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Showing results for tags 'buytolet'.
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Hi everyone, I am a non-resident and a non-citizen looking on to investing on a property in UK. So I was wondering that if I pay cash 100% and I remortgage the property, there's a 6 months cooling period right? 1. So I would like to know if it is true that you cannot use the money from remortgaging and cannot be taken as cash? 2. In this case you can only use the money in investing to another property? Does that mean if I pay 100% in cash then remortgage a property, I'll have the 75% back which then has to be used to invest on 3 different properties given that 25% equity is required? 3. Is there a workaround with me having the cash from remortgaging so I can invest the money somewhere else? Would really appreciate your inputs and suggestion on this one. Thank you so much! -
Hello I currently rent through an agency, but I feel like I'm paying them to forward me emails... What is the process of leaving an estate agent if the property is tenanted? Also, any benefits of using an estate agent? Thanks
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Hi all I have a question which has really been bugging me as everyone seem's to talk about investing in different areas of the country because (quite rightly) they are hotspots and suit peoples strategies a lot better than where they live. I have just completed my first refurb and refinance and I am keeping it to rent out as the capital appreciation potential is high and it gives me a nice amount of cashflow along with a healthy sum to pull out in the refinance. I am now looking at other areas around the country (mainly the hotspots around Manchester and Liverpool due to great infrastructures, decent yields and capital growth potential.) I am wanting to know the potential risks of investing a long way from where I live, how you find a suitable agent to manage the property for you and any other things I should consider. There are properties within an hour of my own property which would give me a decent yield but no capital growth potential and the purchase prices are a lot higher than the places up North where I am looking. I am reluctant to just commit time to heading up there (as I live in Norwich) and viewing lots of properties over a weekend when I don't feel fully confident on what the risks are and what it is I should be doing as the areas are completely new to me I am quite happy to take a calculated risk but a punt on something just because all the figures look good isn't something I want to do Thank you in advance Euan -
Hello, Thank you for reading myself and wife's joint BTL journey. The vast knowledge and resource that is available here is amazing. I purchased "The complete Guide To Property Investment" by Rob Dix. Which has led me here! Unfortunately I discovered this information in September 2020, few years after starting our BTL adventure. Our Journey started in 2018 where we purchased our first BTL in Coventry. Why Coventry? Well, Coventry is home is Cov university which is known for there engineering education and also home to Jaguar Land Rover engineering centres. Coventry is also experiencing growth with lots of new buildings and projects. Buying our first BTL, we was scared and excited. However with due diligence, research and speaking to the right people, we proceeded with the purchase with confidence. Because I am a bit of a nerd when it comes to Excel and spread sheets. I knew all my expenses, potential rental income, net yield & ROI before we continued with the purchase I identified. Almost 2 years on and we have achieved a ROI of 10.07% Over one year later after buying our first BTL, Jan 2020, Myself and my wife was in a position to purchase our 2nd BTL investment. This BTL has also been a success achieving a ROI of 12.21% Here we are in August 2020 in the process of acquiring our 3rd BTL investment. We have decided to purchase this property under our LTD company with the plans to buy a fourth BTL later on this year for tax benefit purposes. Unlike the first two investments which are under our personal names. The long term goal is to retire slightly earlier and have a wealthy income to support us, and eventually pass the properties down to our children. We want to expand our portfolio to other areas of the country and would be keen to hear what area's people are looking at. And how they manage properties so far away you? Thanks for reading, Regards, Craig.
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Good evening all, I am Grant Jones, I am 30 years old and live in the south east of Essex. I have a wife and a baby daughter and these are the reasons I am here. To help look after their futures. My wife and I have a good sum of equity in our own property and we have some extremely close friends who have an established property business seeing properties around Manchester (mainly areas such as Salford and Eccles). I am planning on reading and educating myself as much as possible before I dive into this venture and have a 12 month target to own and let a second property in this area. I am reading the richest man in Babylon and have currently spent time listening to both of the Rob’s on the property podcast, coupled with their online courses in goal setting and choosing a strategy, which I have found to be incredibly motivating and useful over the last couple of weeks. The strategy that appeals most to me would be a buy, refurb and refinance option. Gaining a portfolio of multiple single let’s over the next few years. So why am I here? I have quickly found that people within the property industry are incredibly friendly and generous with knowledge. Could anyone please point me in the direction of some further useful learning, wether this be books, podcasts or courses that really either inspired you or helped improve your property knowledge from a beginners point of view. I look forward to your response and wish to thank you in advance. Kindest regards, Grant.
