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Hi, two friends (they're brothers who have a building company) and I have had an offer accepted on our first property, which we hope to flip asap. We were going to purchase through a Ltd company but decided buying it in a personal name in order to skip the stamp duty was a better idea. We can do that at least twice. Any thoughts? Anything we should be aware/careful of? Any advice much appreciated. Many thanks
Hate the house I just bought
peterjoo posted a topic in Newbie Advice & SupportHello, I just bought a house and it is next to a busy junction. I hate it as there is a constant traffic noise, reversing on the busy road is very difficult, people visiting can not park on the road as there is no on-street parking being next to junction. I spoke with my lender and I can not sell the house for 6 months. I don't even want to live there. I paid a lot of money in stamp duty. I am not sure what to do. Could you suggest some advice, please? I bought a house where I can not even live and it is just going to eat a lot in my mortgage repayment. I can't sell the house for 6 months and not sure if I will get the buyer paying same or more money to cover price paid and stamp duty. The house is old and has all old systems I want to get a couple of lodgers but in this state no one will rent it as well. If I spend some money on this then this is another waste of money on something I don't want it. Could you please suggest how can I get out of this situation and prevent any loss?
actions not words Newbie Taking Action!
ben_g posted a topic in Introduce yourselfHello all! Firstly I just wanted to introduce myself to the community, I'm Ben aged 24 and I'm currently based in Bristol working as a Graduate Manufacturing Engineer. Throughout my life I have had an interest in property and used to love to watch programs such as Grand Designs and Homes Under the Hammer when I was younger. After I Graduated from University in 2019 I had very little knowledge about how to get into property but I knew it was something I wanted to get into! So at the start of my research I stumbled across this podcast called "The Property Podcast" after I bought 1 of Robs books - The Complete Guide to Property Investment. I started listening to the podcast from episode 1 while travelling to and from work. The Robs joke about the quality of those first few episodes on the podcast today but I found that these first few episodes helped me to relate to them and going on their journey with them has opened my eye to the fact that all successful ventures start from small foundations. This has motivated me to think bigger about where I could end up in the future if I put the work in, not just in property. So over the past 2 years I have been saving HARD to get to a position where I can pursue my first property investment and this week I have successfully had an offer accepted on a 2 bed maisonette in the West Midlands, in the area where I grew up! (Bristol is just way to expensive for me! And investing in my hometown I can benefit from my vast knowledge of the area). With many developments to public transport in this area and with the upcoming 5-7years of property growth (18 year cycle), I plan to not only get a return from rental income but also the potential for capital growth. I now have a long journey ahead of me that I am very much looking forward to - Learning about the buying process, learning how to work with solicitors effectively, setting up a mortgage correctly, get the property ready to rent and finding a tenant that I can provide an excellent service for. I can finally learn from taking action and move away from that pesky analysis paralysis! Thank you for reading! Ben.
Newbie in Edinburgh
ps posted a topic in Introduce yourselfHello! My partner Julia and I are based in Edinburgh, both work full time (although I'm currently furloughed!) and want to start building a new future for ourselves and have landed on property as the route we want to go. As a rough idea of our plans we want to start by flipping properties to build up some capital and then look to build a bit of a portfolio. To achieve this I'm looking to quit my job and attempt to do most of the work on the properties (barring any complex electrical/plumbing/structural work). I've not done that much before but i'm pretty handy and a quick learner whilst Julia will be in charge of all things money whilst continuing in her current job. As a starting point it would be great if anyone could offer any advice for new starters, especially regarding: good areas to invest around Edinburgh (within an hours drive ideally) any good solicitors in the Edinburgh area to work with loans/financial strategies key things to look out for general advice! Any help much appreciated! All the best, Pete and Julia
Hi all I'm Nicole, Based in Manchester and looking to start my property journey in my home city. I have some money to invest and been told by many people property is the way forward. My goal is to have a few student properties under my belt in the coming years. I bought my first flat ( first time buyer with mortgage ) in a great student area which i am currently living in. My partner also has a flat in the same building which he rents out to students. We would like to buy a house together in the future but don't want to sell our properties so would like to rent them both out. The only thing I worry about is how this would affect us in the future wanting to buy a house together if we both already have properties but would like to rent them out to provide extra income to help with the mortgage repayments. Do you have to live in the property for a length of time first? Any advice/ strategies or information would be greatly appreciated! I am excited to be part of the property hub community and hopefully document my journey!
Ladies and Gents
Rohail S posted a topic in Introduce yourselfHi My name's Rohail and I'm from Accrington, Lancashire. I'm currently residing in Melbourne, Australia. I want to get into property investment and have been trying to learn as much as possible through online resources. I'm a qualified solicitor so I have a good understanding of the legals and personal finances. I plan to make a move back to the UK before Christmas this year and buy my first property by July 2020. I hope to have £20,000 by then. I'm not sure what my strategy should be or where I should invest. I think I'd like to pursue a BTS strategy but I don't know anything about refurbishment! I'm not much of a handyman. I'd appreciate any advice you guys can give to me and, ideally, I hope to meet somebody who can act as my mentor. Look forward to speaking soon!
Newbie from AbuDhabi/Dubai
Taher Afridi posted a topic in Introduce yourselfHi, I'm new here and new to the whole concept of property investments. I'm based out of Abu Dhabi / Dubai, in the UAE. I manage Information (Cyber) Security for a living. I want to work towards a passive cashflow/income through property investments in the UAE and abroad as well. Doing a lot of reading up and looking forward to learn from some of the more experienced users here! Thanks, TA.
Newbie from Essex looking to learn!
Sphoenix1991 posted a topic in Introduce yourselfGood morning all, I have just written this on the way into work on the train, I am hoping to really get started in property and it would be a dream to eventually do up and sell on properties full time. I have never purchased a place before and I wanted to use this forum as a starting place to meet people and gain knowledge. Can anyone recommends some reading firstly on how I can get started? There is so many questions like how much do I need, do I buy post Brexit? Do I hope for another crash and then buy? Is help to buy good etc? If anyone can point me in the right direction as a starting off point would be much appreciated! My final question is does anyone know of any property meet up groups in and around Essex? I'm from Dagenham/Romford if that help! Thanks in advance Solomon