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mr flat

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About mr flat

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  1. Hi! I have a question, I own a 3 bed flat with my partner in London. It is a leasehold prop (999 years remaining) but I am a shareholder of the company that owns the freehold so we own a share of the freehold. I am considering a title split and a division of the flat in 2 one bed flats. Since the property is mortgaged, can I do this? is it viable? thank you in advance MF
  2. Hi, I am keen on start using xero, but it seems super complicated to set up. I cannot find any step-by-step guide specific to property management. There is a complete lack of basic instructions on e.g how the payment of mortgages can capture the capital/interest split when retrieving the info from the bank account. Also a relevant template to property management of the list of (coded) expenses/payments, etc It is quite annoying to know that it could be a useful tool and yet such a poor customer service from xero in explining how to use it for specific industries... Any comments will be muc
  3. Exactly Richard M, I agree with you and that is why I did it.
  4. One more thing, I find so upsetting that every Johnny is repeating the same crap they have listened in one of those absurd, expensive and utterly useful "property courses" or "self development courses". They repeat idiotic concepts such as "work on your business and not in your business", etc. Naturally if you intend to torture yourself you can for example listen to one of the numerous property pod casts that have little or no relevant content or even when they do offer something is with the hope to make a profit with some idiotic "special course/mastermind/mentorship, etc". The problem is
  5. Richard M, these are repayment mortgages, unlike the English property market in Spain they have learned the lesson and therefore there is not such a thing as an "interest only" product available to the public like we have here, which certainly contributes to the crazy property prices in the UK. So, repayment and yes the term of those mortgages is 15 or 20 years. I hope I can do a 30 year term next time I buy in Spain. In short, I got tenants (there is lots of demand) using a letting agent obviously since I live here to get tenants and to manage each one of them and overall those tenant
  6. Apologies, I forgot to mention that for me property its a hobbie, I am not a full time property person.
  7. Thank you Richard for your reply. Yes, I agree that it will be years before I come out of the negative equity situation, but the negativevequity is probably less than 100 euros per month. But if this is really a long term game, meaning 15+, it should be fine, I will still probably cover the lack of cashflow in one with the others. In any case, it is only administration what I am doing, since I have not paid a single pound from my money in the way of deposits. I believe that if I can keep them for 5 years, then none of them will be in negative equity and I will be cash flow positive
  8. Hi Why do you enumerate "solicitor, lawyer.." What's the difference?
  9. Hi I have recently bought 4 flats in Spain from (different) banks using 100% (and even 110%) mortgages from those banks. In some cases it was a bmv transaction and in some others is arround 30% above market value. I am know the places so I was confident I could rent them out pretty quickly, and I have done that. Some of the rents I receive are in excess of their mortgage monthly cost and some of them are not and I have to cover approx 30 euros each month. Alltogether including the management agents (I live in the UK), taxes, etc I don't have to pay more than perhaps 100 euros each month. A
  10. Hi all I am starting with BTLs and would like to know if you know any good mortgage advisor and a solicitor both expirienced in BtL and property investments. Thank you in advance
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