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Hi PH, I had started listening to the Podcast last year for the first time and almost caught up now and in a position to (try) and buy my first investment property in the UK. Without going into too much detail, I'm an expat and looking for a BTL expat mortgage for a property that is likely to be between GBP75,000 - 85,000. I have a deposit (25%/30%) for a property in this purchase price range, otherwise I would consider a more expensive property. I'm looking to take action which the deposit I have and purchase something this year. However, I am struggling to source a Mortgage Provider who is willing to lend on such a 'low' purchase price. I'm in discussions with a Broker but they have only given two providers who would consider this price range. Is anyone able to advise/recommend any other providers who would consider this price range or a broker who specializes in BTL expat mortgages? Appreciate any constructive comments and feedback. Thank you. Regards, Andrew -
I would like to invest in property and I have £250K to spend. Should I buy two properties or one? I thought two may be better to: * allow an income even if one isn't rented yet or there are problems. * less risk if the property was ruined by bad tenants. *If I buy in two areas I may smooth out any sharp rise or fall in the increase (or decrease) in value of properties in a certain area. I live abroad and will have the property/ies fully managed so I was thinking one property would be better: * to lessen start-up and paperwork fees - I assume they'd double as there's two flats. I intend to buy in Scotland. I'm not sure if there are tax implications with buying two properties instead of one? I have been in touch with a property management company but they were unable to advise me on this matter. Any insights very welcome! Thanks, Charlotte
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Hi everyone, I am Stephen 27 Ex Military served in Afghanistan, March 21st 2012 I stood on a i.e.d (mine/bomb). Let’s not be negative now I love my prosthetic leg it makes me who I am. So the property side of life I currently own four 1 buy to let 2 outright and my personal one. Due to personal circumstances I have a credit score so low I can not get a mobile contract I’m in limbo mode of where do I go next to release money to invest into more property. 2020 is about learning so please any information would be great I have attended ppn and hoping to make pin Liverpool Based
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Hi, Does any one have any recommendations for a solicitor to work on a ltd company buy-to-let purchase in Liverpool? Any help or advice would be much appreciated, this is my first one! Thanks, Kate -
Hello everyone, I'm Bob, and i'm from Leeds currently working as a Prosthetist (artificial limbs). I'm 33 and for the last 6 months I have been researching property investment as a way to one day reduce my hours at work or even leave work all together as well and building assets for the future. I'm gutted that it has taken me 33 years to learn about the concepts of storing wealth and investing, but i am now doing everything can to achieve my goals. After recently buying my first home with all my savings, i am having to start from scratch to build up a deposit for my first buy to let. I think it will take me between 1 and 2 years, so in the meantime I am trying to listen to every episode of The Property Podcast, watching Youtube videos and reading everything i can on the area. So far i've read 'Rich Dad Poor Dad', 'The Richest Man in Babylon' and 'How to Win Friends and Influence People'. I plan to read Rob's books next. I have done my Property Dreamline and my property goals are: 2 years - Buy first property. One that could be used as a standard Buy To Let or Serviced Accommodation. Aim to buy BMV or add value and then recycle the deposit. 5 years - Net income from property of £1500. 10 years - Net income of £5000. (I should say I have a partner who i will be investing with) I wanted to post this not only as a way to introduce myself, but so I can be accountable, and I also wondered what people thought of my plan? Is it reasonable? Thanks to all in advance and especially to Rob and Rob for a great, down to earth Podcast. Bob
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Hey All, If I was to buy a building that was comprised of three units (Flats), and intended to live in one of the three and rent the other two out, what mortgage type would I need? I cant find clear guidance or the technicalities. Thanks
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Trying to gather information on the Great Yarmouth rental market. I can easily find information about the average rental prices in different areas but I am wondering how long it typically takes to rent out properties there? Does anyone have any insight?
