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goldmansnacks

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About goldmansnacks

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  1. 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?
  2. 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.
  3. 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.
  4. 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.
  5. Thanks for the example, and also I will definitely listen to those episodes.
  6. 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.
  7. 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.
  8. 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.
  9. 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.
  10. 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.
  11. 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.
  12. sorry wrong thread was meant for general
  13. 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.
  14. Thanks for the replies, very informative, I am going to talk with him. I will definitely research in more detail for sure, a lot of JV stuff I found so far is for flips where the property is sold fast and investors are paid relatively soon. I believe It could be as simple as just paying an interest rate if it was for a flip, however, the intention is to buy and hold, that's where it is hard for me to find a way. basically, I'm looking for a structure of doing buy to lets with a silent partner, in a way the investor gets paid back a nice return, and I benefit from running it.
  15. Hi all, I am looking to buy properties to rent, hmo style and on Airbnb for mid to high yield. I have a relatively high experience managing money, coming from a real estate brokerage and asset management background in NYC, and already being a super host on Airbnb before with a place I rented and knowing my strategy will work with strong certainty. My dad is confident in me and wants to work with me, he is retirement age and wants to sell his business and be more hands off. He wants to invest with me buying multiple properties and me being the manager and he is the silent investor. He doesn't want to put time into the business it will just be me running everything, finding the properties, he will be helping me by being the funding source and receiving benefits from doing so. My question is how to structure this? We will be using lawyers to get everything fairly set up properly but any advice or pointers will be helpful, I do not want it to be a special family rate just because I am the son taking advantage, I want it to be a fair, market rate investment for him and to be compensated well in terms of risk/reward so he will work with me on more properties helping him build up a cash flow and sizable equity in property. Let's say for eg, we buy a 100k property, he puts down 25k investment to cover downpayment, how do you normally work out who gets what from the cash flows and the upside once it's sold? I'm thinking something like this. Scenario 1 - 100k purchase price = 75k bank mortgage + 25k down payment investment by father I rent on air bnb and each year I pay a percentage dividend of net profits out to my dad of down payment (what percentage is reasonable?)(i'm thinking 25% as that's his equity in it) Then if the property is ever sold he will receive back 25% or the upside plus his initial 25% originally invested, Whilst I receive any extra equity I built up in the time I was paying down the mortgage from rental income. Scenario 2 - I borrow the 25k downpayment from my dad as if he is a bank and pay him back at an agreed on interest rate with an agreed amortization just like a mortgage Scenario 3 - I borrow the 25k down payment and pay only interest and give him the 25k at the sale of property. What do you guys think of this? Have you used investors to help on your deals, or invested in deals yourself? If so please let me hear your opinion.
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