar to Graham's above, but this time I've gone for the fixed deal. Because there is so little difference, and I think rates will rise by at least 0.25% very shortly, the fixed should work out better (you can "I told you so" me if my crystal ball is broken). Other fees for both these products: valuation = £163 booking fee
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