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Michael Staines

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Everything posted by Michael Staines

  1. Thanks guys for all your useful info... It wouldn't be practical for me to live in my proposed holiday let for logistical reasons. I'm downsizing for personal reasons and just seems like the perfect time to use the freed up equity to start my property investment journey... The holiday let I have my eye on already has a proven rental income, which is ideal, so just waiting to sell up now... Watch this space Thanks again for your feedback, this forum really is a great source of knowledge and advice...
  2. Just been having a nosey on Rightmove and found a 1 bedroom flat, in great condition, as part of an over 55's retirement complex... Asking price is £40,000 and is currently renting out for £520 pcm, so comes with a tenant... At first glance, that seems like a great gross yield... Are there any drawbacks investing in this type of property and does anyone have any experience in this sector ?
  3. Wow, great feedback and info, thank you so much Jayne. Just need to sell my house now to release the equity... Very frustrating !!!
  4. What are peoples thoughts towards holiday lets as a property investment ? I have always fancied the idea of owning a holiday apartment for my family and close friends to benefit from. And also like the idea of letting the property out when I am not using it... I will hopefully soon be in a position to progress with this idea, as I have found a suitable property that is ideal for myself and family, but will also give me a 6% yield in holiday rental... Would be interested to hear if anyone else has a holiday let as part of their portfolio and how successful you have found it to be as an investment ?
  5. Would be interested to learn if anyone has had any experience submitting an offer on a vacant part exchange property ? I am about to view an empty property, which was taken in part exchange, by a large building company (Wainhomes). I'm assuming that in instances like this, the building company would be keen to move it on. The property was purchased from the owner for £180,000 (I checked the land registry) by the building company and they have now readvertised it at £189,950... The property has now been on the market since end of March 2015. So what sort off offer would people suggest I go in at and what sort of strategy should I adopt...? Many thanks in advance from a complete newbie...
  6. I am currently looking at a property which is leasehold and after speaking with the estate agent have been informed that other people on this relatively new estate have purchased the lease, thus making their property freehold... So my question is, what are the benefits of purchasing the lease ? And is it worth spending the extra to secure it ?
  7. Just wanted to introduce myself, having stumbled across Rob n Robs fantastic Property Podcast and subsequently ending up on this forum... So, a bit about myself... Recently found myself at a crossroads in life and recent events have prompted me to look at life in a totally different way. Always fancied the idea of a property in the Lake District (Cumbria), which myself, family and friends can get the benefit from, whilst also renting it out to cover the funding of the mortgage etc. And so began my research into the area. Due to the increased property prices in Cumbria, I brought my search closer to home (Preston, Lancashire) and found a suitable holiday let. I have now put my current property on the market, with a view to downsizing and freeing up some cash as a deposit on my chosen holiday let. With all this in mind, started to carry out some research into property investment, which brought me to the Property Podcast. I am now an avid fan and am currently working my way through all the episodes from the very start, hopefully catching up to the current episodes very soon... As a complete novice, I have already learnt loads and hope to learn even more from Rob n Robs great information sources, prior to making my first property investment purchase. In the future I plan to purchase a residential rental property and maybe more as time goes by... I look forward to chatting with some of you in the future, Michael
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