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khuram

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  • Posts

    15
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Contact Methods

  • Website URL
    www.goldwatersolutions.com
  • Skype
    Khuram

Profile Information

  • Location
    Cardiff
  • Areas I invest in
    Buy-To-Let, Buy-to-sell
  • Property investment interests
    Buy-To-Let
  • Interests outside property
    Basketball and tech

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  1. Hi guys so my journey in to property has taken a bit of a wild one, I am now managing about 5 properties with some family members and need advice on best way to insure them going forward. As the properties are in different names (all one family) would putting all the properties under a SPV be a good option in terms of getting discount for all being under same name? If not who would you recommend for several insurance deals (2 properties per person)? Had a little look online but as always I try to get the opinions of the guys in here.
  2. Thanks Stuart, very helpful. Think I need to out a little more time between application and defaults. Can hopefully resolve in that time.
  3. Hi guys I am looking to remortgage my residential property to release some equity from it - but i have a very bad credit rating. When I mean bad, i mean default bad. Please no comments on this. How can i release some equity from the property? Please only viable solutions - i know im pretty much 'stuck' with options but there has to be a way. I remortgage every two years with halifax - not getting the best rate but the best rate available to me (credit rating trash)
  4. Thanks for this was very helpful. Found a solution to my problem, a great sourcer/investor.
  5. Hi guys so have been on this forum since April but been working on doing my first project since Dec last year. Done some reading (thanks Rob And Rob ). Got my calculator sorted. Got a big chunk of cash saved up (big for me anyway). I am on a couple of property groups on Facebook and constantly bombarded with deals and sourcers. But cant find a decent sourcer or deal. But I feel a little stuck. Even though I only got my cash together in July. My situation is - have about £25k and want to do a flip or two to build up capital. Trying to find deals around S.Wales (I live here) and not looking to do a huge amount of refurb. Thinking to get a commercial mortgage as a first time buyer through a company we set up. Questions: Whats the benefit of putting it through a company? Have set it up as know we will need it for a few family HMOs (not mine). How do you source BMVs? Is there a place to find reliable sourcers? What advice would you give someone in my situation? Is trying to purchase a property for sub £100k and make 10-15k profit unreasonable? How long does it take to find a BMV? Is that like asking how long is a piece of string?
  6. If you have confirmation of the sale and acceptance then they are held to account - in terms of contract the email notification is liable. When they say technical glitch say you want the exact details of the glitch - record this call with them from start to finish - more than likely its bollocks and if it was a glitch it was human error, which doesnt matter as far as you are concerned as it makes them still liable. The only way they wouldnt be liable after sending out the information would be if they were hacked / cyber criminality. I went through a problem of contract and agreements via email - then client tried to renege on what I had eveidence they agreed to - court proceedings took less than hour to rule in my favour. Make sure to begin speaking with a lawyer immediatley to ensure you are one step ahead - a good lawyer that has experience in electronic/online and contract negotiation. You should be fine.
  7. Hi guys so heres my situation - I want to pull out some equity out of my current residential property to get a BTL/do some work around the house, my mortgage renewal is coming up in October. My question is twofold will I be able to pull out money from my current property even if my current credit rating is terrible (started a business and the knock on effects of that)? Whether I renew with my current mortage provider or find a better one. OR Do I transfer my property to my wife, and utilise her better credit rating to get the above done? Also how long does it take to transfer a property, what are the costs involved (roughly/exactly)? My other option is to save which will take me over a year to get the amount I need for BTL, which is fine but Covid is providing some nice opportunities at the moment and I would like to take advantage of this. First time property developer so please be gentle with me, I am sure my questions are dumb - appreciate all and any help/advice guys
  8. Hi guys I am just trying to get my head around the benefits of having a property under a LTD company? I am currently looking to get my first BTL and run my own business (nothing to do with property). From what I understand it only becomes a benefit to go through the property route when your earning over 50k a year in total personally? Can someone clarify. TIA
  9. Hi @DerekT love this spread sheet! Quick (newbie) query - where is the cell showing how much our mortgage repayment is/would be? Also what does Stressed Test mean - is this if market situation changes? Sorry if the answers are obvious.
  10. Hi @Nathan Cole spoke to a mortgage broker and he basically told me my credit rating is going to make it difficult to get a BTL mortgage - so looking at putting it in a family members name (where they are older, 66) but broker says aslong as the monthly rental is 125% of the monthly repayment and the family member has the deposit then it wont be an issue. I need to have a more detailed chat with the broker about pulling out the LTV within 6-12 months to use for other projects. 6 months yes would be our timescale. Right now however everything is on hold due to this covid-19 situation.
  11. I am guessing the lengthy post put people off lol
  12. Howdy folks I am from the greatest rugby nation in the UK - Wales obviously! I just finished Rob Dix's Property Investment For Beginners definitely helped me flesh out some ideas I have. Maybe you guys can have a look at my ideas and make some suggestions if you are not too busy in the lock down - between the kids, garden work and trying to look like your busy so the wife doesn't ask you to do the dishes! I have a residential property I bought 5 and a half years ago, put 15% deposit down on a standard residential mortgage. Property value has increased about 30k in that time and have about 66k worth of equity in that property. Haven't done anything since as have been building up my business, but have been looking at property to diversify initially my revenue streams but eventually be the main source of income. I am now looking to get a Buy-to-let property (under 100k) - have a decent amount of savings (or will have) / 25% (seperate to the equity in my property). I plan on going down the BRR route (buy, refurbish & refinance) on the BTL. I guess I am little unclear on if I can go down the bridge finance route initially and then refinance after 6 months on a traditional BTL mortgage and pull out the loan to value - LTV (75%) and put that in to another property 6/12 months later. Feedback on this would be great. Also (perhaps a dumb question) if I was to take out a standard BTL mortage and after two years refinanced and pulled the LTV (75%) - would i be paying two lots of repayments or just one? How much approx would my refinance deal go up by approx? I just want to make sure that whoever the tenant will be is being charged enough to cover my repayments. Any rough ideas are welcome.
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