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Hey, fellow Hubbers! Looking at some property in Sheffield and came across a development called The Fitzgerald by developers called Romiga East Ltd. The numbers seem to stack up really well and as this is phase 2 of the apartments, I have direct comparables for both rent and purchase prices which is great. It would be off plan with completion around October 2019. The only question I have really is about the developers, I have not heard of them, I have of course done all the normal googling and cannot find anything bad about them. Just wondering if anyone has worked with them or purchased from them before? https://beta.companieshouse.gov.uk/company/08522483 https://thefitzgeraldsheffield.com/ Looking forward to what you think? Many thanks Alex -
Hello all, I'm looking for some advice, I'm 25 and I've currently got a portfolio of 3 properties. My strategy this year was to carry on buying, but after having a meeting with my accountant he said perhaps it's worth me slowing down to see what changes brexit could bring. Everyone seems to have slowed down and I personally think this is a great time to try and take advantage of a slower market. Anyway, below is my current portfolio, if you need any further info please drop me a message - Property 1 Purchased for £214,750 Outstanding mortgage £140,000 Current value £250-£260 Net PCM - £525 Property 2 Purchased for £92,500 Outstanding mortgage £75,500 (Have refinanced) Current value £100,00 Net PCM - £226 Property 3 Purchased for £92,500 Outstanding mortgage £69,375 Current value £100,000 Net PCM - £330 My plan was to remortgage property 1 and pull some equity out to buy a further 1 or 2 investment properties. I've worked really hard to build this portfolio and I don't want to ruin it all by putting a foot wrong somewhere. I could potentially pull 50k out of property 1 and add it to my savings, to have a total of £100k ready to put towards new investments. Do you think I'm over leveraged? Do you think my strategy has holes in it? I would love to hear other investors opinions. I'm not in a massively high paying job, I earn over £25k but under £40k. I still live with my parents (believe it or not!) so my outgoings are fairly minimal, giving me a good chance to save as much as I can. There are 4 main strategies I see as options - 1 - Buy 3/4 £60-£80k at 75% LTV properties up north, Manchester, Sheffield, Liverpool etc, this should cashflow around £1000-£1200 PCM. I would also expect to see some good capital growth here 2 - Buy 1 HMO property for £250-£300k at 75% LTV, this should also cashflow a similar amount 3 - Pull out a smaller amount of equity from property 1 and fix it on a 5 year deal. Add this money to my savings and put down a 35% deposit on a property, this should make about £675-£750 PCM. Purchase the new property on a 5 year fix and then aggressively pay the property down by £7500PA for 5 years to reduce my overall debt 4 - Fix Property 1 on a 5 year deal, sit tight and do nothing. This is the answer I fear the most, although I want to play things safe and not put a foot wrong, I also understand that to develop myself financially I need to take a certain amount of risk to increase my earnings. I'm currently on option 3, as it increases my cashflow and also mitigates risk as much as possible. Which one would you choose and why? I welcome any advice and opinions from other investors. Thanks for reading. James
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Hello all, I would be interested to see which route you would go down and why? Please see scenario below - By May of next year, I will (hopefully) be in the fortunate position of having about £100-£120k cash, I plan to use this to buy property. Now here comes the tricky part.... I've been fixated on using this money to buy one big HMO property costing around £300-£325k and producing roughly net £1000-£14000 PCM, however the more I think about it, the more I wonder - should I use the money to fund 4 vanilla buy to lets or even a refurb? Option 1 - Buy a large HMO for £300k-ish Net £1200 PCMish I'm aware HMO properties scare many landlords away, but my Father has a substantial HMO portfolio and has shown me how to manage them successfully should I need to do so. Option 2 - Buy 3-4 single lets, 85k-100k each If I chose this strategy it would give me a chance to save up an additional £20k over the time it takes to purchase them Net £1000 - £1200 PCMish I'm thinking this could be a more beneficial approach as it increases chances of capital growth Option 3 - BRR Method (Buy, Refurb, Refinance) Look for a rundown building and bring it back to life This method should allow me to grow my finances by a considerable amount, providing the project goes to plan. Being based down in the South East and having limited finances, this could prove tricky. Could look at doing BRR further afield though.. I'm looking to increase monthly cash flow as much and as quickly as possible, giving me more options in my professional life. I'm 24 at the moment so having problems like this, well lets face it, it could be worse.. Any feedback would be much appreciated, I would love to hear about what you would choose in this scenario! Kind regards, James
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Hi, Both myself and my friend are looking to make our first property/ BTL investment. What are the lending requirements that lenders look for when there are 2 buyers instead of one. And are there any additional things we need to be aware of? Thanks Keung
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Hi Everyone, I'd really appreciate it if anyone could give me some input on my current dilemma. I purchased a 2 bed apartment with parking in Manchester City Centre in June 2015. The property is now worth around 360-380k and there is 280k outstanding on the mortgage. I have recently purchased a house elsewhere which I am going to live in full time. My initial plan was to rent the city centre apartment out for between 1400-1600 per month as per estate agent values. However, after taking out the mortgage costs, the extremely expensive service charge of £400 per month, insurance etc, void periods, it will definitely operate at a loss. I believe the property market in Manchester still has a lot of growth in it, so it feels strange selling something which I've got for a good price. However, I don't feel I have any other choice but to sell it? As i would get some of the increased stamp duty back that I paid on the other house, and i wouldn't pay CGT on the sale of the apartment. Is my best bet to sell the apartment, then maybe use the equity to purchase a rental house in Manchester where there isn't a service charge to eat into profits? Obviously, I still would be getting a mortgage on the purchase of a rental house. Id be so grateful for any advice as I'm really uncertain what the correct course of action is. Thank you everyone, Sean -
