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About londoner

  • Rank
    Established member

Profile Information

  • Location
    North London
  • Areas I invest in
    Previously North London, Going forward Manchester and HS2/HS3 rail links
  • Property investment interests
    Single let houses
  • My goals
    Long term wealth
  • Interests outside property
    Photography, Videography, Boxing training, and people (not 'networking' just meeting new and interesting people!)

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  1. It really isn't hard, look for recommendations then go and meet them, discuss their systems, and go with your gut and make a decision. Some agents want to expand their business in the right way and others are happy to tread water and pay lip service. I have met a large number of agents over the past year and very few I have been impressed by, like viewing properties I found it was a numbers game, and recommendations helped to reduce the time to find a good one! They will be key to whether your business succeeds or not if you don't live near to your properties.
  2. As a note I would add one thing I have not specified earlier - a good lettings agent. Personally a good agent to advise you on a road by road basis should be your first port of call before anything. It will be the difference between a slam dunk and a property you struggle to get long term tenants in. Find a good agent and build a relationship.
  3. Yeah, we have smashed the 2007 prices in London by around 80%, however lots of places around the UK have barely made it back to that level. People talk about house prices but in reality prices are set by the availability and cost of credit. Credit wasn't as cheap in 2007 as it is now, but if you had a pulse you could get a mortgage hence the bubble as people were fighting to get onto the market and buying additional homes for the expected capital growth, and the valuers weren't being particularly cautious about overvaluing properties as everyone thought you couldn' t lose in property.
  4. Start by speaking to a good broker to confirm you're mortgageable, and getting a good accountant to set up your Ltd Co. Setting up a company and very cheap and quick (I paid £100 for my accountant to do it, you can get it done for cheaper but I wanted them to set it up). Yes to directors loan, your accountant will run you through this. Always pay for professionals to advise you, you will save a lot in the long run than getting incorrect advice. I believe you can backdate expenses, I read it somewhere, but your accountant will be able to confirm. I pay £700+VAT for Ltd Co accounts
  5. If you haven't got a good broker I would also get one who will be able to advise you what to do relating to finance - Simon Allen from Searchlight finance is often mentioned on these forums and I have used him myself to set up 6 BTL mortgages and he is absolutely fantastic. I would also start reading books relating to property - anything by Rob Dix, Angela Bryant or Richard Brown (who posted above) is good, with no BS. Be wary of some 'gurus' and their offerings. Richard also has a great podcast (the property voice) and I would recommend Property Geek by Rob Dix as well.
  6. Without knowing anything about your situation or goals (and Richard has already given an excellent reply)... it is worth considering carefully that you need a lot less cash (deposit and SDLT) and generally get better interest rates on residential mortgages. I might consider being an owner occupier first, even if you decide to let it out in the future. If it was me I would consider buying a larger property than I needed and renting out a room using my tax free allowance. If you don't mind living with another a far cheaper/easier way of getting 'into' property. To add I
  7. In my mind a property for 40-50k isn't one I'd necessary want. If I had 90-100k I would probably focus on buying one BTL single let for cash at a decent price (I hate the term BMV) and get it rented, then seek to see if I could get a mortgage on it. Or when you get residency status you can get a mortgage right away and roll on with the next one using the cash from the mortgage as a deposit for the next?
  8. Not really much advice to offer as I don't quite understand your position, long term goals or question, but remember nothing is as easy as expected or goes to plan. Personally if you were in a similar position to me with similar aims - buy 3 x single let BTLs for around the 90k mark. It'll be a lot less stress and use any profits to save and purchase more properties. I have done a couple of major refurbs on my own properties and have parents who flipped properties when I was growing up so have been around development my whole life, and I have no intention of doing any
  9. I would say (3) - stick with your broker, mine doesn't charge for remortgages after the initial purchase, but their advice in invaluable. Don't cheap out, the advice of a good broker on all the surrounding circumstances in invaluable even if you think you know what you're getting into. Every lender is different and they will know the pitfalls.
  10. I would personally get a local agent in for their opinion, explain you are looking to refurb and sell, they will come and value it for you and may have other suggestions to maximise the sale price
  11. A new addition to the list: To see whether a property is currently in a buyers or sellers market (remember the UK market is not the same everywhere) https://www.theadvisory.co.uk/propcast/
  12. The best thing you can do buying outside your area is to find a good letting agent before even considering looking at properties, they will guide you through the process of identifying the best roads within their area. Meet them, interview them, go through their systems and knowledge, look for reviews, find their clients through facebook, what does your gut say about them? Look for an independent lettings agent rather than a chain. They will know the specific roads that tenants stay long term. And remember we can't predict capital growth as we don't know what the future holds -
  13. I am currently buying 2 tenanted properties - taking forever as so many more hoops to jump through I am also buying a property with vacant possession, literally taken half the time. Other factors to consider - Very little in selling in SE and the market is incredibly slow, houses are just not selling near me in N/NW London and have been on the market for 6-12 months+. Uncertainly due to Brexit, stamp duty and tax changes have shrunk the number of buyers considerably. It is however a good time for an owner occupier to buy as they can afford to be picky and
  14. Have you considered buying a single let house in a slightly cheaper (but higher yielding) area than your own? Most of the posts I see on facebook property groups are HMO landlords trying to sell their properties, I don't think they are anywhere as attractive as the course providers would have you believe. With your pot you can comfortably buy a property up to 100k, ideally one which needs minimal work to minimise the cash you put into the deal.
  15. I couldn't see prices going up significantly at any point in the last 20 years but they keep going up. We bought our most recent house in 2012 and it has increased 80% in value since then before a 10% drop over the past year. I really can't see them going up any further in the next 5 years, but I am probably wrong, in the long term though I definitely can see them going up. The question you need to ask yourself is - Are house prices the most they will ever be? Unlikely. It is likely that the prices will continue to keep increasing over the long term, the Government are devaluing
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