lee northrop got a reaction from Matt Sherriff in Hello from Manchester
Hi Matt, welcome to the property hub. to be honest i have not been on the forum much recently but just noticed your in manchester and looking for HMO type properties.
I'm currently looking and sourcing them for myself and some overseas investors so might be able to help :)
my investment areas are Stockport, Tameside and south Manchester. if you are thinking of going to one of the next property hub meetups give us a shout and we could have a chat. if you get a min have a look at my website
lee northrop reacted to Johns0n in £30k to build a portfolio - Help!
I would say keep listening to this podcast and educating yourself on all things property and business. I started listening to the property hub when it started which gave me the knowledge to invest in Manchester back in 2015. The first property came with a tenant in situ, earning 8% from day one and only a £20k deposit (understandably prices have changed). That flat has not seen one void day and I have benefitted from both rental and valuation growth. Since then the portfolio has snowballed into financial freedom, so the moral of the story is to understand what you are investing in and take action.
lee northrop reacted to Edwin in Manchester Market Predictions
I have not had the benefit of speaking to estate agents to form views, although it is clearly interesting to hear what they have been saying to you. Whilst there is a natural softening of the market at this time of the year, a 2–4% drop in city centre prices would seem quite steep (a significantly larger fall than London?). It also wouldn’t tie in with the supply shortage Manchester has been experiencing and is expected to continue experiencing over the next few years, and whilst Manchester would be expected to be resilient even in the face of the “B” word, these are interesting times!
It is worth noting that in the latest Hometrack cities index, prices in Manchester rose 0.4% in January 2019 and 1.2% for the three months to the end of January 2019.
One further dynamic particularly relevant to Manchester, is that as the shiny new build stock comes to market, this could affect the existing older stock which doesn’t have the concierge service, gyms, facilities etc and it could well see a softening in prices there.
lee northrop reacted to Rob D in PropertyHub Sourcing - All expectations, left with disappointment
I'm really sorry you were disappointed. For us, the lesson is to find ways to be clearer about what we offer. On our Discovery Webinars we go out of our way to say that our services aren't for everyone, and are targeted at a certain type of investor. But that doesn't help you if you haven't attended one!
On the relevant page of our site we say "We secure off-plan, new, and nearly new properties from major national and regional developers". But I understand that's easily missed, and we're actually working on something pretty cool this week that makes it easier to find the right information to decide whether to get in contact. We can definitely do better to make sure people like you aren't wasting time calling in when the service isn't going to be suitable.
Only a tiny fraction of the Property Hub community will ever pay us for a service, and that's something we're extremely comfortable with. It's enough to allow us to create content that everyone can benefit from, regardless of strategy – which we feel very strongly about, because nobody should be forced or encouraged down a path that isn't right for them.
The brilliant thing about property is that you can use it in so many different ways to achieve a whole variety of goals. I would, though, be very dubious about anyone who claims to be able to help you with anything you're trying to achieve.
If one client wanted to invest in HMOs in Ayrshire and the next wanted a prime city centre flat in London, it would take an immense amount of knowledge to effectively vet the deals before passing them on. Every company and individual I've come across operates in a niche, whether that's geographical, or relating to a particular strategy (buy-and-hold, HMOs, refurbs, flips etc), or both. The challenge then is to find the right company, which we've written this article to help with.
Again, I'm sorry you had a wasted call and I hope you continue to get value from all our free resources.
lee northrop reacted to rsadler in PropertyHub Sourcing - All expectations, left with disappointment
Im based in Australia now, and looking to kick off my UK property portfolio. I discovered the Property Hub (PH) podcast a few weeks ago while researching to find the right sourcing agent and instantly became a new fan, even now reading through the latest of Rob D's books.
I am an experienced property investor here and share much of the common knowledge found in the podcasts and related content, so what Ive learnt thus far from PH fits perfectly with what im looking for when selecting the right property sourcing agent. I especially enjoy the podcast discussions that radiate towards the diversity in sourcing selection and the broad options mentioned.
Cut to the chase, im now full of excitement and anticipation that PH will be the perfect sourcing agent im looking for, I book myself in for an initial chat with a PH sourcing team member and it all goes horribly wrong. I have a budget and a problem to solve, and a true sourcing agent will always find a property that meets the criteria – this is their expertise and value proposition we pay for. While I mentioned on the call that I don’t buy off the plan or new developments, the only solution offered was this and no other alternatives. This isn’t property sourcing, its glorified brokering in partnership with developers. The justification – PH are a small team and cant cover a wider area. Wrong. A sourcing agent leverages their network of estate agents to understand what is available that will meet the client criteria. Ok, complaint over. So, what did i learn? For PH, more transparency on the website and podcast of ‘how’ you solve property investment for clients and making us all aware that while you talk the full spectrum of property options out there, you really are only leading clients to new and off the plan developments, and that these don’t always suit client requirements.