Beginning of last year I have converted our integral garage into an ensuite bedroom, which many of our neighbors done the same in our area, I have asked a couple of them, they said we do not require planning permission as it is permitted development and 80% of the garage is attached inside the property. But what I didn’t realise then is I would need building regulation approval or check, which I didn’t know nor did my builder mentioned at the time. So I do not have the building control permission and am not sure if I should do retrospective BR, as it seems there is no guarantee it will be approved and the time and hassle it could take. I am now planning to re-mortgage this house and release some cash to fund other investment property. But what I am not sure, If the new lender will consider the converted garage room as an extra room or not, and can the indemnity insurance would resolve/cover this BR/planning permission issue? Any advice would be greatly appreciated. Many thanks in advance Kam -
Hi, I had looked to same amazing properties in Manchester that I would love to invest (this is my first investment in the U.K.) but I was thinking of living there for some time before I start renting. Problem is the company selling are just looking for investor and since I’m new in the U.K. property business I was wonder if you think it’s possibel to live in this kind of properties and if this investment companies are reliable ( the developments are not built yet and they ask 25%initial deposit and the rest after completion of the development) Let me know your thoughts Thank you
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Just wondering what the process is and what you think of it. -
Hi everyone, this is my first post and I have not yet got any properties etc, I am just planning to save some money up to someday start my career off as a landlord. I really want to save up £20,000 within the next two to three years (I've worked it out and can do it.) And then I would like to purchase a cheap but sturdy flat to rent out at £70,000. I've heard that there are mortgages where you're not required to live in the property, called 'buy to let' however in the UK, I can't find ANYTHING! Does anybody have any general advice for me or know a company of which I can get a buy-to-let mortgage to achieve my goals? I just feel it would enable me to obtain the flat faster and I know of someone who is currently doing buy-to-let and after paying the agreed monthly repayment sum, has some £ spare. However I have no contact for this person to ask them, they're not close with me, just a relatives friend. Thank you.
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Afternoon all, I am new to this site and wanted to introduce myself. I am a self employed "whole of market" mortgage broker. Specialise in residential and BTL mortgages. I have nearly 10 years experience in the finance sector and nearly 4 years experience in the Mortgage Industry.
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Hi guys, I am about to complete on my second Buy-To-Let property. However due to complications with my credit score I had to buy the property in cash with the plan to then later refinance, setting up a BTL mortgage, through my LTD Company which I opened a few months ago. As this is the first time I have bought a property in cash and will be the first BTL through my LTD Company (because the first was before the tax changes) I am looking for advice/re-asurance on how to complete the purchase correctly? At the moment the funds for the property purchase are split 50/50 between a personal bank account and my LTD company account. When the funds are required I was going to make two payments from each account to complete the deal. Is there a way in which I must purchase the property now to avoid costs later on when putting the property through my LTD Company? I.E. all the funds in my LTD company account with one transaction to show its owned by my LTD Company? Or am I ok to proceed as is? I am aware/concerned that switching properties you already own to your LTD Company at a later date could effectively mean buying the property off yourself at the new renovated price and incurring Stamp Duty, Fee's, Etc.... I want to make it clear from the start, if possible, that the property is already owned by my LTD Company. Any help would be great and hugely appreciated! Thanks -
Hi Hubsters, Recently stumbled upon Rob & Robs pod cast as I am keen to make my way in the world of property investment. I don't think I have an issue financing the odd buy to let or flip project but I am in need of sound, genuine advice as to where to start and what my first moves should be. Lets say, I have the funds in place to buy at my disposal... I want to find a property 20-30% under market value, so I look at auction sites /repossessions etc... what happens next? I see one in an area with all the right fundamentals. Do I pay for the property to be surveyed? get builders in to look and price all the work up and then go along to the auction with a maximum bid in mind to try and buy that property? What fees surround these transactions? Apologies if this sounds so so basic and uninteresting but I am struggling to get my head around the order in which these steps take place. I am aware it's always going to be a risk but want to ensure I do my due diligence to limit the number of risks I take. Also, As I am looking to venture into the world of flipping properties and buy to lets, does any one have an opinion as to how Brexit will affect house prices/market and if so, when? From a common sense viewpoint, S24 aside, B2L seems less risky as the renting market will never really drop and if you own the property you will keep it through the housing price drop? Where as if you purchase a house with the idea of flipping it in mind, and all of a sudden the market drops. which with Brexit round the corner is surly a possibility? Any feedback or conversation to issue some sound advice would be muchos appreciated, also if you guys know which number podcast any of my points may be relevant to, please let me know. Jon. -
Hello all, having read two of Rob Dix's books, I've decided to review my goals and work toward property. I currently have have one buy to let flat. Im looking to move in to more buy to let. 'I plan to save to reach 30% in each property for a deposit. 'I have limited skills other than hard graft. Hope to get in touch with others.
