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About wookash

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  1. Thanks! Conrad, budget of £800-1100pcm, I'm considering rather outskirts and quiet neighborhood. I will check your suggested locations then!
  2. Thank you for prompt reply. I will take a precaution and speak with local authority for sure. I was just wondering if any of forum members have some ideas or thoughts about it. Thanks!
  3. Hi everyone! I'm considering purchasing a residential property with the garage (semi-detached or detached). The garage is crucial here because I would like to open a business in the garage (car repairs, garage). Perhaps extending the garage by sacrificing bigger portion of the garden to have more space. I'm thinking about having LTD company for my business and renting the garage space for commercial purposes from myself. I'm not sure whether this is possible... Hopefully you might bring some light into this topic. Thanks!
  4. Hi there! I currently live in the south of UK but recently I've got a attractive job offer between Sheffield/Doncaster area. I would like to ask you about the areas to avoid and areas to look for when it comes to my own accommodation. Yes, my own, not BTL areas. So could you please give me an advice on: The safest, most convenient, 'good neighborhood' areas/zones to live in Sheffield/Doncaster. The worst, the ugliest, dodgy places to avoid in both of these cities. Where the local authority estate is located and where the 'upper class' reside? Again I mean the place for my own where I could possibly rent a house or buy it myself. I'm not familiar Sheffield/Doncaster topography and It would be a blindly guessing for me. Cheers!
  5. Hi Hubers! I'm not sure about the right sub-forum for this topic so please move it if it suits better other place. As per topic, one of the investors (I know them in person) have LTD company which is now finishing the HMO investment. The building is pretty much finished and now I would like to lend them funds for furniture and equipment at given interest rate. How should I secure myself? What are the key points to cover by agreement? What happens if during the loan agreement their LTD company gets busted? What are the chances of getting the funds back? I appreciate your advice!
  6. Hi Hubers, It was brought to my attention that banks are not so keen on giving mortgages on new developments unless they are built using run of the mill bricks or most of conventional building methods in UK. If you wish to build a house with use of concrete or blocks (picture below) you may find a resistance from banks on issuing the loan. Has anyone come across it?
  7. Hi Hubers! I found few topics on this forum already however they don't cover the topic fully. However topic is quite important as this is the root cause of our problems with tenancy. I was wondering how do you reference your tenants? What is the checklist you go through in order to give your tenant "Approved" stamp. Here are my suggestions for possible questions or things we should look at: The evidence of income for last 6 months (bank statements) Two previous addresses and duration of tenancy Contact details to previous landlord Type of employment (contract, permanent, temporary) Any special habits or requirements (disabilities, allergies, dancing in the corridor during the night) Is the tenant in the relationship? (divorce, separation, single, in a relationship) Does the gender matter? Are the women usually more organised and more tidy than men? Do you keep pets? Do you smoke, cigarettes or weed? Are you have any association with drug dealing, human traffic, criminal groups? What you think?
  8. Hi Hubers, Sourcing a property deal from from a "sourcerer"! Great but how much it cost? What is the good price and what is the bad price that we pay for sourcing the property? Sourcing a property as a percentage (e.g. 5%/10%) of the property value or potential profit percentage or maybe fixed price (e.g. £3000)? I believe it strongly depends on a location, how would the comparison of e.g. London to Leeds look like? Where to find a "sourcerer", where they hide? I'm thinking about finding a source for my future deals and I would like to built a baseline, improve the knowledge about it before I actually sign a deal with someone! Thanks! All answers are highly appreciated
  9. Hi Hubers, In the latest "TPP 324: Is buy-to-let dead?" Rob mentioned this in regards to tax changes: I would like to build my portfolio for the next 15 years from now and I would like to start tomorrow . Does it mean I should set up an LTD Company and keep buying properties via the company? If yes, then what is going to happen with all that income from these properties? Keep it on saving's account for the next 15 years ? I was thinking maybe I could employ my partner in the LTD company and she would take that income instead of me . What do you think? What are your ideas about it?
  10. To add the value to your property, perhaps? Extension, garden a garage refurb etc. I think this even has to be an 'official' reason for re-mortgage, am I right ?
  11. @lilla d Thank you for the explanation, it is helpful!
  12. Thank you @lilla d. I'm still quite new to it but I think good understanding of leverage and cashflow is essential in property investments. I'm still not sure how to understand this: I'm asking because the investor I've met recently uses this strategy to release the the capital in order to re-invest. But I didn't have a chance to speak with him more about it hence I would like to understand the topic better before I approach him again. So even if value of my property has increased I'm not getting any money from the bank. But in the same time I still pay mortgage payments based on £75k loan ?
  13. Let's assume the property is already on 75% LTV because it is BTL and my reasoning could be as simply as: I would like to release the equity on my property to re-invest, which means I could have a second mortgage. Would that convince the bank ?