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  • Location
  • Areas I invest in
    Northern power house
  • About me
    I am an novice property enthusiast, starting to turn the enthusiasm into a profession. Having successfully refurbished my first home to realise a good profit, I am on the road to building capital to invest for the long term, and an early retirement.
  • Property investment interests
    Refurbs, multi-lets and HMOs, development and looking at new builds in the future
  • My skills
    Largely practical; understanding how the bricks and mortar stay up! Planning and managing a refurb, making a proper builders brew for tradesmen.
  • My goals
    Retire from full time employment by 2021. Focus on property part time from then and to snowball my portfolio to lead a relaxed and comfortable lifestyle.
  • Interests outside property
    Motorsport, most things with an engine that go fast.
    Skiing, when I actually go.
    Coming up with great ideas for "man cave" projects, then never doing them...

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  1. Quick update; we completed a JCT signed by us and the builder. What a simple process! And great peace of mind.
  2. Hi all. Really simple one; What's the most effective way to 1) check, and, 2) improve mine and my wife's credit score? Thinking to the future for mortgage applications, and credit card short term borrowing and balance transferring. I know Experian offer a good service with a monthly update. Any first experience or advice is very welcome! Thanks. Nick.
  3. Thanks Derek! That's really helpful. (I bought you a coffee.. )
  4. Hi all. We are due to start work on our project - around £150k - in a couple of weeks. (Strategy = Adding value to primary residence as a flip/refinance to raise cash for vanilla BTL. This is no.2.) We know the builder who is a direct recommendation from someone we trust. We been in touch with him since pre lockdown 1, and he's been over 3 times so we are happy with him and his approach, and his quote (which was one of 4). I'm not really sure what, if any, sort of contract I should have have with him. He has not asked for any payment upfront. I want us to be protected, and we've also informed our home insurers that we are having work done. Is there a standard contract type I can use or I do need get more complex? I have a written quote from him, so I am thinking I can use this as the basis. Also, I wouldn't pay him the final 10% or so until any snagging is sorted. Any advice appreciated. Thanks. Nick.
  5. Hi JPpaul. Be careful with very cheap properties; margins are very tight and the desirability to a buyer can stay low due to the location. I wouldn't be too set on going as cheap as possible. Look for something that will deliver a safer profit. And always make sure you can profit from selling or letting - then you are much less likely to get stuck or lose out. Nick.
  6. Anyone fancy something unusual?! What could you do with it? St Agnes Cold War bunker for sale https://www.bbc.co.uk/news/uk-england-cornwall-55759872
  7. To address your query about getting your capital back out, and has been mentioned in a previous post in various guises - the more you put in the more you'll get out. So, add value to a property. That is the key if you want quicker returns. Either buy well below true value (plenty of debate around BMV...), or add value through renovation, extension etc. Then refinance at the higher value to get most or all of your initial investment back out. Hey presto - buy the next one while getting income from the first. Bear in mind this is essentially a full time occupation. Hence, the more you put in, the more you'll get out.
  8. Hi all. Hope everyone is well and keeping safe. Our investment strategy to date has been to add value to our primary residence, and reinvest in the next. Our current home is the final step to take cash out so we can purchase BTL property and invest "properly". Our mortgage is due for renewal (ie, the offer period expires) end of May. At this stage, spring 2021, we should have by now completed an extension and loft conversion, doubling the square meterage of the house and giving a healthy up-lift in value. We would have then looked at options of taking equity out of the house, or borrowing against it in order to invest in further property in BTL. Our goal is to replace our PAYE income through BTL by 2030. However, unsurprisingly, (and I'm so bored of this now), Covid meant we couldn't start last year - we had our builder booked for the end of March. Timing couldn't have been worse! But we are starting this year in April with an estimated 6 month build to be completely finished. With all this in mind, I am exploring our options with our existing mortgage - to stay on that for another few months, then remortgage at the end of the year with options of getting some money out of the house, vs, remortgaging now (May), not getting any money out but then trying to release cash at the end of the year or early 2022? Fees are the biggy, which I have to sit down and do some calcs around. Any thoughts or ideas are greatly appreciated. Thanks. Nick.
  9. Hi Brian. If they don't want to sell it, how much time, effort, money and stress, and legal costs, do you want to put into trying to buy it? And if they've given you this much grief at this stage, do you want the inevitable grief that will follow? They sound like complete muppets who you'd be better off not dealing with. To be brutal - walk away. There are thousands of other properties. Is this the house in a flood risk area? Another good reason to walk away.
  10. Was it their choice to move out for a week? Could they have stayed in the house? If yes and yes then what exactly do they want compensating for? My first reaction is no. Sounds to me like they thought about it after, or during they moved out and now want free cash for nothing. Maybe try to get him to see that actually he's got a good landlord who incurred the cost of a new bathroom at his request. You could have declined to put a new bathroom in, after all...
  11. There are some fire safety regs stating that overhead/high cables have to be hekd in place with metal fixings. the principle being that they won't burn or melt in a fire causing the cable to drop down and create extra hazards for firemen (or or least that's how I understand it). This is based around fire regs, rather that elec regs though. For a private dwelling they may not apply.
  12. Would it be fair to say that it's quite an attention grabbing headline, but in reality, for the vast majority of the populations, it has no serious impact?
  13. Not sure 'cyrpto' and 'invest' can be in the same sentence. If you want to actively trade that's different. But as someone much wiser than me said, anything that fluctuates 20% in a day is nothing more than a gamble. I have a number of friends who all jumped on the Bitcoin band wagon, and they are all still out of pocket. Granted, it might come back to them, but I'm happy with my funds. https://meaningfulmoney.tv/2018/01/17/s9e1-blockchain-bitcoin-and-you/
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