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propertyguru-uk

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  1. Own a few different cryptos, mainly ethereum. I look at more the long game then trying to chase the short term highs Mining rigs are a more stable investment and have some tax benefits which you can't get from trading crypto
  2. No one can predict the future, whoever without a shadow of a doubt there are people buying / selling property right now and turning a profit. If values of property drop, the only thing that changes is the purchase / sale value. People are still going to continue to buy / sell. So it's a case of reflecting your offers based on what you think a property is worth now vs what you think you can sell it for in the time frame you're working with. If you think that a property's value today needs to be X amount lower, then at least get out there and make offers. If people need to sell quickly then they may consider it. The stark reality is that there's mass unemployment / redundancies and a number of deaths from covid, which in turn will mean more properties come onto the market for a quick sale. It's easy to sit on the fence and fear the unknown, however in reality whilst people do that others are picking up the low hanging fruit and turning a profit.
  3. Sorry to hear about losing your job, it's tough times for some people out there. Refurbs are going to turnaround a quicker / larger profit, so if you're thinking of going to Japan this year then you may be able to flip something for a good profit before the end of the year. With BTL, regardless of whether it's managed or managed yourself, there's a lot more to it than refurbs. Obviously, the biggest problem that can happen is tenants not paying / damaging the property. Even with the worlds best management company, people can sometimes themselves in a situation where a tenant can get away with months and months of not paying, which turns into taking them to court etc to get them out. Obviously this is a minority of people, but it something to be wary of especially with the continuing evictions ban extension from the government. Auctions can be a lot more tricky, in that it's usually instant exchange of contracts when the hammer drops and the terms of agreements can have some hefty hidden fees, so it's important to look into the ins / outs of auctions fully before putting your money on the line. There can be some good properties out there off-market, through asking friends / family / personal contacts etc. You'll always find someone who's looking to downsize, may have had ill health recently and needs to move to a bungalow or someone that's passed away and the property has been inherited. If you wanted to source properties offline, you could make some flyers and post them in areas that you're keen on.
  4. I'd consider diversifying into other smaller low risk investments to spread the risk, so that should anything drastically happen in the property market, there's less of a hit during the current times.
  5. It depends on what you need help with. Is it with property sourcing, how to stack deals, reducing renovation costs, building a team around you etc? There's many good sources online that can help, that can be less bias than an investment advisor who is going to want to sell you deals that they've lined up (apart from trying to push property courses).
  6. Just to jump in on the job part (as I think the other points have been answered well by other members), it depends on what your history / skills are. If it's going to take 3+ months for a property to go through, then that's 3 months of earnings you can gain. However depending on your skillset, it can take 2+ months to actually get a new job, as unemployment is at an all-time high and when furlough ends it's going to get worse. So if you're at least applying for stuff now, you're getting ahead of the game and you can choose whether to not take it or not at a later stage.
  7. Similar situation for us however we had a head start as we thought about this some time ago
  8. I wouldn't say that all estate agents are bad, some employ predominantly young people without much common sense and horrible tactics. However, there's many estate agents out there that employ sensible young people / older people with a much better approach. It's like any industry, there's a variety of people out there, it's just finding the right ones that work well with you.
  9. Hi Becky, Welcome to the forum, it's a great place to start to learn / soak up some knowledge. It's good to hear you're looking at getting your first property, it's an exciting time, there's plenty of good deals out there to snap up. As a first property, it may be better to look at buying something to flip, rather than a BTL, so that you build up more savings. Whilst £50k is a great starting place, it can dwindle quickly if you're trying to run a BTL whilst living / working etc. There's many things to consider such as the deposit, refurb costs, any hidden refurb costs, mortgage broker fees, solicitor fees, having to deal with multiple different tradespeople etc. If you can flip a property within 6 months and make lets say a minimum £20k profit after costs, fees + tax then it gives you more money to buy the next project and keep a buffer should anything happen with your current employment etc. Things to consider with a BTL are what if the tenant stops paying? What if the tenant bolts all the doors? You won't be allowed access and you'll have to serve an eviction notice and potentially take them to court which can be a costly and lengthy process, with potentially no way of getting funds out of them (people lose their jobs, go bankrupt etc). Whilst most BTL's run without any issues, these things still need to be considered before jumping straight in, as the internet can be full of horror stories.
  10. To diversify and not have all my eggs in one basket
  11. With the on-going issues in Hong Kong and with the announcement from the UK government, it has propelled Hong Kong investors to invest in major cities across the UK.
  12. Whilst they have some good reviews, their bad reviews are quite shocking. Like anything, take a deep dive into researching them before proceeding with anything. The issue with 'guaranteed rent' returns for like 2 - 3 years is what they will actually rent out for after that and if there's the demand after that period too. Whilst it may offer peace of mind for investors initially, it can also be an escape goat for when expectations aren't met further down the line.
  13. Flipping is a good intro into the property world, if you've got a good team of tradesmen around you etc. Yes I guess if that works then it could be a minimal input needed for the day-to-day stuff as long as costs don't spiral out of control. Yes it was, in the beginning it seemed like a bit far out there, however when you consider that most business owners pay a domain hosting company to keep their website online using their servers, it's just a similar concept to that. It doesn't require much input, it's just powered 24/7, which means we can concentrate on spinning other plates. Let me know how it goes with the sale of the property once it's ready, it will be good to see the before / after etc.
  14. From experience, many Japanese & Chinese investors prefer the large cities for residential property, such as Manchester, Birmingham, Liverpool, London etc. When you get into the small towns that they haven't heard of, it may be a harder to convince them to invest in. That said, there's many great locations in Lancashire with good ROI.
  15. Hi Matt, Sorry to hear about losing a family member. It's great to hear about your first project going well so far. If your current mortgage on your own home is manageable then it can make sense to invest in something else and build the nest. Flipping properties can be a quicker turnaround profit wise and can pose less headache than BTL's. Generally speaking, there's more money in flipping properties constantly, however again there's caveats with both really. BTL = can mean nightmare tenants, non-payers, more frequent refurb costs, if a tenant doesn't pay having to take them to court etc then repairing the property if it's been damaged. With unemployment estimated to reach record highs (if not already), it can be a higher risk. Again, the majority of BTL's run smoothly, however there's always the chance of these issues. It comes down to vetting tenants properly, making sure there's a good enough deposit taken and a watertight agreement. Flipping properties = can mean having to deal with lots of people, builders, joiners, plasters, kitchen companies, flooring companies, window fitters, tilers, roofers, solicitors, estate agents, mortgage companies..... the list goes on, all whilst trying to do your day job There tends to be a lot of mis-information online about a variety of different investments, whether it's shares, bonds, crypto, residential / commercial property etc, purely because different people have different experiences and what works for one person doesn't work for another. So I'd take everything online with a pinch of salt really and just look at hard-cold facts of whatever you decide to invest in. We found ourselves in a similar situation when it came to a lump sum we were looking to invest. With BTL's having various intricacies to manage and flipping properties taking up a lot of time having to deal with loads of different people, it makes a challenge to get a good return whilst still trying to do the day job. We decided to go down a less traditional route and invested in blockchain servers, essentially a 'virtual tenant', which we can fill up a house with over 16 servers. So 16 virtual tenants pay way more and with less head ache along the way. It's been over 12 months now and we've received over 49% ROI without much leg work involved.
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