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paulrybak

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  1. Like
    paulrybak got a reaction from eamonHeggarty in Tenant refuses to pay   
    I'd let them go and then contact a debt collection agency to find them and get your money back. My friend used dbcl who located the tenants and he received all his money back. The key is getting them out. 
  2. Like
    paulrybak got a reaction from paulhodge in Landlords & second-home owners targeted in capital gains tax reform   
    In my opinion this whole covid thing is a total over reaction driven by the greed of big corporations who have inched their way into the ears and pockets of governments on a global scale. The WEF are unashamedly using covid as a trigger to impliment their 'great reset'. 
    https://www.weforum.org/agenda/2016/11/shopping-i-can-t-really-remember-what-that-is/
    Sky news Australia sum it up well:
    I believe their plan is to create so much debt that there will be some sort of debt cancelling scheme, where government debt is cancelled in return for the global elite taking control of assets and people. 
    There's no way that so many countries would all get their responses to this so wrong and in such a coordinated manner. 
    Anyway I've said my piece, call me a conspiracy theorist or whatever but please do your research on this and don't just take my word for it. 
  3. Like
    paulrybak reacted to paulhodge in Landlords & second-home owners targeted in capital gains tax reform   
    Hello yet again, just thought I'd shout out the Grant Williams podcast for anyone who has not caught it and is willing to go full tinfoil hat - two November interviews,
    The interview with Chris Cole is all about the thin ice we may be skating on. There is a big argument to just keep on skating, and hope the ice never cracks – however thinking about what lies beneath is definitely creating massive investment paralysis for me.
    The one thing I felt was missing from the Chris Cole interview was the idea of disturbance beyond the fiscal. This is made up for in the preceding interview with Ben Hunt. All I can say is if you think average Chinese person is uniquely predisposed for a century of 1984-big-brother-style subordination...
  4. Like
    paulrybak reacted to paulhodge in Landlords & second-home owners targeted in capital gains tax reform   
    Anyone who thinks this tinkering will make any dent in "the debt" is deluded (or fools, as Rob & Rob may say). The recent fiscal shenanigans have used covid as cover to patch-over past largess and to firmly kick-cans, maybe for decades, down the road. The fiscal stimuli, deliberately or accidentally, due to the Cantillion effect, demonstrably exponentially benefits the point-one-percent-ers.
    If Rishi Sunak truly believes this fleecing of independent investors will really shift anything, other than providing a meager drip-feed of cash flow (like seeing your house burning down as opportunity to roast marshmallows), then he really is a deluded fool. I suspect Mr Sunak is not a deluded fool, more importantly I think those pulling his strings know exactly what this is about: it is about moving all yield-producing assets into the hands of big corporations and the government. They are deliberately discriminating against small landlords, ensuring that we remain part of the retail-rent-herd. Making any profit from property will become increasingly difficult (and not just in the sense that we need to "up our game").
    I think there are still some gains in property, only every day it is going to get harder. Maybe we need to move into politics for the big passive income  (No cash needed, just your soul - couldn't resist that.)
  5. Like
    paulrybak got a reaction from paulhodge in Landlords & second-home owners targeted in capital gains tax reform   
    They're determined to bankrupt small businesses and impliment the (not so) great reset. 
  6. Like
    paulrybak got a reaction from Charlotte Clark in Offer accepted, but agent won't take the property off the market   
    Have you thought about mystery shopping the agent? Perhaps a phone call to them enquiring about the property would tell you if they were actively marketing the property or not. 
  7. Like
    paulrybak got a reaction from lynn in Offer accepted, but agent won't take the property off the market   
    Have you thought about mystery shopping the agent? Perhaps a phone call to them enquiring about the property would tell you if they were actively marketing the property or not. 
  8. Thanks
    paulrybak got a reaction from z in What would you tell your 15 year old self?   