To finish on a positive note, I will remain on my search for the appropriate sourcing agent while still enjoying the podcasts and books by R&R
lee northrop reacted to laura doherty in Stockport based newbie looking to focus on R2R
My name’s Laura, I’m 32 and I’m based in Stockport, just south of Manchester.
I’m very new to this property game. Last year myself and my husband bought our first house and that has been my only purchase to date!
I’m fortunate enough not to be part of the rat-race: I run a wedding decorations business via Etsy.com. However, my income is very up and down and I’m looking for a way to “smooth” it over the course of the year. Right now we are comfortable enough living predominantly on my husband’s salary but my plan is to create a solid income for myself in the next 6 months and to continue to build on that. Long term I’d like to create a monthly “passive” income that supports us both via a portfolio of income generating assets.
Short-medium term strategy is to focus on cashflow, so I think Rent to Rent multi-lets or HMOs could fit the bill nicely there. My mother and her partner are property investors focussing in these areas so I’ll be sure to get some training from them!
Finance wise we have a little chunk of cash that’s ready to be invested - £50k, which I’m aware isn’t a huge amount. Whether we go ahead and invest that in a BTL or use it to set up some R2R properties I’m yet to figure out…. I’d appreciate some advice around that!
I’m aiming to attend at least 2 networking events a month around Manchester so hopefully I’ll catch a few friendly faces out and about. And if anyone else is based in my neck of the woods I’d love to meet for a coffee and to talk all things property :-)
Thanks all and best wishes,
lee northrop reacted to damien fogg in Enfield Expert... but Property Investor Beginner
Sounds like you've done really well so far, congrats! Wish I had been that smart when I was in my early 20's. I once sold a house to buy a car..... so, yeah. Anywho;
1. Nobody knows.
Not sure what type of accountant you are, but you'll know all about valuation of companies and PE ratios and EPS and all that stuff. Is there a definitive formula that tells you exactly what companies are going to go up in value? (If so, let me know!). All you can hope for is a vague rule that allows you to see places as good value or poor value. But that's not to say a Facebook isn't going to out perform a United Utilities over the next 12 months - despite what the numbers might say.
My point is, it's a pure gamble if an area is going to go up or not. There are some fundamental things you can look at - inward investment, infrastructure, jobs - but they are all things that probably a lot of other people know about before you (so are priced in), you have no control over (so you can't influence), and if you are proven to be wrong can result in sub par long term returns.
2. What that guy said.
Outsource. There are loads of "sourcers" in Manchester and Birmingham who will offer you all sorts of stuff. Sounds like you're good at your research and due diligence, so expect to probably look at 50-100 deals before you find one that is vaguely good. Most of them aren't! If the first few deals people show you look good, you are probably getting scammed somehow.
Given the timeframe you've got, it's going to take a lot to make a complete pigs ear of it in the long run. But still better to make the best return rather than just scraping by with 'alright'.
Best of luck anyways, look forward to watching your progress.
lee northrop reacted to rebecca rodrigues in Enfield Expert... but Property Investor Beginner
Hi Everyone. I’m Rebecca, a 26 year old, chartered accountant who currently lives in my sister’s spare room in London.
I own one property and still definitely consider myself a property beginner.
When I was leaving university in 2011 I was very starry eyed and interested in making money through property.
I convinced my mum to buy a property with me in Wapping London 50:50.
I was extremely lucky. She had a deposit to put down as cash, and I would get a BTL mortgage for the rest. I would manage the property and so I learnt a lot and helped her out. Luckily the property has also gone up now giving me some money to invest on my own!
