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Found 25 results

  1. Hi - I’d really appreciate some advice regarding a deal that’s coming to a conclusion soon. I had an offer accepted on the property back in June, when the market felt very very different. The process has been a long one! Since that time, sentiment seems to have changed significantly. Fortunately, I’ve secured a 2.78% 5 year fixed mortgage deal but I’m wondered whether I’m now paying too much and if I should try to get some money taken off the asking price? At the time, the price (£275k) seemed fair. There are nine properties that are identical, with the one of them being sold for £7k more 4 years ago. However that same house was put back on the market and couldn’t sell during the early stages of the pandemic and it’s now sold once more for £15k less than I’m paying. I feel in a bit of a dilemma having watched Rob Ds latest YouTube video with the Zoopla estimate that house prices will fall by 5% next year. The house is in a more expensive area which, from what Rob was saying, May get hit harder. I’d really appreciate any advice and, if you feel I should negotiate further, how to go about it. The vendors have been friendly and, with the use of an online estate agent, I’m having to contact them directly for everything. Many thanks Paul
  2. Good afternoon, I hope you don't mind me reaching out for some advice. First time investor here so please go easy on me I have around £100k to invest in a cash purchase but I'm still unsure whether to go for a property of around £100k and recycle the money 6 months later with a BTL mortgage or to buy two smaller 2 bed BTL properties worth a much lower price "up North". I am interested in the following (BMV?) deal in Burnley BB11 as a cash purchase with a view to mortgage it at 75% at the earliest possible stage. Comparable sales (2019/2020) in the area were between £97.5k - £110k. I am in the process of doing my own due diligence but I would appreciate your views. Looking at the figures below, the Solicitor / Conveyancing fees appear a little low. It appears maintenance & repair fees aren't built in either? Many thanks, Tom Contingency @ 20%
  3. Hello 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.
  4. Hi, i'm a first time BTL investor. I would really appreciate views on whether this is a good investment. 1 bed flat £150k in Saxton Lane, Leeds LS9. It's off plan development to be completed Q3 2022. Rental yield 6.5%. I'm interested to know if Leeds as a whole is worth while and particularly this area of LS9 which is a 17 min walk to the station. Plan is to keep the property for 5 to 10 years. I've heard growth in Leeds is expected to be 3.2% p.a is this correct?
  5. Hi! If I buy a BTL as a first time buyer (of any property ever) and then I later purchase a home for me to live in (without selling the buy to let), will I be liable for the higher rate of SDLT? The reason I ask is I have read that you avoid the higher rate of SDLT on your home if it's your main residence and is replacing a former main residence sold within the previous three years. Obviously in my scenario, I would not be replacing a former main residence as I don't have one to replace! I do have reasons for buying the BTL first. Does anybody know? Any signposting on where there is written guidance would be very appreciated also. Thanks!
  6. Hi all im looking at buying my first investment property in Liverpool. I’m unsure about my strategy- whether to buy a flat off plan in the city centre or just go for. 3 bed already built house a bit further out? im looking for long term growth but a yield that will cover my costs with a bit of a profit. it seems that there are some financial benefit to buy off plan but given the covid situation I’m worried about completion dates/ if at all/ and it seems there are so many extra costs here and there that I feel it’s quite complicated...( ground rent, service charge, furniture pack etc) what have your experiences been? And what would you recommend/ why? thanks everyone!
  7. Hey all, By way of introduction my name is Indy - recently stumbled across the property hub podcast and have been addicted since - listening throughout lockdown with most episodes repeating throughout the day. i recently was fortunate enough to purchase my first property that I currently live in . Starting at zero again and putting my goals and strategy onto paper I have come to a road bump - I need some advice / guidance if anyone could be so kind ; My aim is to save as hard as I can , possibly a grand a month for 2/3 years , in that time I would have built some equity to remortgage and here is the crux say I came into 50/60 k - I want to get into a buy to let strategy - however I’m aware that most mortgages are only 75% - which leaves me with a purchase price of 200k ish the south east England / west London - where I’m based - it’s really hard to find anything for 200k - so what would you do if you was me ? Would you wait to save a bigger deposit / find a new property to live in and remortgage the house I’m in now to a buy to let ? etc etc Does anyone know of any clever ideas / tricks ? Would be good to hear if anyone is in a similar situation . thanks indy
  8. Hello Everybody. I'm Denis from Ireland and have just gone sale agreed on my first BTL property in Belfast. Just wondering is there anyone else from the Northern Ireland area either a beginner or more experienced investor who would like to meet up and share experiences/knowledge etc. Thanks Denis
  9. Hi all, I am contemplating my first buy-to-let investment and I am wondering if I should be targeting a city flat to or a bigger 3 to 4 bedroom family home with garden. I am thinking about investing in Birmingham or one of the other midlands or northern investment areas recommended by Property Hub. Which property type would you chose and why? Thank you. Barry.
