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goldmansnacks

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  1. Looking to convert a 3bed terraced with attic into a 4 bed hmo by simply adding a bed to the living room. However because of the attic this will be 3 floors and 4 tennants. Will I need to spend extra on installing a wired fire alarm system or wil it be fine with just fire doors etc? I really do not want to start ripping the walls out here as the property is in a relatively good condition.
  2. My advice would just be to make as much noise as possible on their various media outlets until paying you back is a better option. I really think in UK property there are FAR too many of these guru/networking/'training' companies. I went to one of samuel leeds' free events and was surprised at how many people in the room bought his course (over 50), he had 'old students' he 'randomly' called up and had them tell everyone how "it doesn't matter if you're broke just put it on a credit card and you will me it back double in the first couple months", then goes on to say how ethical he is etc. Property hub is more my style, the information is all here, you just have to consume it.
  3. I'm looking at purchasing a HMO, it is ready to go, recently renovated, just needs some furnishing etc. However the front reception room/bedroom has a cupboard with the gas meter and electric fuse box in it, Do I need to move this? or is there an easy way for this to not be a problem? and If I have to move this what costs should I need to bare? thanks
  4. Hi all, I'm looking for some advice. I am looking to acquire a 3 bed property, turn it to 4 beds and Live in one of the rooms until I find another property. then at that point either move to the next place, or rent my room to pay for a personal rental. My options I'm thinking about are: - buy all cash then refinance, (I presume buy to let mortgage). - Use interest only buy to let mortgage to buy. Also I am looking at doing this many times, would it be best to buy under an LTD?
  5. To any deal sourcers working in Staffordshire (also Manchester). I'm getting geared up with my father to buy 8 to 10 properties to start within Staffordshire, looking for value add below market value and also cash flowing turnkey, willing to pay sources and companies if the numbers still work after the fees. Will be buying out right the first 8-10. Let me know if you work in these areas, also if you are an agent working in this side of property get in touch. also interested in Cheshire and Manchester. PM me for email and contact, Add me on your email feed etc.
  6. I'm not an off plan expert but I would stay away from the guaranteed investment return, self-managed developments, It's not really owning property, it's more like owning a property stock, you can only sell it to other investors and not to retail buyers and after the guarantee period is over, the yield could be terrible and the stocks price would be worth less without the guarantee.
  7. I would recommend listening to or reading Rob's book 'the complete guide to property investment'. He breaks down this exact situation, if you had 250k to put in one or two houses, he also does it for if you were to buy HMO, Single let houses, or flats and what it would look like over 20 years and what to do after.
  8. Thanks for the example, and also I will definitely listen to those episodes.
  9. Does your newbuild cashflow with the repayments and with higher rates if they were to go to 7? I would go with the interest only so it pays for itself If not. Personally, I would like it to pay for itself so I can buy the next, if you end up easily underwater or paying out of pocket you will limit how many you can own. I would just pay interest and save cash flow in a bank, then refinance later. It depends on how much you will cash flow with each option. 130pounds extra a month is 1560 a year extra and over 23 years its 35,880pounds extra cashflow not taking into account rental increases likely over 23 years whilst payments will be the same.
  10. I'm not an expert on the regulations, have you already decided you want to try go ahead with this? I would personally avoid having a relative as a tenant and help/guide them to find another identical place, as at the end of the day if she can pay rent and do everything by the book, there should be no issue. And if not then she wouldn't be a good tenant. I don't know about your situation but I've seen this happen a lot with friend/family tenants, It starts off great, you are helping out someone in need, then when they want extra days here and there, you don't hit them with your policies, instead you say sure just this one time. Then it gets worse and worse. If they are short or come across hard times or the business is going through a 'slow patch' you will find you are missing payments and certainly can't increase rent, you will feel bad every time you have to be a business person and end up either 1. damaging your relationship or 2. losing money. If you are financially well off and making money from this building doesn't matter then ignore this. However, the fact you mention she will pay for certain things and that you have a mortgage makes me think you should run for the hills. If you feel bad giving her the real reason you should maybe make something up so she doesn't feel bad. It is still a good deed to help her find another place, I'm not saying don't help her, she can still have her business AND you can have a worry-free investment.
  11. Interesting read, good to see the positives and negatives, I think it's good that you rented it to professionals to avoid the damages, I know first hand from being in an 8 bed HMO during my time at university. Also the void problem is easier and less risk in the future if the university builds more purpose-built pods.
  12. From the books, they say we are near the growth part in mid-cycle wobble, this could be true as it's normally towards the end where prices really ramp up for any asset. From my knowledge Normally stocks go first and housing follows behind, As long as there are no crises I see maybe 2-4 years growth if interest rates stay the same, and the more rates are increased the more this time frame is reduced. Looking at the stock market it looks stable, or like a bubble waiting to pop depending on whether you use a short term chart or a long term chart. My mindset Is to buy now and not worry. If you follow a strategy where you are always buying then if you buy some at the top and some at the bottom it averages out and you come out on top in the long run. You never know, it could crash tomorrow, or we could have the longest bull run of all time and you could have many many years of appreciation. Historically people can accurately predict only the next 12 months and the further away it gets, the more wrong they get even the best bank analysts.
  13. Seems like a weird rule as your property could sit unrented for 1 month anyway if it was overpriced. Maybe advertise it whilst your refurbing just so you can show you 'tried to rent', but actually you were refurbing in case they come after you.
  14. Hi All, I'm wondering about new builds. The advantages to me are that I can get help to buy and that they have guarantees for 10 years, I'm thinking with the intention to live there at first and later turning into a rental once I buy other buy to lets. What are your experiences with new builds and help to buy? I'd like to take advantage of putting 5% down however the numbers on new build don't work for rentals, the rentals don't even cover the mortgage. Also, I have seen a few new builds on the market after 5 years at steep discounts. Let me know your experiences with new builds investment and personal wise.
  15. sorry wrong thread was meant for general
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