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kris nocker

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About kris nocker

  • Rank
    Established member

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  • Location
    Ayrshire, Scotland
  • My skills
    Financial modelling, spreadsheets, money, rates, opportunity cost, value
  • My goals
    Retire... at 40...

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  1. Hi Kris, having only recently discovered ' The Property Hub', I have been browsing the forums related to Scotland where I live (Edinburgh in particular) and I am very impressed by you knowledge, life goals and general approach. Will you be attending the Edinburgh Property hub meet up on the 7th of July at Ocean Terminal? I would welcome the opertunity to pick your brains a bit.

  2. Ah, yes, that makes more sense. It's hard to say we're taking out a mortgage on the house to pay off credit cards - I doubt that would fill the lender with your sense of financial responsibility. I knew they asked for this but I didn't know they would like details, I'm with Barclays (my own mortgage) and they asked what the remortgage was for and I told them it was for another property, they just said "cool" so not all lenders do so. I don't think it's right though. Couldn't you say that you're raising funds to start a business or something like that, I don't think it's cool that they
  3. I think you need to tell more... what are your goals? If it is income then your yields are really quite small, however if it is for growing wealth then as long as its paying the mortgage eh? London isn't great for yield but is great for everything else I believe so I wouldn't accurately comment - perhaps you should tell the forum a bit more about your dreamline, goals and strategies and we might be able to offer a bit more guidance?
  4. Hi Josephine, good luck in starting in property - it isn't an easy game but hopefully should be rewarding. In the early stages I'd say not to go with a letting agent to manage (perhaps they would be good for finding and vetting first tenants) this might let you 'get your hands dirty' and see some of the real problems that agents go through (meaning you might appreciate yours more when you do get one). In my experience this is exactly what we done, we done everything ourselves in our first place... what changed to us switching to a letting agent...? Well, we had a son and then one Sunda
  5. Push ahead as far as possible with the application but remember until you have a firm property in place there is no release of cash, you will never get the money (it all goes through solicitors). A mortgage is lending backed by an asset - you have no asset to back so you will not have a completed mortgage. First step, sadly, is that you need to have an agreement in place to buy a property. Only after this will your potential lender progress your application as they will then be able to see what they're lending against (and if they want to lend against it). I guess this isn't something you
  6. Good luck, sounds as if you're off to a good start. With regards to your remortgage, I would say consider holding off - remortgaging might not be the best idea just to free up a few grand (as it can sometimes be costly to do so - which is a pain!!). Rather than take the pain of remortgaging to get some cash in the back (and remember the payments will go up, but only slightly in this case) you might wish to start hunting for your next one just before your remortgage date in order that your cash won't end up sitting in the bank and will almost immediately be used for your next project. K
  7. Hi Emma, welcome to the hub! It's always good to hear a fresh name in the hub from Scotland! (me too btw!) If you've just started listening to the podcast theres so much great stuff in there so get stuck in and enjoy! There has been one property meetup already in Glasgow and I believe there's another due in early November. How are you finding the podcasts so far? What is the ultimate goal for you? Where are you based in Scotland? Kris (Glasgow and Ayrshire based!)
  8. Management fees are normally in the 8%-12% of rent. I'd be curious about your eventual aims with this number, I get from your post that this is likely your first BTL so be aware that the further up in value you go your yields tail off (i.e. you will get a decent yield on a £50k property, nice yield at £80k-£100k but above around £120k-£140k it drops off (i.e. for every extra £5k of home you buy very little in yield). If you're talking about £500 per month of a mortgage then you're likely looking at £120k mortgage and likely looking at a £160k property - might it be a better idea to look at
  9. I'm the same with day care - January start though (trying my best not to think about it). However, by that time I'm hoping we'll have our second (and perhaps third) property running - hopefully that will pay for it. Remortgaging to pay off debt? Always an idea, but you risk the opportunity cost of missing an opportunity and the market moving further away. At least when you invest in long term assets they can then pay your debt down for you - just an idea. I can give you some ideas if you want to talk actual numbers to things (I work quite well with finance and spreadsheets) Kri
  10. Jayden, Lauren, Happy to meet you guys in Glasgow somewhere, it would be good to arrange our own wee property meetup - could even invite Andrew and put out the word to see who else could make it. Might be good to start our own wee monthly coffee group or something? Just a thought. I'm in Glasgow most days and flexible about working hours too - give me a text and we can get together and share some ideas, plans and dreamlines. Kris 07854 148 964
  11. Jambone - there are lots of lenders who will lend little, as long as the property is over £40k (for example, Virgin are the lenders on our first property, they lent £30,500 on a £42k valuation). There are many more lenders who will look at valuations over £50k, it gets thinner as you go below this (and pretty much private/specialist lenders below £40k). We are not looking to remortgage every two years so we're not thinking about that, our medium term plan is to get 5-6 properties and then roll them over to commercial lending which should allow us much more flexibility and perhaps a better
  12. I read a lot of blogs by Tim Ferriss and Ramit Sethi - both quite well known but they do a lot of blogs on softer skills too, negotiation, emotions, accelerated learning that will give you a great all round education on non-financials. Try to pick up a free course from Itunes University on Finance101 - net present value, return on investment, return on equity, return on capital invested, internal rate of return, payback period (and many others) all make a sound basis for making any financial decision - the courses are free, from some of the best institutes in the world and mostly come with
  13. Take these same questions to letting agents in the area and ask them about the property you have in mind - they are still sales people but if you drop two/three an email you'll get a better response - and though they are still sales people you should be able to pull out better answers, i.e. ask three of them and if two of them tell you it will take 3 months to rent at £550 and the other says he could rent it tomorrow at £700 you know which letting agent you shouldn't be using!
  14. This is exactly what I'm trying to do in Scotland. I'm taking a very 'venture capital' type approach though and do not buy anything outside of my 'numbers'. The first I bought using only £4,500 of my own cash, purchased at nearly 20%bmv - I'm looking at 20% as minimum, however slightly over will be fine as long as I can earn back the original investment within 18 months (monthly rent £425, mort/ins £150 - therefore positive cashflow of £275pm meaning by the end of one year I've earned back £3,300 and in 18 months we've got back £4,950 - 16.3 months is our official payback period). We're ju
  15. Wouldn't it make sense to remortgage, take out that capital and then invest that in another btl - therefore not having to sell (and incur the selling costs) and then buy another (incurring more buying costs)... Either way you are ending up with two properties. Seems to be little point in buying, then selling to buy another two...
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