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About matt1986

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  1. Thankyou, I appreciate your thoughts. Would you be concerned from a tenanting point of view? My wife seems to think I should leave them with a tin of the emulsion we used and explain the situation, and that after 12-18 months we will address any imperfections when they’re likely to no longer keep appearing.
  2. Hi hubbers. I’ve recently had a property replastered throughout by a friend in the trade, and then painted by a professional painter tradesman. The quality of the finish in both cases was very good, and I was happy with both jobs. Whilst working on some ongoing work in the garden over the past few weeks I’ve been noticing numerous very small hairline cracks forming randomly over the walls and ceilings, in areas where the walls have been over skimmed, and on fresh sections where walls and new ceilings have been boarded alike. Some of these cracks spider web out of others, but in
  3. What I’ve learnt in this game in a relatively short period of time, is aslong as the property market is buoyant, you have two choices when it comes to purchasing on the open market. 1, If the property represents a good investment opportunity going forward, and fits your strategy, just buy it. 2, Be prepared to do lots of legwork, look at lots of properties, and have lots of BMV offers knocked back in the pursuit of that one property that has a vendor/vendors with that illusive ‘motivation’. I recently started a thread about how much worth being a cash buyer brings to a deal, mig
  4. My last property, also a 2 bed semi, had a full rewire with new consumer unit, re-plastered walls, and ceilings throughout, and a new high spec kitchen with fitted appliances, came in at £25k all told including solid flooring, new door linings and doors, skirting boards etc, and waste removal. Of that, £3,280 was apportioned to rewiring! Starting to wonder if I've been mugged or not! The new valuation does cover the expense, and yields a net profit though.
  5. Yes, but take it with a pinch of salt either way. Due to problems further up the chain we overshot our completion date on our own house by over a month! If it’s a complicated chain it only takes a niggle for everyone to have to work around a new date, I can’t imagine that’s made any easier by the pandemic either.
  6. Leaseholds really aren’t my bag personally, doesn’t necessarily mean they won’t be in the future ofcourse. Trying to keep my focus on regular single let houses in this early stage for simplicity sake, and it’s the bulk of property in the area I’m investing. Definitely interested in unmortgageable houses though. I thought property two would have been a stretch to get a mortgage on in its current condition.
  7. Thanks. Yes, auctions are on my radar going forward, been doing quite a bit of research on how they work, and the things to look out for. I hope to visit an auction house post pandemic, and get a feel for the place before going in with bidding in mind.
  8. Seems I'm not alone then, would have thought simply buying chain free would be worth something in its own right also though, but again, maybe a sign of how buoyant the market is. Would anyone care to critique my approach to submitting offers though? As an investor, I'm obviously looking to buy below market value to some extent, and I hear of people sometimes submitting offers of 25-30% below the marketed price, I've never started anything like that low, often somewhere between 10-20% as a start depending on my enthusiasm to get the deal, however I've been getting a very cold vibe off agen
  9. I’ve put in a couple of offers recently on properties where I’ve proven to the EAs that I’ve got sufficient funds and measures in place to buy for cash and complete quickly. Property one: 2 Bed mid terraced house in need of some work, but mortgageable. Currently vacant, probate property. Advertised price £105k, likely value when works completed circa £120k. My first offer of £85k dismissed, and subsequently 87, 90, and final of 91.5k. Feedback was that the vendors holding out for £100k. Walked away from the deal. Didn’t excite me now. Property two: 3 bed semi d
  10. Hard to see it going any other way, sadly people will lose their homes going forward which will only increase rental demand. Whilst this may be ‘good’ for property investors, I don’t particularly take any joy from profiting from others misfortune. But then I don’t set the benchmark rental values either.
  11. It would be really useful if you could filter property details in sold house prices for things like property type, and bedrooms.
  12. There are lenders out there that have offered more than a 75% loan against a property on a BTL, but they’re few and far between according to my broker.
  13. I think you’ll need to have an exceptional rent coming in, on the back of water tight personal finances to be looking at that kind of LTV and passing a rental stress test. For comparison I’ve recently refinanced a property I owned wholly, with a good rent already coming in, and good personal finances and the maximum loan I was offered was 75%. Not that I would have wanted a bigger loan anyway, it trims away the cash flow considerably.
  14. I'm new to this, only on my second investment property in my portfolio. But I'm very sceptical of anything I haven't put together myself. There seems to be too many chancers out there who've swallowed whole the fantasies they've seen on Youtube, and are trying to present themselves as 'deal sourcers' asking for large fees off the back of dubious numbers on a cheap house on rightmove. I inherited my first property, and am currently renovating my second. When I was looking to purchase my second I did get a few contacts from deal sourcers after mentioning it on a facebook group, but it just
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