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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 -
Hi Everyone, My name is Monica, I came across a free Workshop from Rich Dad, Poor Dad, where they talked about real estate investing and since then I've been really interested in this idea. I started to research on this topic, bought some books, listened to podcasts and videos, but there is still so much to learn ... I understand the concept of a property as a liability vs asset but i have this dilemma : I am a first time buyer, should buy to let be the best first step? I live with my partner and we are renting at the moment, we are both first time buyers so should we not take advantage of the benefits, for instance, not having stamp duty, etc... I also heard that mortgages for buy to let are limited to a first time buyer. So i do not know what to do first. It may be a personal choice, and i am sure there isn't a right or wrong answer, but i would appreciate to hear some ideas/ opinions from people experienced in the field. Thank you. Monica- 5 replies
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