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  • Property investment interests
    Lettings, property management and full renovations
  • My skills
    Deal sourcing
    Property management
    Project management
  • My goals
    I am looking to joint venture with investors to help them also achieve rapid growth
  • Interests outside property
    More property

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  1. Has anyone done a property sourcing deal or knows how they are set up? I am able to find the properties already just wondering how to go about the process eg. What do you tell the estate agent, what type of contracts do you use between both vendor and investor, do investors tend to want to view the property and when do I take payment
  2. As mentioned above it always seems like something is happening that could affect the property market. Eventually something will but you can’t know when. My strategy is to keep growing but in a way that my assets are as safe as possible should there be a crash
  3. Your accountant can do this for you. Just make sure you let them know and clearly reference the transactions
  4. The yield varies based on area and property type. In my area it is around 7%. In terms of pre tax income we look for above 1% ROI per month. This gives you a good profit/cushion if the interest rates go up. If you’re a high rate tax payer and don’t need the money you would probably be best in a Ltd company. That way you can let the money grow while only paying corporation tax at 19%
  5. I wouldn’t bother. The market is so hot at the moment banks are valuing properties without even seeing them. Even if they do come out as long as the price you want is realistic you shouldn’t have a problem
  6. I would say property. But I am very biased haha. However the numbers on that flat wouldn’t stack up for me personally due to the low yield. The Bank of England base rate is generally thought to be going up and that could wipe out any profit you make on the rent. Other costs you have to consider are service charge and maintenance so this will make your margin even tighter. I would sell the flat and buy something that cash flows better That way you are protected against a rise in interest rates
  7. Unfortunately I think you will be responsible for replacing the boiler as you can’t prove when it broke. You should try calling the manufacturer as it may still be in warranty. I would also get a second opinion on the boiler if that is not a plumber you know well. A lot of them will try to convince you to get a new boiler when the part can be replaced as they make a lot of money from it.
  8. I would find a new tenant. Tenants that are bad payers usually just get worse as time goes on. I have found you are best to get them out as soon as possible and find someone better
  9. The vendor is the owner of the property. This means that the seller will pay your legal costs
  10. I have been in the same situation. It makes it a lot easier if you already own your own home. If he is an estate agent he should be able to buy below market value properties. I would buy something for below market value then remortgage after 6 months to pull money back out and use that to buy the btl. Lenders are giving high valuations at the moment so shouldn’t have an issue. If he wants to he can sell the first property once he has completed on the btl
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