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helen court

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Everything posted by helen court

  1. I need some advice please. We completed on our second B2L in early March, titivated it a little and put it on the rental market just before lock down. We have secured a tenant, but they are unable to move in because of lock down. House is in Wales so still have near full lock down restrictions. Early on I informed the landlord insurer and was told that they would insure the property for 3 months as an empty house (and put the price up). This in effect is up to mid June. What do I do? I am thinking that PS I live in Pembrokeshire and house is 30 minute drive away so haven't even been able to check up on the property. Lots of police around doing stop checks to stop the tourists. Any thoughts on what I should do to keep insured would be gratefully recieved.
  2. I have a grand total of 2 BTL's so am no expert but what you said above resonated with me. I live in Pembrokeshire and have just completed on one property there with another (probably) going through. I have noticed that the market is very stagnant here with some property on the market for similar or less than sold for 10 years ago. Obviously these are properties without a seaside location, as a Seaview equals rocketing growth for holiday lets and retirees with deep pockets. This hasn't put us off as we are looking for income in the short to medium term. By my calculations, ROI is 10 to 14% on many properties. Therefore what we are doing, albeit with caution, is buying property that seems to be in demand by locals. The thinking is that if buyers like it, we will have our exit strategy covered in 20+ years. I'll check back in 20 years to let you know if it was successful. Good luck with Nottingham - I lived close by for many, non property investing years. A popular city, with improving transport links and 2 good universities.
  3. I am in a similar position of buying a property cash. It is a renovation and planned to mortgage when done to release the capital. Now I am having second thoughts. Thinking that better to minimise my capital tie up, I spoke to broker re: tracker mortgage but deals are being pulled. My thinking is to delay purchase couple of weeks (as near exchange/completion) to see how this develops. I will then share my thoughts with the seller (inheritance property) and see if they can agree a reduction. The property has 11% ROI at current price, but feel more secure if it is financed. Mainly because want to be in a position to buy if market goes down - which I expect it to. PS We completed on our second property nearly 2 weeks ago. Viewings last week and 2 applications for first 2 viewings. Agent said rental market very buoyant, but sales enquiries are disappeared.
  4. Hello everyone - I would love your advice. We are in our mid 50's (right side of 55) and own our £250k home outright. It isn't our forever home but it's a slow flip. We will want to spend £50k but expect the value to go up by £75k+. We have 1 B2L (worth £215k) - with a 45% loan to value mortgage, but limited by the rent. Originally bought for late father to live in. This is in Leicestershire and whilst the returns aren't the best, the market rises steadily. We want to buy several (4 - 6) more B2L and possible flip along the way - growing our portfolio for the next 5 - 8 years, then consolidating to move to a forever home (but still have a couple of pension supplementing B2Ls). We live in Pembrokeshire where property without a sea view is relatively cheap - £100 - 125k for £600 rent per month and we will look to buy local for ease. We want to take some money out of the house we live in - to do works and as B2L deposit. I have been trying to use a major online broker (JC) but it's proved very slow, waiting for call backs, to the extent that one cracking interest only mortgage deal has been withdrawn, while the broker was on holiday. We would be interested in your broker recommendations and your views on our strategy. We know we aren't going to be property millionaires but are passionate about property and enjoy turning the worst house on the street, into the best. A hobby we hope to continue into retirement. Any advice would be appreciated.