    Here is some general advice I'd give to anyone your age:
    Don't get caught up buying expensive items such designer clothes, phones etc. Remember that poor people dress up and rich people dress down. 
    Learn the difference between good debt and bad debt. Avoid taking out a loan on a deprecating asset (such as a car). 
    Whilst education is extremely important most entrepreneurs are not educated to the highest degree. They achieve what they do with people skills. The book how to win friends and influence people is good. 
    Set yourself measurable goals. Of any money earned pay yourself first, with a view to achieving these goals. 
    In terms of property Onkar's suggestion of a part time job in property is a good one. You'll learn and network with knowledgeable agents and owners. 
    You could approach letting agents asking if they need a hand taking calls or sorting paperwork out. Saturdays are usually busy for letting agents with move in's. They might appreciate someone manning the phones for a few hours?
    If you go down this route to remember the points above. You will see people with fancy cars and nice clothes, remember to ask yourself if they are bought with debt. 
    I remember when I was your age my dad would point out scruffy people and say 'he's rich' or 'he's a millionaire'. I was sceptical at the time but it makes sense as they didn't waste their money on shiny things. There's plenty of time for nice things when you have that disposable income. 
    Hope there's a couple of golden nuggets in this advice and good luck for the future! 
    Paul 
  9. Thanks
    paulrybak reacted to DezzaT in Are these solicitor fees to high   
    Seems reasonably priced, but don't purely look on price. If the solicitor is slow, it may cost you more! So try to check how busy the solicitor is (i.e. are they going on holidays during the period of conveyancing). If they've got a relationship with the broker, then it may help progress the purchase as they'll be able to liaise with each other if any queries about the property / finance pop up.
  10. Thanks
    paulrybak got a reaction from Mark Sloane in The pitfalls of a tenanted property for sale   
    Hi Mark 
    With any property purchase it's advisable to have a final viewing prior to exchange of contracts. That way should there be any issues then you're in a position to withdraw or re-negotiate. In this instance the final viewing should be when the house is vacant so you can properly assess the place. 
    The fact you're still interested should demonstrate to the seller that you are a serious buyer and may allow you a discount opportunity. The fact the property is a bit of a mess now will put many off. 
    If the property stacks up then a lower offer might grab you a good deal. Should an offer be accepted then be prepared for this to be a bit long winded, this potential inconvenience should be reflected in any offer on the understanding that you'll stick with it under reasonable circumstances. 
    Personally I like opportunities like this as one person's mess is another persons money. 
    Hope this helps. 
    Paul 
  11. Thanks
    paulrybak got a reaction from Adam T Smith in First investment consideration   
    Hi Kerry 
    The cash flow is low in this deal, try looking for something cheaper that will give you a decent profit each month. Some of your costs look a little on the high side but best to be a bit pessimistic with your first (or in fact any deal).
    With regard to this I try to achieve an ROI of at least 13%. I have one as high as 25% ROI (low capital growth expectations, but really happy with the cash flow!) and another at 8.5% ROI (bought for capital growth). These are actual figures. I don't tend to buy anything that will give me less than £300 a month profit. 
    I find I can't get flats to cash flow to a level I'm happy with because of the service charges and ground rent. Where I invest the best bang for buck is a 3 bed terrace house. If you can add value then all the better as you'll force a bit of capital value too. 
    Hope this helps give you an appreciation of what is possible out there at this moment in time. 
    Paul 
  12. Thanks
    paulrybak reacted to Alex Liebenberg in Greedy Freeholder | Sublet Fees | Episode 228   
    Hey Paul,
    So in the end, I got in contact with the solicitor who helped us with the purchase originally, we had a look through our lease agreement and low and behold there was a clause that stated that they could charge us no more than the reasonable sum of £40 plus VAT. From there it was simple, emailed it over to them and they agreed to lower the fee to that and that was that.
    Lesson learnt though, make sure there is a clause in your lease agreement for this before purchasing a property, I got lucky, but it could have been pretty expensive otherwise.
