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PaddyHorsington

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  • Posts

    186
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  • Website URL
    www.thepropertystarter.com

Profile Information

  • Location
    UK
  • Areas I invest in
    Liverpool, Swindon, Nottingham and Crewe
  • About me
    I first got involved with Buy to Let (BTL) investing in 2008. I would help my father find new tenants and deal with the change over of tenants. He had a small portfolio of three properties at the time.

    ​I then started to go a bit deeper into the numbers realising the great return property could provide. My father has bought in fairly unremarkable areas and still made good returns over a 25 year period.

    This encouraged me to research more and start up a property network group, attend training workshops and read books... lots of books. I have now purchased five of my own BTL properties all using different techniques. They are all very basic, no frills BTL that provide a solid investment (16% return on the initial capital invested, figure based on rent alone). Not everyone wants complicated get rich schemes, but low hassle, slow and steady returns.
  • Property investment interests
    Buy to let, Sourcing, HMO's, Single Let's, Education
  • My skills
    Sourcing properties, problem solving, Education (qualified Business Studies teacher), networking, supporting new investors.
  • My goals
    10 Properties each netting £200 per month (2023)
    15 Properties each netting £200 per month (2028)
    20 Properties each netting £200 per month (2032)
  • Interests outside property
    Football, Cricket, Hockey, Reading, Podcasts, Travelling, Investing- Shares, Education

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PaddyHorsington's Achievements

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  1. Please see below for a template someone kindly sent me. It might well be useful for others. MINUTES OF THE DIRECTOR’S MEETING MINUTES OF A MEETING OF SHAREHOLDERS of COMPANY NAME Ltd (the “Company”) held at COMPANY ADDRESS on this 25th day of May, 2018 1. The following member was present, constituting the entire board: INSERT BOARD MEMBERS (Directors and/co Secretary) 2. The following shareholders were present: INSERT NAME OF SHAREHOLDERS (if any) 3. UPON A MOTION DULY MADE, seconded and unanimously carried, DIRECTOR NAME acted as Chairperson of the meeting and ANY OTHER PERSON PRESENT as Secretary of the meeting 4. The following memorandum was then read and ordered to be inserted into these minutes: “I, the sole director of the Company, consent to this meeting being held at the above time and place and do waive notice and publication of this meeting, and consent to the transaction of such business, as may have come before it, as testified by my signature below:” __________________________ (Signature) DIRECTOR NAME 5. The Chairperson presented to the meeting and thereupon the following resolutions were offered, seconded and unanimously adopted. IT WAS RESOLVED THAT: 1. The following individual is appointed and confirmed as signing officer for the Company DIRECTOR NAME 2. The officers of the Company are authorised to procure a loan or loans, for the purpose of the Company, from INSERT BANK NAME, an amount not to exceed £INSERT LOAN AMOUNT and under the terms of the conditions that are deemed reasonable and in the best interest of the Company. The officers are authorised to pledge as security for this loan or loans, any assets of the Company as are deemed reasonable and in the best overall interest of the Company 3. The officers of the Company are authorised to purchase the following asset for the best price obtainable and under the terms and conditions that are deemed reasonable and in the best interest of the Company INSERT PROPERTY ADDRESS 4. There being no further business to come before the meeting, the meeting was adjourned 5. Dated in England on 25th day of May, 2018 __________________________ (Signature) Chairperson Name:DIRECTOR NAME __________________________ (Signature) Secretary Name:CHAIRPERSON NAME
  2. I agree with you. I have never being asked for this before (2 previous properties bought in a LTD company). I think if I can't sort a template out then I will change to a solicitor I have used before and had no issue with. I have asked my accountant and they have come back to me wanting £500, so I will be swerving that one.
  3. I did and they said that they did not have a template.
  4. Hi all, I have just had an offer accepted on a property. My solicitor has asked me for the following: As you are buying as a company please provided:- Board minutes Board resolution Director loan Is anyone aware of a template I could use? Thanks for your help. Paddy
  5. Hi all, I have signed up twice now (both over two months ago) to the Property Hub goals but not heard anything, has anyone else had the same problem? It sounds like a very generous offer that I would love to take advantage of. Paddy
  6. Hi all, I am in the middle of buying a property with a sitting tenant. The information has come back regarding the tenant and it says- Please provide any details any rent arrears in the last three years. Response: this month because of lost job (only paid 50% of rent), but should be back to normal soon. Any ideas where this leaves me? Is the lender still likely to be willing to lend? Thanks in advance Paddy
  7. Thanks for your help Julia and Challis. I ended up asking my agent to sort it out. 780 GBP for the licence and 280 GBP for them to do it, if I had an emoji that was being sick I would use it! Paddy
  8. Hello, Please could someone help me with the following; I have just bought a 2 bed flat in Nottingham (Bestwood) and wondered if someone could tell me the best way to sign up to the landlord licensing scheme? I have found that there is a discount if you sign up to 'dash'. I wondered if anyone had found this a good a service? Or is it just a case of biting the bullet and paying the full amount? Thanks in advance. Paddy
  9. I have just seen this post and wondered what the outcome was? I am in exactly the same situation now. Thank you
  10. Hello- did anything come of this? I am in the process of buying a flat that has a 0.05% fee that has to be paid to the leaseholder in order to get permission to let the flat. Not sure what figure this is based on. Thanks for any help.
  11. Hello I am in the process of buying a flat and the leasehold pack has come back. In the lease it says that you have to get permission from the management company before subletting and that this fee was 0.05%. Any idea what the 0.05% fee would be based on? I also have heard that these fees now can be no more than 40 GBP, is this true? Here is the article I found: https://www.landlordzone.co.uk/information/case-law/sub-letting-fees-not-40 Thank you for any help Paddy
  12. Thanks both. I am a homeowner, the property will pass the stress tests and the property would be in Nottingham. I also have a net rental income of approx. 800 GBP per month. This all sounds promising for lending. Thank you for your help. Paddy
  13. Hello, I'm nearing the end of my employment contract and I was hoping to remortgage a property I bought in cash in 6 months time. I'm not sure whether I will have a job when the time comes. Is it possible to get a BTL mortgage when you have no monthly income from a job? I do have some rental income (approx £800 pcm after costs) from other properties but I'm not sure that counts? Thanks for any help Paddy
  14. Thanks both. With regard to the damp... it was an easish fix I just thought it would be quicker to move on (it wasn't!). Ex local- totally agree. Picky lender. Finally the extension... I've learnt a lesson here. I was told all along idemnity is fine, then the deeper I looked it wasn't and many lenders weren't keen. You're right... this is the property world. Paddy
  15. Hi Dennis, I have tried to buy three properties over the course of the last year and they have all fallen through. Obviously each time I have incurred abortive costs. Each property had unexpected issues- damp, building regs on a loft extension and ex local authority property. One way I thought I could avoid such abortive costs in the future was by using 'no win, no fee'. However if anybody has a good suggestion that is not 'no win no fee' I would like to know. Thank you Paddy www.thepropertystarter.com
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