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  1. Hi all, I currently have my first BTL going through but I'm not sure if it's a good deal.... £90,000 cash so around £94,000 with stamp duty and legals £12000 for refurb End value should be £120,000 Will rent for £700 per month This is my first deal so really doubting myself, i'd be grateful of any advice. Thanks James
  2. Hi Evolution blogger Thanks a lot for taking the time to write a thorough response. You raise some concerns I've had myself, I think my current plan will send me under working full time and then working on the refurb as well. I'm currently doing my own extension and finding it really hard to balance family, work and the build. I'm beginning to think the deal i got isn't quite as good as I first thought but i would be open to flipping at the end if this worked out better. In relation to the other strategies mentioned, I've just started researching commercial and will be sure to check your website out. The SSAS interests me a lot, i'm just trying to find out if I can actually transfer out a police pension with 13 years service as I've read you can only transfer these pensions to an approved government scheme but need to confirm this. The shop and upper sounds really good, getting a mix of commercial and residential to spread the risk. How do you find commercial property? I've read Rightmove and the likes isn't a good place to search for deals? Thanks again for your time James
  3. Hi Stuart! Thanks a lot for the speedy reply. I like the sound of that, that could half the time it takes to get the portfolio up and running. I will have a look in to that now. This way, it might work out better securing a rate now as opposed to remortaging further down the line with the rates rising. Thanks James
  4. Hi all I thought I had my strategy sorted but I just wanted some advice to see if there are any ways of slightly speeding up the process. I remortgaged my home and took out 100k in April this year and have had an offer accepted on a 2 bed terraced for 90k cash. This is still going through (4 months in to a chainless cash purchase!!) and should complete in the coming weeks. My strategy is BRR as I can do most of the refurb myself. Projections for this one are 94k for purchase and legals, 10-15k refurb and an end value of £130,000. Hoping to release £97,500 but will end up with 87,500 as I'll need to pay back a 10k loan to complete the refurb. The advice I need is going forward from this. My aim is to get to 2k a month to leave my job which i hate. To carry on this way I hope to get 4 BTL's off this 100k but this will take at least another 2 years with waiting 6 months a time to refinance. The properties will cashflow at £250 each so need to do this at least 8 times. As the money goes down with each purchase i'll look to use bridging finance. 1) Are there ways of speeding up the process? I've looked in to investor finance but I believe you need to show a track record. 2) Is this a good strategy? Would you do anything different in my position? Any advice would be greatly appreciated Thanks James
  5. Hi EvolutionBlogger, Thanks for the reply, I've only just seen it. Didn't realise an accountant would be that cheap! I will have a look around. I'll also look at freeagent today, cheers for the time to reply.
  6. Thanks very much for your reply tax antics - Very useful!
  7. Hi everyone I've just had an offer accepted on my first BTL which should go through in the next 8 weeks or so. I'm a PAYE earner and have never had to do my own tax returns. I've set up an account with Natwest for my property transactions and just wondering if i should start thinking about getting some accounting software to help me keep track of my transactions to ease the pain when I try to do my first tax return? The house needs a full refurb so I guess the main thing in the short term is to obtain and keep invoices and record all the expenditure. I would love to get an accountant but reading the forums it seems fairly easy and not necessary for just one BTL purchased in my name. Currently reading the tax books from Taxcafe so hoping to get my head around it all soon! Any advice will be greatly appreciated. Thanks James
  8. Hi, Can anyone recommend a solicitor that will review a legal pack for an auction property? I've rang around my local solicitors but they all say they're too busy...
  9. Good morning Currently struggling to purchase a BTL property without at least 10 people viewing it before and crazy offers going in which blows my top price out the park. I'm now looking at auctions. I appreciate from research that auctions are the same but I want to give it a try as i've found one that could work for me. The only problem is that it is in auction on Wednesday and panicking that I'm not prepared. Just wondering if anyone can recommend a good solicitor to review the legal pack for me. I've had a look through the legal pack numerous times but I'm worried I might miss something. I've registered on the auction site so nearly ready to go. Any advice or tips would be hugely appreciated. Thanks in advance James
  10. Any books or resources you'd recommend? Had a look at the books that the Tax cafe do which seem to be recommended on here. Are they a good start?
  11. Hi Lilla, Wow! Thanks so much for taking the time to explain it so clearly and in depth! I never thought about taking an advance with the current lender. Do you know if it's best to just contact them direct to see what they can offer or should I still go through a mortgage broker? Thanks again for your time James
  12. Huge thank you Taxantics, Vineet and David, lots to think about. I've always been a PAYE employee so I've struggled getting my head around all the tax stuff so I do appreciate all your help and advice. Many thanks James
  13. Hi everyone I'm looking at releasing some equity from my house in the Summer when my fixed rate ends to start purchasing BTLs. I'm currently building a side extension to the property which I am desperately trying to finish before the re-mortgage. If I can't finish the extension and hasn't been signed off by building control by the time I re-mortgage, would they assess the value as if there was no extension? Would it be best to finish extension and then re-mortgage? Any advice would be greatly appreciated Thanks James
  14. Hi everyone, Just after a bit of advice, looking at buying my first BTL this year and not sure how to structure things efficiently for tax purposes. I earn 41k and my wife earns 25k so I was thinking it would be better not buying through a Ltd company. Would it be best to buy in joint names and split it 90/10 say in favour of my wife as she earns less or just put it all in her name for ease? The long term goal is to add a property every 1-2 years so there would be a point hopefully when we start approaching the high rate of tax, would this be the time to start incorporating when I approach the higher band tax threshold? Any advice would be greatly appreciated James
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