    Best of luck, let me know if you need anything!
    Alex
  13. Like
    paulrybak got a reaction from richard brown in Limited company mortgage for refurb   
    Hi Matt 
    I know first hand how frustrating valuers can be, have experienced this first hand so feel your pain. 
    The valuer has to consider constraints placed on them by the lender. Commonly a buy to let mortgage is only accepted on a property if it is suitable for immediate let.
    Things like decoration and cleanliness are subjective (based on personal opinion) so the valuer has some leeway with this. However, as you know to be legally lettable, a property must have a minimum EPC rating of an E. Therefore the valuer has no choice but to declare that the property is not suitable for immediate letting. 
    I recently offered on a property with an F rating knowing that it just needed a pack of energy saving lighbulbs to bring it up to an E rating. I explained this in my offer and that I wished to change the lightbulbs and then re-do the EPC. My offer was rejected and another offer accepted, I noticed the other day its back on the market, prehaps because the buyer couldn't get a mortgage? These can be great opportunities if negotiated well. 
    It would be worth asking your broker if the lended will consider lending on the property if you obtained a quote to bring it up to an E rating. If its below a certain amount some lenders may consider this. 
    I'm an EPC provider and would be happy to have a look at the EPC for you to see if there's anything obvious/simple you can do to bring it up to an E rating. With such a low score it may be that the EPC was done with lack of access meaning that the EPC assessor is forced to assume the worst.
    Hope this helps 
    Paul 
  14. Like
    paulrybak got a reaction from paul 305 in rights to connect to my back garden manhole.registered 50 years ago   
    I think it would be prudent to engage services of a legal professional, I imagine your insurance would be able to facilitate this i.e. Claim on your insurance to deal with this. If the other side want to get all legal about it then you need the same fighting your corner. Good luck. 
    Paul 
  15. Like
    paulrybak got a reaction from Rambos in Can an EPC be wrong?   
    There's no other way to do it if you can't gain access inside the building. 
  16. Like
    paulrybak got a reaction from Rambos in Can an EPC be wrong?   
    It'll likely have had a drive by EPC done where there was no access to the building internally, hence all the assumptions. 
  17. Like
    paulrybak got a reaction from Mithril in Level 3 Residential Letting & Property Management (Propertymark)   
    You'll struggle to find past papers. I recently completed this and couldn't find any.
    If you have experience as a landlord and are familiar with the processes used in the industry then you'll probably be ok with the exams after a quick review of the summary's. You can sit the 4 units required back to back at a significant discount to the single unit price so you might as well give them a go all at once. 
  18. Like
    paulrybak got a reaction from NewInvestor in Auction buying and potential japanese knot weed   
    Hi Robert 
    A lot of people do not know what Japanese knotweed is and so this response is not uncommon. The only way to satisfy yourself would be to look for it during a viewing. It's pretty obvious if you know what you are looking for. 
    Paul
  19. Like
    paulrybak got a reaction from Phil Brown in Potential tenants has a CCJ advise on what to do   
    Hi Chris 
    There are 4 things I would take into consideration when deciding what to do:
    1. The tenants did not tell you about this, perhaps they were nieve or perhaps they knew and hoped you'd not find out? Only you can judge this. 
    2. Can the partner afford the rent solely on her income? If so perhaps the AST could go in her name only, or this could give confidence that affordability is there and they both go on the AST (2 people to chase in case of arrears). 
    3. Have they previously rented and were there any arrears? If they have rented in the past with no arrears then this should give confidence. 
    4. Tenant demand. If there is no shortage of good tenants then you may decide to look elsewhere. 
    The answers to these should assist you in your decision. 
    Hope this helps. 
    Paul 
  20. Like
    paulrybak got a reaction from KirsteenB in Tenant Asking for Rent Decrease!   
