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Found 10 results

  1. Please can someone help! I am in the process of buying my first property through my new ltd company. My guess is it will complete in 6 weeks or so. It is a 3 bed property that will be a single let. The property is perfectly habitable now and could easily be rented out as it is, however I want to do a fairly big refurb. E.g. replacing the kitchen and bathroom, new carpets, redecorate etc. This will mostly be a like-for-like refurb and I don't think the majority of it will count as a capital expense. If I do this work before I first put tenants in, am I right in understanding that I cannot claim this work as an expense as it involves getting the property ready to be let. However if I put tenants in first, then when they leave I decide to do the refurb, I now could claim this as an expense as the "rental business" would have already started. Have I got that right? My big question is... *What is the minimum period of time I would have to have a tenant in my property before I could class any replacement refurb work as a revenue expense?* If I rent the property out on a 1 week AST, then do a big refurb, clearly this will turn some heads with HMRC. So what is the magic number? 1 month? 6 months? I hope I can get some wise responses on this. Many thanks!
  2. I have bought my own home (3 bed semi) on with a 5 year fixed rate mortgage back in the beginning of 2018, now around 18 months into the 5 years. My plan for my first BLT property is to remortgage this house into a BLT mortgage, and extract the capital as part of the deposit on my new home. I am concerned that because I have committed to a 5 year fixed rate mortgage, I am not sure if I can remortgage or change to a BLT mortgage without paying excessive fees. Having just listened to TPP064 about mortgages, I now see the error of my ways in committing to a 5 year fixed and not weighing up the variable mortgage rates in my plan. I am looking to advice to people that have been in my position in the past or know what my options would be to achieve my goals?
  3. Hi all – first post in and hoping I can use this platform to tap into some great minds. I have been listening to Rob(s) podcast for a while now and have been doing a lot to try and educate myself on the ins and outs of property investing for beginners. I feel like I have a learnt so much over the past year, but I have the biggest frustration of not being in a financial position ready to start my venture. I have recently purchased a house (joint mortgage with my partner) so have limited equity available to release from that. I earn a decent enough salary that I am able to put away around £8-£10k / year. That does however still leave me a few (3 minimum I would have thought) years away from having enough capital to get started. I live in West Yorkshire so I know the Leeds market inside out, I am looking to get a foothold in this rising market – most likely a renovation that I would then look to create a positive cash flow through renting out. In order to get me there quicker, I would be interested in gathering peoples thoughts on this approach? Is there something else I may be better looking at, perhaps that would require a lower amount of capital to get started with? Or looking at the problem from the other direction, a lender that is prepared to lend above the usual 75%? Any and all thoughts would be greatly appreciated. Andrew.
  4. I’m currently going through my books and something has occurred to me... If I’m spending £20,000 as a capital expense in the acquisition of a property, I will only be able to claim that as an expense when I sell the property. If I don’t sell for another 20 years in line with my business model, that £20,000 will likely be worth much less to me then as it is now due to inflation. I have 2 questions: When we claim against capital expenses 1. Are we allowed to add inflation & if not 2. Is that fair?! Many thanks, Jordan
  5. Good 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
  6. Hi Folks, So for those of you who are keeping up with me, you'll know I'm searching all ways of building up my capital to start my own portfolio, so here's my next potential scheme, that I'd like your advice on please! So me and my partner are looking at getting our first home in the next 8 months, looking to get settled and secure before investing. The original plan was to find a nice house that's ready to live in, however! Now I'm learning more and more about property, my thoughts are as follows; could we, buy a BMV home, refurbish it, settle in for a year maybe two then address any further refurbishments that might need doing, then sell on for a profit. I don't know how long we'd have to wait for the property to raise in equity? The general thought is that, If we can make a decent profit out of something we are doing already, this will get us to our starting capital goal faster! Pleas let me know your thoughts and if there's any potentials gains I've missed. Looking forward to the replies! Thanks, Brian.
  7. Hi again guys! So I have luckily found myself a mentor to help me gain more experience on property, which I'm really excited about! I'm still learning lots from the podcast and reading book after book, however I am eager to start to get some hands on experience. My now mentor flips property and has agreed to bring me along for the ride, taking me to auctions and letting me see how it all happens. My plan is to go with this for a while and learn as much as I can along the way. I have this idea which I don't know if it is viable or not so here goes. For those of you who have read my other posts, you will know that I only have a small capital at the moment of 20k. Would it be possible for me to work alongside my mentor (if they are willing) in the future adding my capital to theirs enabling me to learn on the job while also making a small return and growing my capital? If this is at all possible, what would be the official term so I can research into it, and do you have any tips of the best way to approach this subject? Obviously I will not be doing this anytime soon as I want to learn and build a friendship with the mentor first, as I don;t want to rush into anything, I have time on my side being 22. I just think it's a way of me learning and like I said growing my capital quickly, rather than waiting and saving, as I have gathered from research that making my 20k work for me solo is going to be very difficult. I look forward to what you have to say and hopefully my idea is possible. Many Thanks, Brian.
  8. Hi Folks, I’m after a bit of advice here regarding getting started in property investment. So I’m still currently learning as much as I possibly can about real estate so sorry if I come across like a novice as I pretty much am, I have my future set on being a long term investor it’s what I’ve always had an ambition for, and now’s the time to start! Now I’m pretty young in the scale of things at 22, me and my partner are close to getting a mortgage on our first home. Once we are settled we want to start work on investing. We will have a total of roughly 20k saved dedicated for investing. Now I know that’s enough to get a buy to let mortgage and start renting out however what I want to do in the ideal world is make that 20k into say 100k in say 3-5 years if possible, so I can then invest in more properties instead of being stuck with one. So my thoughts were, in an ideal world I’d like to flip a few properties to make up the capital needed to start building up a portfolio, however I can’t seem to see a way of doing it, I’m hoping I’m just missing something and you guys can point me in the right direction! As far as I’m aware to flip houses you need the need the entire asking price up front? Which I obviously don’t have. The other ways I’ve read of getting the money is to borrow it of family/friends or use a hard money lender, what do you think to the hard money lenders option? So my main question then is, how can I make my 20k into 100k as quick as reasonably possible? Sorry if it’s a vague question but it’s a difficult thing to try and find an answer to, so I hope you can help! Thanks in advance! Brian.
  9. Hi Folks, 20k isn't a lot I know, Me and my partner have been saving for a long time, we'll have more in a few years. What would you do with this money if it's all you had? How can I build my capital in the quickest way? Thanks Guys! Brian.
  10. Hi guy's, I have a total of £15K in a current account paying 3% interest. With Inflation at 1.8%, I am looking at a return of just 1.2%. I am really keen to invest in a buy to let property and as an Architect feel that I have sufficient knowledge to choose the right property. However, I am aware that £15K isn't a great deal of capital but am keen to make the most of it. At 75% loan to value, this means a property with a value of £60K. In Galashiels (Scottish Borders), where I work, £65K will buy you a 1 or 2 bed flat. We do have the ability to increase this amount by between £300 and £500 pcm. So, do I continue to save (how much should I aim for - how long is a piece of string), invest in a really cheap flat, release equity from my home (valued as £215K with a £150K mortgage) to boost my capital. I appreciate that most responses will begin with, 'well, it depends', but your insight and suggestions will be most welcome. Thanks guy's. Regards Marc
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