  10. Good morning guys and girls I recently bought my council house with my mum through the right to buy scheme. Paid £199k house is worth 310k. I have 30k In saving which was originally for my first house until we decided to buy this one. I now want to buy a house cash (my mortgage is 1k a month so don’t want a btl mortgage aswell ideally) . My plan is to buy a 2 bed terraced in Grimsby for 34k and rent it out give it 6months then get a 100% remortgage and buy another and get 2 streams of rental income and have only 1 remortgage to pay (still paying residential obviously) . However talking to people they all said selling them sort of houses are fairly difficult. I’m looking for a second opinion or another strategy. I can’t take out no equity for 5 years (part of the deal with the council). Also I want to purchase these house in Grimsby through a LTD company . (Just turnt 24 this year ) would like to be financially free as soon as possible. Any and all advice welcome
  11. Hi there - first time buyer here looking to begin a BTL portfolio (as a limited company) without buying a main residence first (plenty of detail as to why in the 'Newbie' section!). The main issue mortgage-wise appears to be access to the best rates as a FTB and first time landlord, as a SPV. Question: If I was to purchase a property with cash (via an SPV), let it out, then 'remortgage' (unencumbered remortgage?) after 6 months to release 60% the equity, would this effectively leave me in the same position as getting a 60% LTV mortgage at point of purchase, but open up more (and cheaper) mortgage options as we wouldn't be first time buyers or first time landlords after 6 months? Any thoughts here?
  12. Hi all - nice to meet you via the forum. I’m Whitney and I’m based on London. I have 10 months left of my maternity leave and now have the opportunity dedicate time to put together a long term strategy on starting a limited company in property business. A bit of context: Seven years ago a relative asked for advise on how to get young professionals (like myself) interested in their rental property. On visiting, I advise him to renovate the property so it would appeal to his desired tenant. Surprisingly he asked me to run the project and then fill it with tenants. Six months later, after a slash of paint and adding in some new furniture, the property was filled and he was getting an increase of £800 a month. Since then I have continued to mange the property /tenants, I have fluffed and buffed two other rental properties (based on his recommendation) and currently working on another relatives rental property. All properties have been able to increase either rental income or the property values (one it has been both - it’s currently being valued at £475k). I realised about a year and a half ago that I have a bit of a knack for this and want to look into doing it for myself (as well as for others). So now I have some free time, I am very interested in setting up a Limited Company offers multiple services (starting with fluff and buff projects for landlords looking to increase their rental income or property value). However, the mid to long term goal own a portfolio investments/property alongside - mostly including renovations and developments to either sell or rent out. I would love some advise about how to start?, what I should be doing to build my network? And opinions on if this even do able in the current market? Or any opportunities to work with others. In a nut sell: How do you want to work in property? Offer a renovations service to landlords looking to increase value, with an aim my own property to fluff & buff so it can be sold or rented. How much do I have to invest? £2,500 - over five years experience of small renovations, finding and managing tenants and overall project management. What time to do I have? Currently twiddling my thumbs. However, back to work beginning of next year. I enjoy my demanding job, as an Event organiser within the music industry, so I am looking to use my property skills as an extra income for now. Plan for the next 3 years? To have a minimum of 2 buy-to-lets and a minimum of 3 fluff and buffs completed. Again really enjoy my job so interested in working collaboratively or working on projects that offer a quick turn around financial and time wise. I look forward to reading other threads on the forum. Please get in touch - I am open to advice, opinions and opportunities to work with others. Kind regards Whitney
  13. Hi All, I could do with some advice on how to get started on my property investment journey. I am 21 years old, still living at home in North Manchester with my parents and trying to figure out the best way to purchase my first house and a BTL property. I don't have a huge budget to work with so I am trying the make the money I have go further. I don't want to use the money I do have to just buy my first house and then all my wage's go towards paying the mortgage off and not be able to save a penny for my first BTL. The idea I currently have is to purchase a 2/3 bed semi detached house in North Manchester(my local area) which needs a little TLC. The plan would be to renovate the house, move in and rent out the other rooms while I live there. Completing the renovation should increase the property value and allow me to pull some of my initial deposit back out, to then be used towards the deposit of my first BTL. The rental income from the other rooms would also allow me to save the money I would normally spend on the mortgage, this would also go to saving for my BTL property I know this plan isn't perfect and has a lot of variables, this is why I'm asking the Property Hub community for their advice? Any advice would be appreciated. Thanks Ewan
  14. My mother owns her own home outright which is worth about 110K. We are looking to invest in BTL together and have 60K capital between us; how do we go about releasing the equity in my mother's home so we can use the capital to cash-purchase a BTL property? Any advice greatly appreciated!