Lessons I’ve learnt so far are:
Don’t get too caught up on the area: Being an accountant I researched the £/sqfoot in about 15 different areas- and this was useful. The problem was I went a bit too far and started adjusting for outdoor space, solid wood flooring, a view etc. Basically I did this for too long, and then ended up getting priced out of my first area of choice – Islington. I’ve made £100k and I would have £150k if I hadn’t overthought it. Sublet fee: I rented out the property since I bought it in 2011. I have been paying £140 + VAT to get permission from the freeholder to rent out the property. I just listened to the podcast and apparently the maximum they can charge is £40- so that’s about £500 I’ve wasted. Right to manage: The service charge has been increasingly significantly (about 10%) each year. From looking through the accounts it seems like there isn’t a lot of transparency around these costs. I am currently setting up a residents committee and going to test the idea of getting right to manage which I didn’t realise was possible until recently. You just have to get more than half of the residents to sign. Deposit deductions: For those who have ever had to go through TDS or a similar deposit deduction company I learnt about how hard it is to get fair deductions for damage to the property. I would really advise going to see the property before the tenants move out and then listing what they need to ‘make good’ and negotiating rather than letting their tenancy expire- basically be preventative rather than reactive.
My situation now is that my Mum is going to buy me out of my share of the flat. This should give me about £100k to invest in Manchester, Birmingham, somewhere with high capital growth. My strategy is to buy properties, hold them, and then use the money as income when I retire. I want to invest in areas with high capital growth and unfortunately I don't think this means London anymore.
The issues I now need to work through are:
Finding an area with high capital appreciation. I know people are mentioning Manchester but I’m still unsure on the areas within here. Also realistically I will be buying next year, so I may need a slightly more longer term opportunity How to find a property up North when I live in London and am short on time.
Anyways, I wanted to just write a little bit about my experience so far, in case this helps anyone, or in case anyone had some useful tips! Also by writing this down hopefully it will keep my motivated!!
lee northrop reacted to dan buchan in Enfield Expert... but Property Investor Beginner
We own a sourcing company, We Sell BMV, which sells properties across the UK. We'd be well placed to help you find a property up north - a large chunk of our investors are London based looking for deals up north.
In fact, Damien above is one of our existing clients! What are the chances!
All the best,
lee northrop got a reaction from stephanie chung in Reddish? Decent area? Also, legal fees advice
The Elizabeth mill development in Reddish has had delays in getting started, I reckon around 6 months late.
Not a bad area to invest as it's inbetween stockport and manchester centres
Prices have been rising and there is a lot of competition for anything that comes up.
I rekon you would get around £600 per month for the apartment but also consider the service charge.
I personally would go for a 2/3bed terrace for about 120k for the same rental income with better chance of capital appreciation.
If you need any help finding anything in Reddish or stockport area get in touch as it's my goldmine area
lee northrop got a reaction from stephanie chung in TPP217: The property boom you don't know about
Hi Simon, im currently investing in south manchester and stockport. Just instructed a solicitor for a 2 bed terrace purchase in Denton today.
Flip properties are becoming increasingly difficult to acquire as there is so much competition but still some good sub 100k properties knocking about
lee northrop reacted to duds888 in Researching an Area: Questions for Lettings Agents
As an update to my last post which outlined my intentions in property:
I'm heading to Manchester this weekend to 'put some boots on the ground' and get a feel for a few areas.
I recently listened to a progressive property network podcast episode which suggested the first step in researching an area should be to understand the rental market by speaking with letting agents.
Makes complete sense to me, however I welcome advice and input as to some pertinent questions to ask.
Here's my thoughts - but imagine lots more to ask:
- What are the main rental market segments (e.g: professionals, students, families, housing benefits)
- Where is there demand for each segment
- What types of properties are in demand for each segment
- What are the typical rents
lee northrop got a reaction from rob bence in TPP217: The property boom you don't know about
Great podcast guys, and for me very close to home.
Finding deals is becoming more difficult with many being sold within days, I'm trying to find off market deals so as not to compete with these big cash buyers.
lee northrop reacted to r slater in Hi from Cheltenham
Hi - moved from Deputy CEO of a hospital to property 3 years ago - not sure which is the most difficult
Started with 4000ft2 barn conversion
Full refurbishment of a block of 4 flats
Refurbishment of 4-bed farmhouse (now rent out as a holiday let)
Currently working on 8000ft2 Grade II listed Regency flats in central Cheltenham
Looking for larger projects locally
Have gained a lot of experience working with the local Conservation Officer and completion of Listed Building Consent applications. Always interested in other peoples' experiences,
lee northrop reacted to alex shinder in introduce yourself
Hi my name is Alex S and am an experienced Central London operator and have been a member of the NLA for a number of years. this is an excellent forum but necessarily is quite a generalist community due to its size.
I enjoy the werkly podcasts amd always learn somethimg from them and am hoping thrpugh the meet ups and this forum to meet and talk to likeminded landlords as it can be quite lonely ( in a business sense) making decisions.
