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MatthewM

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About MatthewM

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  1. Can anyone recommend a Bridge-To-Let provider? I have my eyes set on an auction property and would require a bridge loan for the finance and would then be looking at renting the property out after 6 months once the refurbishment has finished. Also I would like to do this within a Ltd Company.
  2. I will be spending a few months renovating the property. I just wanted to double check.
  3. Is it possible to re-mortgage my BTL with no AST?
  4. Sri, I have just sent you a private message regarding investing in Leeds.
  5. Hi paddy, Thank you for the luck! I seem to listen or read about property everyday, as most people say that investing in yourself is very important. Even though i don’t have enough capital at the moment to purchase another property I am constantly on rightmove seeing what properties come up, how much they are asking and seeing which sell quickly and try find out how much they sold for. I am just trying to prepare myself the best i can for when i can remortgage my current BTL. Plus I am going to attend my first networking event in November which i am excited about as it will be great to meet like minded property investors both online and in person.
  6. Hi my name is Matthew and I am a property investor, well a newbie property investor. I am Senior Quantity Surveyor for a National House builder and actually enjoy my job, even though I would eventually like to be my own boss. I have worked in the residential construction industry since leaving University. So it all began back in 2014 when I bought my first property, a 2 bedroom apartment near Leeds City Centre on a residential mortgage for me to live in. I was young and fresh out of University however the reasoning behind a 2 bedroom apartment was to rent the second bedroom out to a lodger. Alas, within 6 months of my first purchase I was a so called live in landlord and the property adventure began! Moving on 3 years, me and my partner bought our second residential property, a nice big 3 bedroomed Victorian semi-detach in a residential area between Leeds and Wakefield, however we purchased this as a probate and in my eyes got it at a good discount however it needed fully refurbishing. We’ve lived in this property for 2 years and it is still not complete as me and my dad have done pretty much 95% of the works ourself. This has taught me a lot about refurbing property and I have learnt many skills, I’ve even learnt how to plaster myself! Although we have saved a lot of money doing works our self, everything seems to take considerably longer, especially when our first born arrives half way through. Meanwhile, I rented out my apartment on a 12 month AST and managed the property myself. Lucky this went fairly well and I remortgaged onto a BTL product. However after the initial 12 months, someone approached me about corporate letting (also know as serviced accommodation). We had a lengthy chat, went through some details and I accepted a contract for this company to use my apartment as SA for the next 3 years. In my eyes it was a WIN WIN as I then had guaranteed rent for 3 years with no voids. So what are my plans and goals? Well we are getting ever closer to finishing our home, hopefully in the next 6 months; my apartment is 1 year into the SA contract, however I have begun to listen to podcasts, read property books and doing as much FREE research as I can. I have often been drawn to property course/mentoring schemes however me a quantity surveyor I am a penny pincher and cannot bring myself to spending so much money on these courses. Hence why I love property hub! My plan is to remortgage my flat in 12 months and release the equity I have built up over the years as I have always been on a repayment mortgage and not an interest only (which I have now decided since staring my research I want to only use interest only mortgage for rental properties as this will maximise my cashflow). Using what savings I have (which isn’t the best due to being a new dad) and the equity I release, purchase a second apartment near Leeds city centre and set up my own Serviced Accommodation company. I have done lot of research into this, and I feel it would be the perfect way for me to maximise my cashflow to try and expand my portfolio. Ideally I would like to purchase 1 property per year for the next 10 years. It would be nice to use the Rent2SA formula however for my first one I feel it would be easier to do it with my own property. Well if you are still awake after reading this then I hope you enjoyed my journey so far.
  7. I am only fairly new to all this but i would say 75% LTV however i think i may have stumbled across some lenders offering 80% at a higher interest rate. Id always want to keep an eye on the leverage amount, especially if there is a potential market correct around the corner.
  8. Thank you all for your comments. I always use the valuations from zoopla with a pinch of salt and much prefer to use the sold prices found using Rightmove. It is always difficult when a house of a similar type hasn't sold in the area for over 10+ years. But i guess working out house prices is a skill in itself.
  9. Derek, Thank you for uploading this again. On quick inspection, you need to change how cell AK3 works. It doesn't calculate the Annual repairs correctly.
  10. TJ, Thank you for looking into this for me. I look forward to the new forum group being set up. Hopefully i can be a keen contributor! I will certainly be attending my first event in November!
  11. I much prefer to use rightmove as my main source of finding properties however i do occasionally use zoopla now and again. My main question though is how accurate is the zoopla valuation tool? I know you can update property details such as number of rooms, type of property, size of property etc... But is this really accurate of the current market? I'm assuming that the valuation is mostly based on recent sales in the area but is this sort of desktop survey what actual mortgage valuers use? I agree that an estate agents valuation tends to be higher than a mortgage valuers valuation. Can we rely on zoopla for a true valuation? It would be good to here your views on this matter.
  12. I am new to forum and noticed that there is no property meet up group for Leeds on the forum. Not sure if this is the correct place to post, however is there any chance this could be set up? I am looking to attend my first meet up in November.
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