  15. Hi, My name's Rob and after buying my own house to live in, I'm now moving onto BTL. I've got experience in setting up a business, so am comfortable with that side of things and with all the information on this site alone, my education is rapidly increasing. Where I'm looking for a bit of a safety net as such is a checklist by which a new landlord can cover off a first BTL. The purchasing process I'm fine with, it's the actual letting. I have sourced a good agent who is assisting, but would appreciate input from the forum. It's going to be a HMO so I know I need to ensure the property has a license for that or I secure one, I know about needing an energy certificate a gas safety cert etc, but does anyone have a 1. 2. 3..... of what they go through to ensure they have everything legally in place to let a property? Thanks in advance!
  16. 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?
  17. Hello All! Over 2019, my partner and I have been educating ourselves about property and all the ins-and-outs of BTL. We have managed to save £30k, and now we need to take the leap of faith and actually start DOING some investment!! I'm the kind of person who has to have a clear plan of action, and I'm really struggling to nail down the process to purchasing our first BTL. After many discussions and considerations, we have decided that buying property as an SPV Ltd company will be the best option for us (both in terms of tax implications, and long-term goals). We would be so grateful if anyone could offer any advice on what order to complete the following steps in: - Set up a Ltd company (Side note - how have people found is the best way to do this?) - Get a mortgage-in-principle (Is this possible for Ltd companies before finding a property?) - Put an offer in on a suitable property - Set up a separate bank account for the Ltd company (Can this be a standard bank account?) - Any other step in the process to purchasing your first BTL as a Ltd company that we have overlooked! Any advice would be very much appreciated! Thank you in anticipation, Hayley and Steve
  18. Hi all, I am in discussions to purchase a property which my partner and I intend to move into. The house is relatively small, although plenty big enough for us at the moment, and for the foreseeable. The property needs some work done. I estimate the property will cost 95k with 15k of work to be done, and I'd expect the property to be worth 135k at the most with the remodel. I live in an area where serviced accommodation works quite well and a rental would probably return 500-550. Does anyone have any advice or guidance on purchasing a property with the short term intention of living in the property and a longer term goal of moving out and having that as a rental. Thanks for reading!
  19. I am a newbie to property investment, I don't currently own my own home (Living with parents) and want to invest in property. I currently have 40K in my savings. As far as i'm aware, I'm unlikely to be able to get a BTL mortgage as you I will need to get a residential mortgage first? I want to know whether I should get a residential mortgage on my first property then wait out 2 years before I remortgage to a BTL mortgage? Is there another way around this? My aim is to build up cash flow and my portfolio over a few years through remortgaging and releasing equity to purchase additional investment properties. Many thanks - I hope you guy can help me make my first steps into the investment world :-)
  20. Hi i want to purchase my first BTL property. I spoke with a mortgage broker and he said i will be best of waiting till i am 21 due to lack of lenders, my income is terrible but i have the deposit and my mother has a house she owns and will go guarantor, her income also isn't great around 14k a year. I am hoping the owning of a house may improve the situation... Will it? (My mothers house is around 240k and the house i am looking at for my first BTL purchase is around 60, i don't know if this makes a difference) Any help? or good mortgage broker suggestions? Thanks a bunch in advance.
  21. Hi Investors! I am in a little bit of a pickle want to get on the property ladder for first BTL around beds and herts area need some advice and guidance?
