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acereferee

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About acereferee

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  1. Hi Joe, Good on ya, a youngster with some get up and go! I have been buying BTL in Netherton, Dudley Wood,Brierley Hill, Halesown ie The Black Country for the last 8 years, the last 2 have been very difficult to find property where the investment and yield work, prices have generally gone up and rents have gone up less so. Last year with a friend we set up a second business to buy, renovate, sell - flip properties, again very difficult to find one where numbers work, however we did do one deal. We purchased a 2 bed detached house from auction that needed some minor buil
  2. I am a landlord with 15 properties, we set up a limited company to manage the letting out and management of these properties so that ASTs are in a company name and all rents are paid to the company. The new legislation requiring letting agents and property managers to be part of a redress scheme goes on to say: Does the requirement apply to landlords? Landlords are not explicitly excluded from the requirement but are not generally caught by the definitions given above as they are not acting on instructions from another party. As our company only 'manages' our own properties then we assu
  3. It depends on his company set up and what he trying to with it but the following has recently come into force: New legislation has been introduced which means that from 1 October 2014 it is a legal requirement for lettings agents and property managers in England to join 1 of 3 government approved redress schemes. https://www.gov.uk/government/publications/lettings-agents-and-property-managers-redress-schemes
  4. Ewa, For my first property 4 years ago I purchased a tired ex council house from auction. I had read all the books, I had done the research etc I wanted to have something that needed some work but no building work as such, just clean, paint, carpets etc. I wanted something local to me as i wanted to self manage the project and to manage the tenant afterwards. I joined the landlords org as well. You only really learn once you jump in and buy, i learnt so much in the first 3 months of reality rather than theory. Having and keeping good tradespeople is a major factor and thus I would advise t
  5. www.cbasl.co.uk is a website for one of my good friends Chris Banfield who worked for me as Finance Director before setting up his own business, down to earth advice and a good bloke. He looks after a couple of BTL investors and has also helped with mine. Could be worth a chat?
  6. I have only been a landlord for the last 4 years but have always carried the check anyway. It is not difficult as I always ask to take a copy of passport and if the tenant is non uk then a simple request to see evidence of their status to be in the uk is requested and a copy kept. We then note when it runs out and ask for an updated copy at that point. We have a lady who is applying for permanent uk residency status but visa runs out in January 2015 thus the contract we gave her runs out before her visa, she will only get a renewal upon evidence of the visa being renewed or her status changes.
  7. JPJ, thanks for reading my reply! 1.) Your first question about %ages. This is not a black and white issue as we all have different things and values that work for our own circumstances. As an example I might want to buy, do up and sell a property where I can make £20k as this would use mine and the wife annual capital gain for a year and thus be tax free. so in this case i would look for a cheap auction terrace for say £55k, spend £10k plus legals and sell at circa £90k thus £20k. Using this as an example I would look at break even at £70k, be happy at £80k and delighted at £90k. The lowe
  8. HMO's in student areas are required to get the kids an affordable bed but I find the idea of HMO's for general purpose living revolting, these to me are the cause of most complaints about bad landlords and this is around squeezing humans into small rooms to make more money. I invest in family 2/3 bed houses and provide good quality houses at affordable rates. I see all these HMO conversations as a real problem that we should stop.
  9. I had an investment portfolio in stocks and shares, i got fed up with others controlling my money (poorly) so went into property about 4 years ago. I like to control and decide things myself and this is something you will need to consider when you are making a decision about investment. I keep some cash liquid and have some bonds but I now pick small companies to do direct investment with or do crowdfunding type investment. It is all about individual circumstances and as stated elsewhere do not invest if you cannot afford to see it lost.
  10. This is a pure numbers game and you do not mention in your evaluation anything about finance, the cost of money, the cost of sale, the costs of ownership whilst refurb being carried out. In simple terms your list is ok. I evaluate a sales value with 3 bands - likely sales value - low, medium and high as long as the low means i don't lose money i carry on with my evaluation. Estate agents will help as they want the sale work afterwards so i would advise you to sit down with them and explain your strategy and that you may need ongong support. They may even have houses that represent better value
  11. Hi everyone, I ran a logistics company for a few years and then left 3 1/2 years ago. Went to auction with the intention of watching, but found my arm in the air and a hammer hitting its block followed by the words sold! What have i just done? My wife who was with me asked if I was the one bidding as they seem to be walking over to us - O yes we have just got a house i replied! Well 3 years on we have a Limited Company with 13 let houses and 1 small industrial unit, plus on Thursday of last week I purchased another house at auction. I did a landlord course and joined NLA, i self manage
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