    Hi Jonathan 
    This is an awkward one that only you and your gut feeling can decide. I would be inclined to explain that you have carefully considered her offer and you researched current market rents, finding the current, agreed price resonable. Any evidence you can back up your side of the argument with is good. You could explain that her request is similar to a employer asking an employee for a significant pay cut for the same work. Try and put it in language/senarios that the tenant can relate to.
    Make sure you are on top of all your legal obligations and commuicate in writing at all times. This will ensure that if the worst happens any you decide to serve notice, it will go as smoothly as possible.
    One question, did you credit check this tenant and gauge affoability at the start of the tenancy? If so and this was acceptable then what has changed? Answering this question will guide you towards a suitable response.
    Regards, Paul
  21. Like
    paulrybak reacted to Damian P in Housing Act - Mind the Gap   
    Hi all, I just wanted to share this article by Lettings Barrister Michael Grant highlighting a gap in the Housing Act that doesn't allow for section 8 evictions if you issue a tenancy to collect the rent on a four weekly basis - in line with Housing Benefit payments.   
     
    http://lettingsbarrister.co.uk/wp-content/uploads/2016/09/Gap-in-Housing-Act.pdf
  22. Like
    paulrybak got a reaction from Carol Murphy in Sell up old property or hold, do up, and let?   
    Carol it makes a refreshing change to hear of someone assessing the situation calmly and seeking unbiased opinion rather than taking the 1st piece of advice they're given. Makes me cringe when people start quoting one agents recommendations like its gospel.
    When you have weighed up your options you'll have made the right decision for you and thats all that matters!
  23. Like
    paulrybak got a reaction from Helen Blanchard in Need advice to increase portfolio....   
    Hi Nick, welcome to the forum
    Its a difficult one without knowing the sums involved and what your goals are. I guess you have 4 basic options:
    1. Do nothing, maybe improve the properties to achieve higher rent.
    2. Borrow more to buy another.
    3. Sell one or two and buy smarter (smarter meaning whatever helps you achieve your goals).
    4. Save up over a period of time to build your portfolio.
    Cheers
    Paul
  24. Like
    paulrybak got a reaction from Tim Wragby in Tenant Asking for Rent Decrease!   
    Hi Jonathan 
    This is an awkward one that only you and your gut feeling can decide. I would be inclined to explain that you have carefully considered her offer and you researched current market rents, finding the current, agreed price resonable. Any evidence you can back up your side of the argument with is good. You could explain that her request is similar to a employer asking an employee for a significant pay cut for the same work. Try and put it in language/senarios that the tenant can relate to.
    Make sure you are on top of all your legal obligations and commuicate in writing at all times. This will ensure that if the worst happens any you decide to serve notice, it will go as smoothly as possible.
    One question, did you credit check this tenant and gauge affoability at the start of the tenancy? If so and this was acceptable then what has changed? Answering this question will guide you towards a suitable response.
    Regards, Paul
  25. Like
    paulrybak got a reaction from Peter Cross in Boiler spec? Is a boiler a boiler?   
    Hi Peter 
    Different installers prefer different manufacturers just as you might prefer a Mercedes to a BMW.
    Worcester, Vaillant and Viessmann are your top end boiler manufacturers and the likes of ideal, baxi/potterton/main (same company) are also decent but generally priced lower. I would avoid a manufacturer you've not heard of and buy a boiler that has a minimum of a 5 year warranty.
    When having a new boiler installed make sure the installer flushes the system and installs a magnaclean or similar filter. These two steps alone are a great help in ensuring the longevity of whatever boiler you decide on.
    I've had boilers from Ideal, Potterton, Viessmann, Worcester, Vaillant, Baxi and they have all been reliable. Have a look at the Ideal logic plus combi boiler, if i were to have one installed at this moment in time then thats the one i would go for as it represents good bang for buck and is backed up by a long warranty. Of course others may have a different prefrence .
    Regards, Paul 
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