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garricw

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Everything posted by garricw

  1. Hi Nikki, I am looking to start my limited company too. I was wondering if you were happy to share the details of your accountant please? Their rates seem pretty good. Thanks!
  2. Hi Jonnyboy, Thank you for your reply. That's good to hear. I am researching how to set up a company such as the SIC code to use etc so I can do that myself. Yeah I do think the ltd is the route for me, but still stacking up the numbers to have a clear idea.
  3. Hi J, Thank you for your reply, I built this from scratch myself so if you don't mind using it I've attached a link to download it here for your reference. Pay extra attention in the mortgage calculations on the terms and rate. https://drive.google.com/file/d/1v6uk8IU6m2zGqqztJrRpfjwfeLxqfZQY/view?usp=sharing Hi Dino, Thank you so much for your reply. I intended to build this for BTL but thought it would be easier for me to quickly compare the rent/room for properties in a specific area to say, but also would be applicable for if I want to invest in HMO. Really appreciate your figures for the Gas and Fire Alarm. I have no experience in BTL yet as I am still saving up for my lump sum for my first investment. (Having bought a flat with my partner last year has wiped out almost all of my savings) So your figures definitely help a lot. I have since added Ground Rent and Service Charge in my spreadsheet so that will allow for flats as well as for houses. I am intending to invest under a ltd company as I am close to the 40% tax bracket, but of course this will need further conversation with an accountant specialised in property investment to work out the numbers to weigh up my options. I hoped that a 6% rate would be adequate to future proof the deal allowing for rates rising, but in the current climate I agree that a 4%-5% is probably more realistic. Again really appreciate your help and valuable information! Always welcome more information and your experience! I really like the work you've done at your properties, light touches yet significantly looks more appealing!
  4. Hi Jonnyboy, Thanks a lot for your comments. I understand the costs may seem on the high side, this is totally down to not having real life experience so was planning for the very worst case scenario, more research is needed definitely. I was using a 6% mortgage rate to future proof the deal but as there is a lot of noise on the BoE base rate going negative I think it is highly unlikely that the mortgage rates will be as high as 6% in the near future. I shall put it more in line with the market rates for mortgage for Ltd. I will definitely have to breakdown the refurbishment costs and am in the process of doing that. Thanks again for your reply, I really appreciate it!. G
  5. Hi hubbers, I am very new to property investment and am only just starting out. I don't have any investment or the funds to plunge in yet, so I am building on my knowledge for when I am ready to take the plunge. I have built a spreadsheet that I hope will allow me to compare deals quickly. I have been quite pessimistic about some of the rates so please advise if you thing any of these figures are unrealistically high/low. Really appreciate your input and advice!
  6. Hello all, I am new to the forum and the property world. I am 28 years old and originally from Hong Kong. I currently live in London and have lived in Lincolnshire and the South West before. I have no experience in property investment yet but I am reading/watching/listening to all I can get my hands on to quickly gain the knowledge in how to start. This forum and website is a great place for free courses as I have seen quite a few others that cost an eye watering sum. I have also a few books to read in the coming weeks and months so that resources are plentiful to equip myself. I am a structural engineer and and am looking to diversify my income stream so that I can become financially independent sometime in the future (around 7-10 years time). I don't have a lot of cash to invest in now since I am at the beginning of my career so my plans are slightly tailored to build up the capital in the initial years (1-2 years) then invest in properties that bring in rental income. I am also looking for work with investors so that will help get things rolling. My rough plans are as follows: 2020 - 1No. flip to get stuck in to get some hands on experience. I will have to do this as JV due to limited capital. 2021 - 1-2No. flips to further build on the momentum from the previous year to further expand my portfolio and experience. Also looking to get 1No. BTL to generate some monthly cashflow, will look to refinance to recoup the initial capital. 2022 - 1No. flips and 2No. BTL to carry on generating monthly rental income. 2023 onwards will be too far ahead but the general plan is to get at least 2BTLs a year to build on the portfolio to slowly moving towards achieving financial independence. I am primarily looking at London for flips as this is the part of the country that I know best, also I appreciate you probably should be more hands on for flipping. For BTL I am looking at the hotspots where regeneration is poised to thrive in the next 5-10 years. Currently I have in mind the outskirt of south-bank of Leeds (already too late for the city centre I think) or Liverpool. But I am not too familiar with either places so much research is needed (on-going) to understand the demographic and the market. I am not going to pursue down the HMO route despite the higher yield but I think after this pandemic crisis the appetite and government policies will edge towards self contained units making HMO out of favour in the long term. (only personal view which may turn out to be completely wrong) As mentioned above I am a structural engineer and I have experience in house extensions and refurbishments. If there is anything that I can help please let me know on here, I will try to answer as much as I can. That's all from me and have a great weekend!
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