I let a few resi prime mainly top end properties in Camden varying in size and hope to increase this number to or 12 over the next few years. I will be whacked by the withdrawal of interest relief which will raise my costs by £25k after tax and my operating costs are also rising due to inflation and Sterling depreciation and so far there is no sign of an uplift in rentals to compensate. That said I am not at least at the momemt going to give up.
lee northrop reacted to tim bishop in Property Investors on Twitter - Add your handle here
Hi everyone, I’m new to Property Hub.
I own a law firm which regularly deals with property investors nationwide. I own the business with a 13 strong property department, and a specialist team for property investors, which you can read about at
With prior approval granted, I start converting my Andover Office into 6 flats next month and am about to set up my 1st HMO - converting a 3 bed house into an 8 bed HMO. So we really understand what property investors need.
If you're interested in a chat, contact me on 0788 7944026 or firstname.lastname@example.org
lee northrop reacted to kevin wright in Valuation....Help??
with the Precise Bridge to Let product, don't you get two value at the beginning, the current and end value. So, based on the work you told the surveyor you were about to embark on
n, they would have already submitted the end value to Precise and now just come round the check you carried out the work
lee northrop got a reaction from devdeep ahuja in Due Diligence for HMO
Hi Devdeep, i think you would find it difficult to get finance on a HMO if you are inexperienced, they would like to see you have been a landlord for over 6 months with a typical BTL first. You might be able to get bridging finance but this is expensive. I would definitely want to view inside that should be a given, is the HMO licensed ? is it in an article 4 area ?
where abouts is the property and whats the pp ?
lee northrop reacted to rob cranston in Property Refurb in Manchester
I'm also along the same lines as you, living in Greater London looking to invest in the North, Stockport funnily enough Lee.
I'm just weighing up my options on refurb and let or just a straight BTL in a reasonable condition property.
Usually id go for the refurb option, especially with the amount of period terraces in the area. But fromn experience I know how hands on these can become. I'd be curious to know how you plan on working your flip from down south?
lee northrop reacted to rob cranston in Property Refurb in Manchester
Couldn't agree with your more. Was weighing up a couple of deals in SW London earlier in the year and although the property price it self was attractive we just couldn't make them work with the stamp duty and other associated costs.
Not to mention the new BTL stress testing.
I'm planning a trip up to the Stockport / Machester area in a the next few weeks, i'll let you know if i come across anything
lee northrop reacted to bruce 123 in Property Refurb in Manchester
Thanks for reading and replying to my post.
Managing the refurb from the South is clearly going to be a challenge.
For the properties I already let out, I am fortunate in that I have someoe who sources the property and then project manages the refurb for me but they are not based in the Manchester and I have no contacts in the buiding trade there.....so there lies one big problem to overcome but I'm sure I can find someone in the trade if I do enough research and meet them etc etc.
Fortunately, if I have too I can be onsite a few times a week. Not ideal but not impossible.
It doesn't have to be Manchester either, I'm open to suggestions in terms of area. I just see Manchester or the North West as an area that is going to grow.
Being releastic, I'm not expecting to make vast amounts of profit on by flipping these properties. By the time you have factored in Stap Duty, Solicitors Fees, CGT, Estate Agent Fees, Mtge interset, materials for refurb and the labour costs, there won't be a lot left but if I can do three or four a year, it may be enough to make it worth my while.
It's certainly giving me a headache trying to decide if, when and where to do this !!!
Stay in touch Newbie, I'd be interested in knowing if yu make any progress.
lee northrop got a reaction from deirdre in Property Refurb in Manchester
G'day Bruce haha
Love the name
I'm a fellow investor in Stockport near Manchester, actively looking and sourcing deals around my goldmine area
Was looking at a great potential flip deal this weekend in hazel grove (stockport) but unfortunately my structural engineer said it was toooooooooo much work.
Give us a shout if you like the idea of stockport or south manchester
Ps recent article below showcasing my town
lee northrop reacted to devdeep ahuja in Jumping from an expensive course (that I didn't take)... to The Hub... for Learning and Piece of Action
I am a newbie to property investing. Lived in Sheffield for over 8 years and now moved to Milton Keynes.
Had a house a couple of years ago which I rent out, but then didn't really know the workings and seemed to be losing money, so sold out.
Now looking to learn the tricks of the trade and get started again.
Joined a free 2 hour training program and then signed up to the 3 days course which had another upsell to 29k worth of training.
Spent some time reading the reviews of the training here and decided this might be a place I might hang out and try my hands at some deals with that 29K.
Would welcome advice from people who have the experience and 'been there, done that'.