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About Rafael

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  1. Hi Paul, first of all welcome to the forum! There are some genuinely great people on here so you're in good hands Here are a few pointers to help you kick start your journey. 1. I back Nicholas & Dino's advice on you needing to be 100% clear with your investment objectives. Is it income you want for example? If so, what does that figure look like and when would you like to get there? Being clear on your objectives will set you on the right path with your risk appetite, locations and the right property strategy for you. Do read up on the pros & cons of each (BTL vs HMOs, etc etc). 2. Assuming you've already inherited your fathers property, you cannot "just move it" to a ltd company. You will have to under go a new transaction and face the costs of this. Operating under a ltd entity is a great way to mitigate taxes. Although on that note, COVID has impacted these particular financing products. 3. Regarding your fathers property. It goes back to your objectives... If it's income you want then just converting it into a BTL wouldn't be a bad idea (assuming a nice yield here). The plus side of this is that you only have management/contingency costs for 1 asset. If your risk profile is a little higher then make the most of the equity in the property, pull out some capital for other deposits and retain this one. 4. In my opinion speaking to a mortgage advisor who's accustomed to dealing with investors is highly beneficial as it could save you thousands in the long run. Getting a power team (mortgage advisors, accountants, builders, lawyers) behind you takes away a lot of the stress Good luck with your journey. Raf
  2. I'm surprised by the lack of interactions this post has received. Excellent post in my opinion. My question to you is @t clarke, have you got Rent Guarantee Insurance? If you're covered, give your insurer a ring. I also self-manage and yesterday night was informed by my tenant saying he's going to see his income reduced by his employer after this month. I'm thinking of lowering his rent for a period of up to May, potentially June. My personal dilemma is the following: 1. Reduce their rent to £585pcm during this period with no expectations of them paying the difference (rent is £735pcm so I'm taking off £150 off their rent). 1.1 I have Rent Guarantee Insurance so hoping to get the missing income from the insurer. I am currently waiting for the insurer to get back to me for advice on what to do. 2. Reduce their rent to £585pcm during this period BUT make a re-payment plan where they pay the leftover amount over a period of 6-8 months after June. 2.1 This is another option I'm considering if for whatever reason the insurer does not play their part. 3. Reduce their rent to £585 with no expectations of them paying the difference for a period up until June. I'm thinking of asking him for proof (i.e. receive copies of pay slips) of his reduced income. My tenant told me he pays almost £500 a month for his Range Rover so I also don't want to be taken advantage of - priorities I guess. Especially given that they've only been at the property for 2.5 months. Stay safe everyone Raf
  3. Hi @rogerh, wondering how you've got on with this? I am thinking of doing something similar about converting my residential property into a BTL. Would be good to hear from you on how you managed this. Thanks, Rafael
  4. Hi Angela, I have messaged you privately. Thanks, Rafael
  5. Hi Ian, I am by no means an "experienced flipper" but I have recently attended some auctions with the hope of grabbing BMW deals and came out surprised. On most occasions buyers were paying the same (+ auction fees) for their lots, as other historically sold houses of the same type / in the same street, except their purchased property was in a much worse condition. Not the most logical in my opinion! Don't forget that despite the daunting economic forecasting headlines in the media, as of today, unemployment is extremely low and therefore there are currently lots of buyers out there - especially the emotionally charged ones at auction houses. Nevertheless, there are some cracking deals out there to be made. I advise asking if the particular lot you're interested in is open to pre-auction offers and if they are put in an offer, you will never know and may just get accepted! (same auction protocol will follow). Just be patient and don't get emotional Good luck!
  6. Hi Helena, Any investment in yourself is always a good idea, especially if you weren't happy in the place you (unfortunately) spent a big portion of your time! In my opinion with property investment you wouldn't necessarily need to do a Masters in Real Estate to be a good property investor, but it sounds like you want to work in the industry so you will for sure be getting hold of some very valuable information and use this for your own ventures. My tips for you and your partner to get you both started in property investing is making sure your strategy is sorted and well defined. Don't under estimate this. 1. Why are you getting into property & what's your end goal? (Is it to take control of your retirement / is it to replace your income etc.) 2. What property strategy is the right one to achieve your goal? (Consider capital requirements and restrictions of your budget and how you can make the most of it) 3. Once you're sorted with the above, get a great team behind you. Especially a good mortgage broker (make sure to scout well on this) and a good conveyancer. 4. Be patient. The snowball effect takes a while to kick in. Although 2-3 single let properties aren't enough to quit your day job and live off that income, it will be a good starter to get you the 4th and 5th property and so on. It will take a few years but there are strategies out there to assist you recycling cash and go again (assuming you want to have more than 1 property). Keep educating yourself (this is where you've nailed it with your Masters). Keep listening to the property podcast guys and read their material. The content on here is fabulous! Don't be afraid to branch out and read/watch material from other content providers but do make up your mind on what's best for you and your partner. Just be careful of those content providers who are heavily on social media saying you can be financially free in 7 days and want you to sign up to their training courses Good luck and I hope you manage to get yourself a Distinction!!
  7. Welcome aboard Sacha. I'm one of those who thinks we're close to reaching that 3-consecutive GDP-quarter slowdown. The manufacturing & construction sectors (PMI data) have become quite bearish over the last 16 months or so and not to mention that the latest GDP figures shrunk for the first time since 2012... With that said, if you're investing in property with a long-term outlook, recessions shouldn't matter because of a few reasons: a) The UK has a house shortage issue - this will keep pressure on property prices, hence the long-term trend of property prices being on the up (alongside other factors) b) You'll be generating passive income from rent even if the property prices drop 3-5% (just ride it out and save this income) To touch on point 'b' a bit further, personally don't think it's worth waiting 6-months to 1-year just to wait for prices to drop for the sake of shaving off £3,000 or £4,000 on the asking price. Investment properties tend to be around the £80,000 - £120,000 price-bracket as investing in anything more expensive than that will eat-up your ROI due to the higher mortgage costs (assuming you are buying w/ a mortgage). So you'd be missing out on potential income (and not to mention the appreciated capital appreciation once things level out). Because of the relatively low price-tag of investment properties, we won't see that much decrease in valuation as it's more affordable for first-time buyers and investors alike (supply vs. demand). However, unless you're in London or in other locations where properties tend to be priced at +£300k, you may have a special case to consider. This is because there is lower demand for properties of this price-bracket as affordability of deposit and mortgage is much lower. Once again, good ol' supply vs. demand. Good luck! Rafa
  8. Good to meet you Lewis! How far ahead in your search are you? Have you done any viewings, got any mortgage in principle documents sorted? (After a lot of time hiding behind spreadsheets, I'm making my first viewing this afternoon!) Raf
  9. Hi Hubbers, First post on here so please go easy on me I'm 27 (no major commitments) and have £30k to start building a portfolio of rental properties... I'm currently looking to buy my first BTL property around Leicester / Wolverhampton, so thought it would be great to hear everyone's opinion on sourcing good yield properties (+8%). I'm not too worried on what type of property / location, etc. as long as it's not HMOs (I want to keep risks relatively low and be hands-off where possible). Additionally, if anyone's got any particular experience with great property lawyers and lettings management' agencies that you'd be happy to share, I'd love to hear from you! I will keep you all updated with my ventures (providing I have no mental breakdowns ) Thanks all! Rafael