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.