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About jamese

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  1. Thanks Dino, really useful collection of expenses listed there. Sadly I'm a few years away from enacting some, but we will get there! Thanks again..
  2. Haf, Thanks. Thats pretty much how I had it, so good to get a similar perspective.
  3. Tom, Very useful info, many thanks. Off to the planning portal I go!!! Jim
  4. Hmmmm. I've just applied for that license for one of ours in Wallasey - now worried they inspect and find something to go to town on!!! I think i've seen a few those appts come on the market a fair bit recently, perhaps i now know why! 6k for heating seems ridiculous (to an electrician). Not sure about the windows given its grade 1 listed etc.....
  5. Forgive me jumping on the thread, but the topic gravitated briefly onto getting money out of the company. We have a Limited company, and no intention of withdrawing money for the next few years. When we decide to, would withdrawal of money be a repayment of the directors loan? If so anyone have experience of the tax implications? Thanks all!
  6. We had a broadly similar situation with a mixed use property (bought for cash as the deal was too good to miss!). We now have an possible offer for a mortgage at a similar rate. Way I see it is that the ROI is still excellent with the mortgage (14.9%) so we are happy to go with it almost irrespective of the mortgage cost. Just my own perspective......:-)
  7. Hello all, We are looking at purchasing a house that has been converted into 2 flats to add to our small but growing portfolio. The return is excellent, and gives us the cashflow that we need at present. Keen to know if there are any pitfalls associated with the purchase of the property. Notably will mortgages be tricky, and will it have needed planning consent? There are probably other considerations and we are keen to test the might of PHers! All views welcome!
  8. we are buying a mixed use property. As suggested above we are buying for cash with a view to refinance once all is set up and running. Got told by my (potential) commercial broker that if I got the business lease on a 3 year term w/o breaks then it will open up a few lenders. If not then it might be tricky/not financially viable. Either way the return is too good to miss, and I can always convert the shop to a flat If needs be! Good luck.
  9. Hi All, BLUF: Views on financing mixed use property welcome! We are in the middle of buying property number 3 in our limited company (company turns 1 year old in 2 weeks). So far so good, with 2 single lets running smoothly. The third is mixed use, with a 2 bed property with a shop on most of the ground floor. Purchase price is 95k and the yield is excellent. Tenant in situ upstairs, and tenant secured for retail unit on 6 month rolling agreement. Initial attempts at getting finance on the property have been very tricky, with lenders either not interested in such a small sum, or concerned about the lack of trading time for the business; all of which I understand. In the interim, we have decided to cash buy as we don't want to loose out on what we think is a good deal, but are keen to secure finance fairly soon so we can look for number 4 in the next 3-12 months. Anyone had similar issues with mixed use property? Any tips welcome, along with places to go for finance at a reasonable rate. yours Jim
  10. FA, Thanks for the reply, good to know that at least the timeline makes sense! I dont want to go too far down the route of getting the same type of properties in the same place, so the plan is to be fairly diverse. Currently buying a 2 bed terrace in Wallasey which has a great gross yield (>10%) but probably poor capital growth, and am hunting around Warrington for a 2-3 bed which will hopefully be a little bit of both. Next plan will be closer to home in North Wales. Am keen to understand the % figures you have mentioned. It that gross yield or something else? If it is then i am certainly finding properties well in excess, which play into the goal of a decent passive income in 10 years that are in reasonable areas. At 3-4% i agree that it wouldn't amount to living the high life! Although i'm new to multiple property ownership in a professional capacity, we have always had at least 1 other property let out. I agree that the family home ones seem to have a pretty low yield but make sense in the long term - i guess the nirvana is finding the middle of the yield/growth Venn diagram!
  11. You may be in a broadly similar position to ourselves. We have slightly less (around 250k) but a similar goal of income. I cant work on refurbs until I go part time in Jan 20, but am buying 2 vanilla BTL now just to get up and running. With the above in mind and without boring you with my calcs I see the income being achieve with roughly 20 properties (in the 2/3 bed region 70-130k). With the time i have available i reckon 2, perhaps 3 a year. The net result is that i am shooting for my goal but don't expect it for 7-10 years. Even then i suspect i will then go into the game of reducing some of the mortgage debt. I live on the North Wales/Cheshire border so you have an idea of the areas i am looking at, bearing in mind ill be doing the refurb. I you do want to be bored with what i have factored in(!!!!) then DM me. it would be good to swap thoughts :-) To the PH gang - first time sentiments echoed by myself - this is my first post - be gentle!