  22. Good evening, After reading here and get more advises and recommendation from Mr. RICHARD BROWN (The property voice), finally i am moving from the south to Preston (this is the closest to Manchester i got a job!) As soon as i move there i would like to purchase our first home (Misus is fuzzy ,she want a house instead of flat!) and the earliest possible to buy a buy to let in Preston or Manchester. We have a saving of 25k. Advise and suggestion will be helpful. Thank you
  23. Hi there guys, I am new to property investing and wanted to introduce myself to the Property Hub community! A bit of background, I've always been interested in property but it has been from a far as the large capital start up costs have always been a barrier to entry, I live in the Greater London area. Having just bought my own house earlier this year with my fiancé I've spent the last few months educating myself and trying to learn from others experiences within the community - after the wedding next year has been paid for I can start looking to use my cash flow to invest. Having said that I am still trying to cement a clear plan and path to follow. Ideally I would like to do property full time and have the income eventually replace my tiresome day job at the moment! During my self education period I can comfortably say that information overload has caused analysis paralysis, or not even analysis but not knowing where to begin! Here is my plan to date which I would welcome comments on: Set up a SPV LTD Company to hold properties - seems logical to do this vs in my own name as I am a high rate tax payer, thoughts? Buy 2 x BTL in the next 9 months under £125k (I have £40k saved for these to date) Investigating Midlands (Wolverhampton), Manchester and Hull for BTL investment but as these destinations are a big distance from me, unsure how to effectively source and view them? Travel distance could be prohibitive - does anyone currently invest in these areas or have advice for long distance investing? Should I look at places for students or young professionals? Once I have learnt from these two experiences I plan to look at JV opportunities and Bridging Loans to scale quickly and use the finance to flip properties which will give me more capital to invest in higher value capital gain properties. How do I learn about structuring these deals? How do I find JV partners? What are typical ROI %'s given to investors? I do not want to manage these myself so the team I need to put together would be: Solicitor - a friend in Manchester is a real estate solicitor I could approach. Accountant - anyone recommend a good accountant who also invests in property? Letting / Management Company - what are the typical % fees charged? Any recommendations? Mortgage Broker - again any recommendations & typical fees involved? Anything else I have missed? I have registered to the property meet up this Thursday at London Southbank, been putting off going as a newbie as would not know where to begin with conversations with people. Anyone going along or have advice on how things run at the meet ups to give me a better idea? A lot of questions there, but I am sure I am not alone in my mind racing with these types of things when starting out - thanks in advance for anyone who reads this and can offer their insight / thoughts on the best route to start out. Best, Sam
  24. Dear property hub family, FIrst of all i would like to thank Rob and Rob for the property hub!! they are amazing! Secondly thank you for taking time out to read my post. I truly would appreciate your help in my situation - going over the numbers. Any comment, idea, suggestions or nuggets of wisdom will be greatly appreciated (big or small) Here I am ready to plunge head first into my first BTL only to get thrown a speed camera moment that could end thing on track! My wife and I have for our own house which has gone up nicely in value since purchase, two years on and the shinny mortgage deal comes to and end and the lovely brokers are only too happy to get you going with a remortgage. Since I am already paying for the remortgage i might as well initiate the equity release process at the same time (read the books and attended the course but nothing will make me knowledgeable in 2nd property deals like getting physically involved) so had this chat with the broker and here are the figures: currently without equity: monthly payment £816 (1.34%) IF i was to release equity: My monthly mortgage payment will move to circa £1211.00 (£400 increase/month) 51.3%LTV and all i can release and use -due to our affordability is a £30K (taking the other expenses into account: potential refurb, fees .etc + plus savings) That £30K From that i will need to pay the 25% deposit and pay at the most 3% stamp duty (house below £125k) 0.25x+0.03x= £30K => circa property around £100K mark for my BTL. That is all well however when i looked at the figures they did not align> Because a property OUTSIDE London with (rental potential) for £100K will roughly speaking attract a monthly rent of £550. MOrtgage payment of around £313 and so realised with the agency running fees, and bills i will not even get any cash flow! Not to mention the £400 extra/month from our main house mortgage. +in addition to that i understand that the bank's are specifying that the house needs to be able to be let-able, immediately and so that affected our strategy-of flipping a on a house in need of modernisation. So from the case above what are your thoughts of the situation and is there an escape route that i am not seeing? if you know of other ways we can do it please enlighten me! I know there is a solution out there... Thank you very much for your time, regards Abdul
  25. Hi, I've just bought my first BTL and whilst I'm waiting for everything to go through I thought I'd get my record keeping strategy sorted. I was thinking of setting up a seperate bank account and then using a spreadsheet to log everything. I love spreadsheets and would like to make a fancy one with lots of macros that does all sorts of clever reports, making tax returns and cash flow predictions very easy. However, I need some inspiration to get me started. Does anyone have a template they wouldn't mind sharing? Or does anyone know exactly what things this spreadsheet needs to record and do? Thanks in advance.
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