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About cmaherdoyle

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    UK-based property investor in the UK and US markets. Founder of Block Invest; property analytics and sourcing for UK property investors.

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  1. You can get viewings if you are persistent; I have also found that viewings direct with the vendor (purplebricks/yopa etc.) are much more likely to be approved than when there is an agent involved (they have to be very careful in following guidelines). Many are asking for evidence before permitting a viewing (Mortgage DIP etc.) which seems like overkill. I viewed a few places a couple of weeks ago, and everything was pretty straightforward. Didn't notice much of a difference from a typical viewing pre-coronavirus. Things are selling quickly in my (experience), and do seem to be going
  2. This podcast should help you figure out some of the different steps Rob & Rob follow; https://propertyhub.net/podcast/tpp031-how-to-research-any-property-investment/ I'd imagine the process is similar for other investors. I personally run checks on a Due Diligence spreadsheet I have formulated over a number of weeks/months. Google streetview is useful for a little stroll through the area.
  3. Hi Don, This is just from my own personal knowledge bank; perhaps the more specialist guys will correct/confirm what I say. Please don't take this as gospel, but will just throw in my opinion. 1. By inspection are you referring to surveys? If you are, you would need to pay three separate fees, but you may be able to negotiate a discounted rate given they all sound relatively small and are in very close proximity to one another. Give you a local company a call and ask - can't hurt to just ask the question. 2. Finance will need to be arranged separately for the individual properti
  4. Hi Derek, Thanks! It's all pretty amateurish from me, but the numbers seem to work after cross checking stuff. 1. The white cells in the very top left (I think there is 8 of them) are the only financial inputs. Even some of those stay the same for quick checks (e.g. Mortgage Interest rates will typically be an estimate of where current rates are, until we have a concrete mortgage offer). It takes 20 seconds or so. Everything else is generated automatically but can be edited if necessary (i.e letting fees calculated at 10% of rental income, void allowance set at 8% etc.).
  5. I have been working on an excel version for a little while, but by no means an expert in excel. I tend to prefer excel because I can so easily make changes to the inputs and see immediate real-time results, but I think this online option is great. I have attached an image of what I am using - not sure about the quality/resolution, and it isn't for a specific property. I prefer too much information rather than not enough - my goal is to get as much information available as possible on one spreadsheet (present financials, projections, location indicators, stress testing etc.) Feel free
  6. Very useful insight! Will former PSC's affect ability to acces lending? Person 3 now only appears on our Companies House profile as 'Ceased' as a PSC, under the PSC tab. We also now have Shares Issued as 200, but Total Aggregate Amount Unpaid as 300.. So confusing! Trying my best to figure it all out, but think it may just be easier for me to start a new company from scratch! Thanks for all your help, really appreciate it!
  7. That is so helpful, thanks! So at the moment we are setup as; Person 1: 33.3% Shareholder, Director, PSC (UK Citizen, UK resident) Person 2: 33.3% Shareholder, Director, PSC (UK Citizen, UK resident) Person 3: 33.3% Shareholder (UK Citizens, Non-UK resident) Would it make more sense to set up a new SPV, with Person 3 omitted from the process? He has already indicated to me that if it makes things easier, he is happy to not formally be a part of the company. I just don't want to begin the process of applying for a mortgage, only to find out that they won't lend to us, a
  8. Hi Stuart, Thanks for the reply; v helpful! Having done some research, we are likely going to set up an SPV for BTL with a single SIC code. Out of curiosity, are mortgage lenders interested in Directors, PSCs or Shareholders (or a combination of them)..? If we had two UK residents who were the Directors and PSCs, with a third non-UK resident (but UK citizen) as a Shareholder, would that create complications? Sorry for all the questions! Thank you! C
  9. I would calculate it using all resources used in purchasing the property (deposit, SDLT, legals etc.) The money for the deposit is coming from equity in an asset of yours (regardless of how you came into possession of it), so you are still using it to invest.
  10. This is something pretty much brand new to me - I have been fortunate enough to have never experienced a troublesome tenant - but think I am in the process of experiencing my first. We own a property that we are looking to refurb and sell on - it is something we have owned for many years. We have had tenants renting the place for a while; they have been relatively trouble-free. They had ASTs which have recently expired; out initial plan was to notify them a number of months in advance that we intended to sell the place. We told them 5 months ago that we were selling in the summer, and agr
  11. From what I can gather, this seems to be a temporary response to the lockdown, rather than a long-term policy (although, admittedly, nobody really knows how long this madness will go on for). Typically, higher LTV deals (65%+) need physical valuations. These, of course, need valuers. Valuers are not deemed 'key workers', so the vast majority can't carry out the valuation. From the perspective of risk analysis, anything <60% and most lenders have automated systems they trust. I think Barclays have also suggested it is to ease the flow of applications on an over-exerted current wor
  12. a) Personally, I wouldn't 'ask' for a lower price; likely this will be rejected out of hand. It is probably what you meant, but I would offer a new price (with accompanying reasoning of why the offer has been revised) and be willing to walk away if the deal no longer makes sense. b) Unsure how long an extension you would ask for - we don't really have a timeline on how long this thing will take to unfold. c) I would revise the deal under new conditions and see if it still makes sense. Do you have a protected income that will remain continuous and help finance the deal? Could you swal
  13. Sounds smart. I'm no scientist, but I think it is likely a lot of the chaos we see at the moment will be over and done with in a few months, probably just as all the legals etc. are completed for your deal!
  14. We are currently less than 20% LTV across the portfolio, which needs some work. I think we would like to be closer to 60%ish.. current economic uncertainty, possibility of a price correction in the next 4-5 years etc... Any obvious tips you have about how best to use that capital? I am thinking a series of standard BTL's and just let nature take its course..
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