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Steven Chung

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  1. Hi All, I am interested in investing in Hull, but wanted to get a gauge of the areas to avoid or focus on. Goal is to purchase a single btl aimed at the professional market. I will be taking a wonder around the city in the coming weeks but wanted to gain some local area insight. Thanks in advance! Steve
  2. Hi all, Wanted to get peoples views on Margate and whether this makes for a good BTL investment. Have seen a number of articles on many Londoners flocking to the area after being priced out of trendy Shoreditch. Property prices seems relatively cheap by South east standards, with prices being highest around the Old town area. Are there other investors looking at Margate? Seems almost too good to be true to have a sea facing apartment for the around £150k. Thoughts and opinions appreciated....
  3. Thanks the landlord, Paul, Anthony and Andrew for your insights - much appreciated! I will be pressing forward with the Section 21 notice, as I'm afraid it could turn into a long waiting game.
  4. Hello there, Wanted some advice on my particular predicament. The situation is as follows: I currently have a 3 bed flat in Hackney which is let out to a housing association bringing in £1300 per month. The tenant currently residing in the property is a single mother with 6 children who has been in the property for almost 2 years. I realise that I could be getting a lot more by converting the flat into a 4 bed HMO. Similar flats in the same block are fetching £650 per room yielding a healthy £2600 gross monthly rent. I gave notice to the housing association 4 months ago informing them that I wish to take back my property. I was told that the tenant will only vacate the property once a suitable home has been found. I have not issued a formal section 21 notice and have been flexible in giving ample time for the tenant to find a new home given her circumstance. The question now is how much longer do I wait? It could be several more months until a 'suitable' home is found whilst I continue to wait. Do I proceed and go down the legal route ignoring the moral aspect of it? Or do I treat this as a business and detract feeling morally obligated to do the right thing by allowing the tenant to stay as long as possible? Advice and insight appreciated!
  5. Hi Hugh, Would be keen to hear about your experience of Glen's 4 day course. Thanks, Steven
  6. Hi Christopher, I'm keen to look at investing in Stoke-on-Trent. Interested to know how your progress went and any investments made since your post?
  7. Thanks MJB. An option that we are most likely to take is to have a mortgage in my sole name and then take out a Deed of trust splitting the ownership equally.
  8. Hi, I am in the process of going into a partnership in purchasing BTL's with a friend who is currently an expat. Can anyone recommend a good mortgage broker dealing with expat mortgages? I assume the rates will be considerably higher than the usual btl rates on offer? We are potentially looking at purchasing a house, refurb and change to a HMO. Does this determine the type of mortgage product we can initially take out? Could we apply for a standard BTL mortgage, do the renovations which I am assuming will be at least several months and then change the mortgage to a HMO? Or is this frowned upon? Any advice appreciated. Thanks, Steven
  9. Thanks Ianainsle and llse32 for your feedback. I've decided to put plans for the loft conversion on hold for now. My current plan is to invest in an HMO around Crewe, aiming for a 3 bed terrace around the £100-130k mark which should require approx. £50k inclusive of a rough £20k refurb costs. (Plan is to eventually acquire a mixed bag of HMO's and single lets). This falls in line with my strategy in replacing my income within a 5 year period. Loft conversion will go ahead but later on in the year when I can release a further £80k from one of my other BTL's. Cheers, Steven
  10. Hello, Wanted to get some advice / guidance in investing in Crewe. In light of the HS2, think this area will be on the up. With a budget of £80k was thinking of getting a 3 bed terrace or semi detached around the £130k mark with 25% deposit and £20k for renovations if required. Can anyone recommend specific areas which are good for rental demand? Would this budget allow me to do a HMO and is this recommended as a novice BTL landlord? Thanks, Steven
  11. Hi, I have a 1 bed BTL flat in North London N11, current market value of around £280k. I am thinking of doing a loft conversion to include an additional 2 bedrooms and bathroom. Cost of renovations should be in the region of £60k. 3 bed/2 baths in the same area have gone for £400k plus. I could then remortgage at 70% LTV releasing a further £90k to then re-invest. My dilemma is do I go ahead with the renovations now or use the £80k to purchase an additional BTL property. I'm keen to grow my portfolio particularly in HMO's and have been looking at other areas of England. Any advice appreciated, Thanks, Steven
  12. Hello! I'm Steven from London and have a dilemma I would like to share. I currently have a 1 bedroom BTL property in North London (N11), market value approx £270k. Mortgaged at 70%. I have approx £80k to invest and was thinking of doing a loft conversion to add an additional 2 bedrooms and bathroom. Cost of this should be in the region of £60k. 3 bed / 2 bath properties in the area can easily fetch £390k. My question would be: Do I go ahead with this and then release further equity at LTV 70% giving me another £80k to invest once remortgaged? Or do I use the initial £80k I have now and invest in an additional BTL? Ideas and insights appreciated. Many thanks,
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