Jump to content

barry hughes

Established Member
  • Content Count

  • Joined

  • Last visited

About barry hughes

  • Rank
    Established member

Recent Profile Visitors

The recent visitors block is disabled and is not being shown to other users.

  1. brilliant podcast today by the Two Robs, i really took a lot out of it and they talked a lot of sense on that subject,
  2. Hello All, Been on here a while and thought i would introduce myself, me and my wife have 12 properties 10 x BTL and 2 X SA Apartments in Belfast, i am planning to diversify and convert two of my properties into HMO,S I am particularly interested to chat to any other property investors from northern ireland that are on this forum to discuss strategies and ideas that work for the local housing market in Northern Ireland Cheers Barry
  3. Hi all I am looking for someone to give me advice about whats involved when you are doing a deal that involves you being a mortgage Host, my situation is me and my wife have 11 properties and to date we have used our own money for deposit but now have an opportunity to use some family members money to invest who cant get a mortgage and some friends of mine who are living outside the uk who have cash but cant get mortgages in uk, so in this case me and my wife would be getting the mortgages and also managing the properties how does a typical contract work in these deals does anybody have any links they can give me for case studies imparticularly interested of pitfalls to avoid, what needs to be essential or included in the contract drawn up about solicitors, 1. for example in a 100,000 pound property deal if we took a mortgage for 60 k and the investor puts 40 k in, what would be the norm for determining their share of rent each month if we are managing the property and for selling on the property etc just looking some general advice and some case studies or links if anyone has them thanks Barry
  4. Hi Guys, I have Two questions first of all i have a piece of land with full planning permission for a single dwelling estimated value of the plot is about 45 k which is my best and cheapest route if possible to release equity on this land as i want to use the money along with some of my own money along with a mortgage to buy a two bedroom apartment in Belfast for Serviced accomadation, im particularly looking to know which banks or building societies are favourable for this kind of borrowing also i have another property which is unencumbered valued at about 80,000 pounds which i want to release about 40k of equity from to help fund the deposit of another property which are the best banks or mortgage companies are the best at the moment for refinancing a property to allow you to use that money to buy another property Thanks barry
  5. I agree completely i have 10 buy to lets and apart from going to a monthly property meet in belfast which costs a tenner, i have taken two courses one online through property geek which was 180 quid and had some great resources including spreadsheets that i use for my tax and equity release as well as buy to let calculators which is all i need and another one day workshop i took in belfast which was 150 quid which actually helped me get a mortgage through another provider that i wasnt aware of that provided mortgages for my particular circumstances putting 5k even 10-20 k i have read in some cases into property courses is absoloute madness in my view, you would be far better using that money yourself to get started in property and do your own research, of course you will make mistakes along the way but its good experience and you learn from it, there is more than enough resources on this website alone for free to get started without even having to look elsewhere Facebook nowadays especially is polluted with so called property experts trying to sell you courses etc rant over .!!
  6. Hi Guys This is a topic im very interested in as im trying to determine for myself what is a good level of risk and at the same time not be too much under leveraged to make sure i get full use of my funds some good points Andrew Farmer, my own situation is that i have 11 buy to let properties two of them are unencumbered ( no mortgage) one of them is a 100 % mortgage bought during the 2008 crisies but the rest are all 60 % LTV i also have a plot of land worth 45 k with full planning permission im always`fighting with myself if i should release more equity and gear up more and release equity to buy more properties for what its worth interest rates would have to go to 12.5 % before i would start to lose money on the houses that i have 60 % LTV most of them are terrace houses pulling in around 475-550 a montn with the mortgage repayments ranging from 138-180 pounds per month so i have a reasonably good buffer its like Andrew said i hear people saying to me all the time : ach interest rates will never go back to what they were in the 1990,s at 15% it would bankrupt the country but like Andrew says who wouldever have predicted they would be as low as they are now the good thing at the minute is money has never been cheaper to borrow most of mine are on some cracking 5 year fixed deals any opinions or advice welcome Thanks 'Barry
  7. cheers lads for the above posts and advice i will let you,s know how i get on and update here accordingly Thanks Barry
  8. Hi Kent We are at 11 properties now and instead of going more buy to lets i am going to try and secure two serviced accomadation apartments in belfast one in my wifes name and one in my name that shouldnt be too far from where i need to be cashflow wise, there will be soem challenges especially for me getting the ex pat mortgage im going to listen to the Two Robs, podcast yesterday which i see was on mortgages to see if i can take anything from it what about your own property goals where are you at.? Barry
  9. Hi Imi-ezi Section 24 has no real impact on us as we are both lower rate tax payers in fact my wife is at home full time with children and my job im uk non resident so only have to pay 20% income tax on profit from properties in my name really tempted so leverage up some more but hard to know what to do thats why im reaching out here, i think its more a fear midset i have where i have a few already paid of and dont want to go back into debt on them although it makes sense to expand you passive income every month Barry
