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Scott Langmead

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  1. Hi guys, I joined here a few months ago but just now getting around to posting. Property Experience: I am 23 and my partner and I have just moved into our first house, we live over the bridge in Cardiff and my partner is from Atlanta, Georgia. We have no prior experience in property and I’m quite unconfident when it comes to DIY - however I am keen to learn as long as there are youtube tutorials etc. along the way. My knowledge of property so far comes from the property podcast and Rob D’s books - currently making my way through the complete guide to Property Investment and really want to kick on now. Current Situation: I have a well paying job (for my age at least) in recruitment however it is stressful and I get very little downtime so I am looking to replace my job through property asap. We have plans to travel for up to 6 months throughout Australia/Asia in Jan 2021 and would be leaving before then anyway but hoping to finish in July and hopefully this would give me some time to work on a project or two before going. Aim: My aim in property is to accumulate enough passive income that we are free to travel between here and the US and further afield and I can be in a position where I don’t need to work if I don’t want to. Financial Situation: I’m pretty lucky in that I have ~£70K cash in the bank which I can use as soon as required and I was fortunate in that my house was bought as a gift from my parents and so I have the option to take out a mortgage on my house of up to £150K if necessary. Plans for property: I am predominantly looking at getting involved in Buy Refurb Refinance projects in South Wales and hoping I can learn a lot that way, I’m also strongly considering flips as the profit from a flip between July and December this year would fund our Australia trip nicely, Also intrigued by HMOs as the cash flow would really help. However I’m aware that South Wales sometimes operates very different to England and with things like Article 4 HMOs wouldn’t make much sense so I would be open to hands off projects as I wouldn’t want to miss out on some of the great deals that sound like are happening in the North etc. Plans for 2020: I am hoping to achieve the following: Set up a limited company Find a mentor Buy 2 refurb projects that are generating a cash flow by the end of the year Really looking forward to getting involved and would welcome any messages/words of advice as I understand I’m currently a very small fish in a very big pond so could use all of the help I could get. I would also like to know what peoples thoughts are on what they would do if they were in my position i.e. 23 with a good amount of money to get started with little responsibilities. Sorry for such a long post! Cheers, Scott
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