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Everything posted by londoner

  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
  16. I would also add in relation to seeing an invoice from a supplier when your agent tries to overcharge you - it is another practice for a supplier to charge full rate that the agent is charging, and then the agent sends them an invoice for whatever the agreed amount is, eg. 10%, and the supplier paying back the agent after they have paid the amount in full. So as a client it is impossible to see that the agent is taking a cut.
  17. If they're offering a guaranteed rent it is possible you're paying for this upfront. Local to me (North London) there was a new block for sale and the owners were guaranteed £1800pcm rent, in fact they rent out for £1600 max but this was the sales patter and they were mainly sold for overseas investors. The yield was less than they were promised. My advice is to look how much similar properties in the area are renting for and also maybe negotiate a price without the guaranteed rent. I would also look at the make up of the area if you don't know the area well. You're
  18. I watched this a month ago, loved it. Watched it again. And I will watch it again in the near future too. It's brilliant. I would also recommend the house of cards spreadsheet and also the article : https://www.thepropertyhub.net/tpp113-how-to-survive-a-property-crash/
  19. I would get your broker involved from the outset. The property may not even be suitable for a mortgage for a reason you haven't considered, so you need their advice before making any offers.
  20. I have been recommended Ratio Law in Manchester before but never used them myself. But remember your solicitor will need to be on the panel of the mortgage provider if you're buying a property with the mortgage, it's may be worth googling some of the banks panels, eg type in paragon mortgage panel, and see which solicitors feature on most of them near you and then doing due dil on those firms. I would expect to pay £750-1,500 all in (including searches), but remember you generally get what you pay for. It is always better to pick a solicitor in advance and get set up w
  21. UK Property Traders, BMV Property & Lease Option Deals, All about property, The HMO Group & the property tax & finance group are all good. Remember what I said though, don't spent any money on courses and don't believe the BS, Facebook is full of it! People do lie, you have to look at the motivation of everyone and why they make certain posts. If anyone is making great money out of property why are they spending a lot of their time pushing courses? How many truly successful entrepreneurs do you see hiring out a cheap hotel to put on a free property training day - it i
  22. My tip is DON'T spend a fortune on courses, whatever secrets are promised. Spend the next 6 months researching and learning for free or as close to free as possible. Everything is available online on this forum, Property Tribes, Facebook Groups, Podcasts (The Property Podcast obviously! The Property Voice, Property Geek, Inside Property Investing), and also a few books, anything by Rob Dix. Remember there's some people posing as great property investors selling books to entice you in to sell courses to you, Rob is not one of them. Best of luck and proactively research
  23. I will add a HomeTrack report to this list as well! Useful for areas where there are lots of recent sales to sense check things. And currently 1 completely FREE report per email address using this link: https://www.ewemove.com/valuation-tool/
  24. This may be worth considering, it is in 2 days but I am sure Vicki will organise another one in the future: https://www.eventbrite.com/e/inside-liverpool-discovery-day-finding-your-goldmine-area-tickets-43765834790
  25. I am currently buying with 10% ROI (8% is acceptable if I really like the property/area but no lower) - the way I get this are by buying houses that need virtually no work with 75% mortgage and letting them as single lets, generally they have yields around 7%. As soon as I include a refurb in the mix my cash invested will increase hence the ROI will decrease. I have been doing this for 6 months in the NW and have bought a few (prior to this I was buying in London a while ago which is a completely different market). I buy houses in good condition in areas that have high rental dem
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