  10. Hi All Just a quick question hoping someone can help, i am looking for ex pat mortgages can someone please advise who is the best out there and more so for my own particular circumstances, i am a uk non resident from northern ireland living in the republic of ireland for tax reasons and find it impossible to get mortgages form uk banks due to my residency, furthermore i get paid in us dollars which doesnt help either even though i have a uk bank account and my pay is converted to pounds before it goes into my bank i have 4 properties already and want to expand my portfolio but the residency thing is really hindering my progress if anyone knows of anyone in similar situation to me and has got finance or mortgages please let me know or even the best ex pat mortgage companies out there at the minute thanks Barry
  11. Hi All, My name is Barry and its my post on here so go easy on me! i am looking for some advice from experienced property investors that are usually mostly leverage to expand their property portfolio My situation is as follows me and my wife have 11 buy to let properties 2 of which are unencumbered ( no mortgages on them) and the other 9 have buy to let mortgages with 60% LTV Mortgages our current cashflow is 4000 pounds a month but i want to get it up to 6000 pounds a month but i just cant get over my mindset of refinancing and releasing equity up to 75 % LTV on some of them, im kinda of old school where i would be more in the mindset of trying to pay the mortgages all of instead of releasing equity i suppose what i am trying to ask is what is a safe point whereby you are not too much over leveraged and at exposure of interest rate rises or contrary where you are under leveraged and not getting full use of the available equity in your properties to further expand your portfolio
  12. Rob & Rob I have 11 Buy to let properties and my goals for the next two years are to increase my cashflow further by going into Serviced Accomadation and HMO, i want to be more professional now and run my property more like a business in particular looking some advice on the following questions 1.do you guys have a seperate pool of money set aside incase of a disaster like having to evict tennant going through court proceedings etc or damage to the house that requires a lot of money, if so what or how much do you recommend to put aside asa percentage of your monthly rental income or even a lump son 2. what is a safe amount or level to Gear up to or leverage to protect from interest rate rises etc, of the 11 properties me and my wife have two are mortgage free and the rest have LTV of 60 % i dont want to be too highly leveraged as i want overall to bring my mortgage debt down all the mortgages are 25-30 year capital and repayment but at same time i realise not releasing equity could hold me back in buying more properties, im fortunate enough in that i have a good job in oil and gas and was able to put down 40% deposits 3. I purchased your property course Rob Two years ago i think and its been an excellent source for me especially the spreadsheet for calculating the Tax where you enter everything on one page and it calculates everything for you that has been a lifesaver. 4. What other general advice can you give about running your property as a business Thanks Barry
  13. Hoping someone can help me this subject my wife has seven properties in her name and i have four in my name i am uk non resident and find it very difficult to get mortgages so have been buying the latest properties and putting in her name we are looking at buying a hmo property next but the income from this will put my wife into the higher tax bracket and we want to avoid this, i know we could buy the property through a limited company as someone else already confirmed this for me but its still very difficult to get a mortgage through limited company so would prefer to keep in our personal names if possible so heres my question if we get the mortgage approved through my wifes name to buy the hmo property, can i then be put onto the deeds as joint owner during the conveyancying or when the solicitors complete the sale if this can be done then how does it work in the tax man,s eyes for the income, we will have about 14000 a year gross income, we both conmplete seprate tax returns 1. would i have to declare 7000 pounds on mine as half the income and my likewise 2. can we elect that all the income be declared on my tax return thereby keeping my wife below the higher tax bracket what im basically looking to know is can a house be bought in my wifes name and somehow legally the income can be declared through my tax return or a proportion of it instead of hers look forward to your feedback Thanks Barry
  14. m khan thanks for the reply, i have four properties in my own name bringing in about 25k a year gross income, i have a job which puts me in the higher tax bracket but because im uk non resident the income from my properties is taxed at 20 % because my income falls below the higher taxation bracket of 46 k for this tax year my question as a uk non resident am i allowed to buy more property in the uk by setting up a limiting company or do i have to be a uk resident to set up a limited company to buy more property in uk thanks in advance for your time barry
  15. Guys, I am new to the forum and really enjoying it so far with some really good topics and advice im hoping someone can help me out with a question regarding limited companies my wife and i have 11 buy to let properties between us all of them cash flowing, 7 in my wifes name and four in my name, we never went limited company because both of us are in the 20 % income bracket i fall in the 20 % category as im an offshore oil worker and living outside the uk so classed as non resident so my property income is taxed at 20 % up until 45000 or whatever the threshhold is we want to buy an HMO property in my wifes name in Belfast but we are worried that the income from that will push her total income into the higher tax bracket is it possible or allowed to start a limited company anytime i mean if we bought this HMO property could we put that property only in a limited company and keep the other seven properties in her personnel name or do all the properties then have to be transferred to limited company.?? any advice welcome Thanks barry