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About harbs

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  1. It sounds like a good choice for you would be to start a ltd, Purchase your BTL's through that. it seems the best strategy for people not looking to spend the rental income now. Particularly if you are looking to reinvest the money and expand your property empire. you can then continue to pay yourself in dividends and this will open a lot more lenders up to you, if you get a good Broker. Additionally if you have a partner you could split the shareholdings and when you draw down on the income via dividends it will be split as per the share holdings.
  2. sure thank you, looks like there was a lot of additional land at the side of the property which has now been removed from the deeds... so interestingly no work done on the property. I have noticed a large pole in the back yard with a big cable attaching from that directly to the back of the house... I expect this may put people off from buying it even if renovated to a good standard.
  3. Sure however the issue I have here is both properties bought at auction for £70k more than they are currently guided at. no work had been done on either and now they are back up for auction in their existing bad state. Read both legal packs and contacted auctioneers but nothing that would make me think anything was wrong with either.
  4. Sound advice and spot on. I’ve opted to build more money up in my IT LTD and lend that across. it’s taken 5 weeks so far and I still don’t have a business account for my new LTD so until the bank finally set it up I can’t do much anyway. Not all bad. Means I am building more of a cash pot.
  5. I have found a 2 properties that's a 3 bed in an area that easily commands 200K+ (for a lot less than that... A LOT LESS) however having purchased a EIG package, while doing my homework on the property (both of them in close proximity) I can see they were both sold by a different auctioneer a few months back and both for £70K more than they are guided at this time round. I wont have time to view as the auction is in a few days so likely I will avoid them, however has anyone had experience in this and why might this be the case? I have made some basic assumptions like the person
  6. Thanks and only just seen this reply so apologies for the late response, frustratingly as we were close to an agreement the someone came in and blew our offer out the water and the numbers war far too high for us to chase. we did plan on completing the work in 6 months so I had agreed a 12 month loan from the broker, the repayments would total 17K if we went full term with it. im still looking as each time we find something we like its snapped up super fast, the market seems a little over priced to me but the properties keep selling so looks like the trend will continue up.
  7. Hi All, Having revised my plan from flipping at the moment to BTL on properties that require a small amount of dressing up. Still waiting for the bank to open my business account 4 weeks in !! Today I plan to have some conversations with Mortgage advisors/brokers, recommendations would be appreciated. Starting with a cash budget of £100K I believe a good option for me is to invest in properties costing below £100K that are in good letting locations (If that's possible) and require small amounts of renovations such as new bathroom or kitchen or general fixing up, trying
  8. thank you for the advice. Will definitely be sensible with the decision making here. have over the weekend had some better quotes from lenders but it is still a lot of money. All potential fees have been considered also,
  9. Hi all I am close to making my first purchase, however having run a few online calculations for possible bridging loans with LTV of 72% it seems the reality is far different. I have requested a loan for £130K, the best rate I have been offered so far is 0.85% from a lender - The broker initially told me he could secure 0.54% I'm sure I will learn a lot from this first flip however any advise would be great and if any one has recommendations of which lenders are best to deal with that would also be super helpful. If it helps anyone answer my questions, looking at the follow
  10. Thanks for the response. i have had the discussion with my Accountant. we are going to have a sit down to talk through the tax implications of me loaning my new company money to get started as I’ll be personally lending and lending from my other LTD. I applied for a little help from the gov but didn’t pass the criteria. also not able to get a loan for current LTD with the intention to lend it to the new LTD. I assumed this would be the case but was worth looking into as could have saved me a great deal of interest over the first few years of trading and having the extra cash increa
  11. Hi, been google searching this to death but cant find what I am looking for. I have been trading through a ltd as a consultant for a few years now, I have built up decent money and plan to start a new ltd for investing in and flipping some properties with a friend who is a builder. I have a 5 year plan together and run it by my accountant who seems happy with it At present to make the first purchase I will need about another 50-60% of the property value to make the purchase. I understand the options out there with bridging which is great, however, is there anything to stop
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