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Lwrake

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  1. Hi - I am working with Barry Davies - Big Deal Mentoring, as that is exactly what I want to learn, so far its been great, we focus on HMO's multi lets and commercial to residential. Also David Clouter is very interesting and helpful, a contrarian investor, I met him and he will work out a specific strategy for you if you aren't sure what you want to do yet. He is mentoring in conjunction with Fiona Talbot - http://www.fiona-talbot.co.uk/. good luck, Lisa
  2. 2 bed top floor flat in Reading - on at £210,000, but seller offered it to me cash for £195000. £950-£1000 pcm RICS valued it at £195,000 66 yr lease and seller said it was 15k to extend the lease. I estimate £25,000 Survey says chimneys need repointing (5k) Whole roof may need redoing (20k) And ground floor flat is now showing subsidence.(£££) Other things to fix, new kitchen, flooring, decorating etc, estimate 8-10k. The management company have 6k in the bank. Approximately 3 other flats in the house. Capital growth has been strong in the area, 2 beds in good condition go for around £250,000. Is it worth the hassle? Really don't know what to do with it, its my first solo deal (non JV) and I am nervous of the unknown expenditure. Many thanks in advance for your thoughts.
  3. The link for the webinar isn't working- can you repost another link? Thanks
  4. I was offered flat at 210,000. Minimal work required, 1000pcm rental income. Good yield for my area. Worth about 240,000 market value. If I offered cash, vendor would initiate lease extension (66yrs remaining). I offered cash, he then decided he wanted a quicker sale and reduced price to 195,000 if I dealt with lease issue. I am estimating a 26-30k bill for the lease not the 25k he estimates but still feel comfortable with the numbers and can tenant the flat whilst I deal with lease over next few years. Any thing I should be requesting or looking out for?
  5. Thanks for the tip on the changing laws in Wales - I had no idea. I will also be researching managing agents before I actually buy anything that isn't local. I am still keen to invest in this area so want to find a way to make it feasible. I didn't buy the properties in the end - I think the 10% discount was perhaps a little creative and a similar deal would be be fairly easy to find direct fro an agent as you say. Many thanks for your reply.
  6. Lwrake

    Swansea?

    Hello Welsh friends, Whilst looking at some very expensive terraces in Reading a few weeks ago, the estate agent finally confessed to me that he wouldn't actually buy these himself but instead he was investing in south wales - HMO's mainly. I then had a second property proffessional mention south wales as one to watch. Im looking at properties in Swansea and the surrounding towns - does anyone have any thoughts on this area as an area to invest in? Many thanks Lisa
  7. Hi All, I made a comment on the BMV FB page and as a result have been offered two properties to buy in swansea. I have heard independently through an Estate Agent that he invests in south wales so thought this might be an area to investigate further. The properties are coming to me directly from a builder who is flipping them and wants to cash out quickly so he can proceed to his next project. He has offered both at 10% BMV ad suggests that the rental yield will be about 7%. But properties are a 6 hour round trip for me to view so what can I do online right now to see if this deal stacks up before I get in the car and do a major expedition? (Ultimately I am happy to buy out of my area so long term Im not worried about the distance.) Assuming I do the standard Rightmove/zoopla checks on local schools, proximity to transport links etc. Assuming I call letting agents in the area to suss out demand and actual rental prices? Any tips on how to word this question?! How can research an area has development potential and future prospects? Land registery research on the area to see any house price movement over long term? Finally I guess a Hometrack valuation Are there any other desktop searches you more experienced friends would recommend? I am new to this and very cautious. Oh and of course I need to be quick ! Many thanks Lisa
  8. If my future rental income were to push me into the higher rate tax bracket over the next 5 years, when added to my current income, should I set up a Ltd company now to begin my property investments?
  9. thanks, that is so useful! Can I ask a basic tax question - based on what I have input, my taxable income as a company is £1,170, and as a private individual £8,970. Why is this so different? (either way it makes this particular investment look awful! Luckily I haven't offered on it....)
  10. Thanks for these replies - Richard, I am still going over your figures they are so comprehensive! I have made a 6 month goal to buy 2 properties in the north and 1 in reading - to spread my risk, the norther ones to provide better yield. I will leave the HMO routes till I have some more experience. I may have limited choice with the first mortgage as I am no longer a home owner, so my first purchase needs to be a cheaper one incase the interest is higher. Then if it goes well, proceed to buy number 4, 5 , 6 etc, looking to refinance exisitng assets and reinvest. As long as I can create some instant cashflow with first 3 properties, then happy to let the rest build over 5 yrs to get to my ultimate goal.
  11. Hi everyone, I'm an accidental landlady of 2 years - renting out my former family home after losing my husband. What I learnt during that process was what works for your own home (huge garden, complicated eco heating system and vintage kitchen) certainly does not work for a rental...finding tenants was tricky, keeping them over the cold winter months even harder. Despite that I enjoyed the income in provided, I enjoyed the management, dealing with with people and the contrast it provided to my day job (self-employed designer and brand consultant) so over those two years I decided that when the time was right I would sell the house, and reinvest this equity into a more serious buy-to-let business, and eventually making this my main or sole source of income. Thats where I am right now - the house is under offer due to complete next week. Unless something hideous happens (touching wood right now) then in several weeks I will have £300 000 to invest. This is enough money to be really exciting and terrifying in equal measure. It is my children's inheritance so I don't want to mess up. I have been reading non-stop, listened to most of the Property Hub Podcasts, worked out some of my goals and have started thinking strategies. I have booked into the next Berkshire Property networking meetup and I've started to build my team - namely I have a solicitor that I trust, a builder on hand, and have spoken to a couple of mortgage brokers. Also made an appointment with RMP. I think my strategy will involve LHA,and some mixed use commercial property. I need moderate income to start whilst I start to shift from design to property over the next 5 years. In 5 years, I would like to be earning £6000 per month from property. Possible, outlandish or conservative?! My concerns are how competitive the market already is in my area (Reading-Maidenhead). How to I find my niche when there are some big players out there. How to source BMV - I read the advice but the reality will clearly be a challenge. If I work outside my area how can I find the time to travel around the country viewing properties, meeting potential tenants, when I have 2 kids in school. Right thats it for now, off to walk the dog! Lisa
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