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Found 6 results

  1. Morning all Just wanted to ask for some advice off anyone who is a few steps in front of me or is where I want to be. I am a 20 year old electrician and have been studying about property investment/ development for about a year or two simply just reading books, articles, forums you tube videos etc... My best pal and I (who is also and electrician) have decided to partner up on our property investment journey as we both have very similar if not the same goals relating to where we want to be and also feel that we would work very well with each other. We both live in Caterham surrey and between us both have managed to save up around £25,000 and also can get loans if needed. We have been viewing properties in areas such as Crawley/ East Grinstead about a 20 minute drive from our homes. Our strategy is for the first three properties we buy we will sell two and hold one for rent in the hope that we would have made enough capital to afford a BTL investment. Our goals aren't for short term cashflow it is for long term wealth as we both know you cant get rich quick. We have agreed that we will live off our current wages and any money made from the property business will be reinvested back into it in the hope that over a 10/15 year period we would have large property portfolio and leave our jobs as sparkies and become full time property developers as it has always been our dream. I know I have only touched on our goals/ game plan briefly in this paragraph but have one written up going into the depth about where we will be in the future if anyone is interested. Hope you all have a good day and look forward to reading any replies as I think we would both benefit massively from it. Kind regards Will.
  2. Morning all Just wanted to ask for some advice off anyone who is a few steps in front of me or is where I want to be. I am a 20 year old electrician and have been studying about property investment/ development for about a year or two simply just reading books, articles, forums you tube videos etc... My best pal and I (who is also and electrician) have decided to partner up on our property investment journey as we both have very similar if not the same goals relating to where we want to be and also feel that we would work very well with each other. We both live in Caterham surrey and between us both have managed to save up around £25,000 and also can get loans if needed. We have been viewing properties in areas such as Crawley/ East Grinstead about a 20 minute drive from our homes. Our strategy is for the first three properties we buy we will sell two and hold one for rent in the hope that we would have made enough capital to afford a BTL investment. Our goals aren't for short term cashflow it is for long term wealth as we both know you cant get rich quick. We have agreed that we will live off our current wages and any money made from the property business will be reinvested back into it in the hope that over a 10/15 year period we would have large property portfolio and leave our jobs as sparkies and become full time property developers as it has always been our dream. I know I have only touched on our goals/ game plan briefly in this paragraph but have one written up going into the depth about where we will be in the future if anyone is interested. Hope you all have a good day and look forward to reading any replies as I think we would both benefit massively from it. Kind regards Will.
  3. Hello all, I'm looking to get some advice (aren't we all!) my partner and I bought our first flat together 4 years ago in Edinburgh. We used a help to buy scheme as we were only 21 and just out of uni with not a lot of savings. We had a 3k deposit, property was 105k. 42k of that is to the help to buy shared equity scheme and 60k was from the bank. A few years on now and in a much better financial position I don't know what to do! we have 50k left on the mortgage and the deal is we pay back the help to buy scheme whenever we sell or surpass the term agreement which I think is around 19 years. Our property has gone up in value and I believe is we were to sell today we could achieve between 125-130k from what we have seen our neighbours properties go for. So my questions is what do I do? Ideally I would love to change this property to a buy to let mortgage and buy a new place for us to live in and rent out our current flat. to do that though I believe I'd need to pay back the shared equity before doing so. Do I sell the property, pay back shared equity scheme and walk away with 20k (if we got 125k and after fees etc) then use our savings to buy ourselves a new property to live in and an investment property to rent out. we could buy a 100k property with a 25% deposit with a buy to let mortgage to rent out and we could afford a deposit of 20k as a deposit for our own place. Anything I could do to keep my current property would be best as it's ideal to rent out due to location, size, neighbours, structure. Would be great to hear what you guys think and any advice would be amazing.
  4. Hi, I always thought the term Skin in the Game meant, that it was about gaining experience by pushing boundaries of your knowledge and competence. Especially when my Executive Director used it in our conversation to give me advice about my career. So when i joined the Property Hub, i thought I'm going to say "Hello" once i have finally bought a BTL / Buy to Sell. So i can say i have now some skin the game. Wooooohooo......until i googled it 5 minutes ago and found out it was a term coined by Warren Buffet, how investors use their own money to invest in the company they are running. oh well. It is sort of what i/we are doing...right? Anyway my name is Zub. First time investor. Advocate/listener to the podcast since since dec 2015. Influenced by "Rich Dad, Poor Dad". Living and working in London. Investing in the North West. My Motivation: To create a second income which will eventually overtake my current income. Thereafter i will semi-retire (after 10-15) and stay in my gown and annoy my wife/children about the small details of life. I have finally bought my first property in Manchester, and do believe experience is always best to learn from. Even bad ones. In this case (3 from each): Good Experience/Lessons - Using the fundamentals (sticking to a Checklist) - Helped me buy right - Confirmed by prospective letters (irrespective of wether the area looks amazing or not) Try and stick to the BMV as much as possible - It does pay dividends (in this case, it has) Using a good solicitor (although costly) can really ease some of the pressure especially as the legal wording can catch you out Some bad experiences/lessons- Don't be too emotional or excited, otherwise you will miss things (Like Double glazing required in the property) recommended in the energy efficiency notes Chasing is required! I needed to chase the estate agent/solicitor every couple of weeks to keep the ball rolling Verify something twice, even thrice. The Surveyor recommended some damp resolution is required. Subsequent quotation given by DPC company referred by estate agents listed a whole host of works. Independent contractor, confirmed no form of penetrative/rising damp, especially on the 1st floor!!!! Saving me £1200 So this my experience so far? i will provide a more detailed list to benefit the forum for others next time. Cheers Zub
  5. Hi, I have been trying to source a property and a mortgage for a few years now as I have the money to put a deposit on a BTL property. It took me a very long time and a few mortgage brokers but I have now got a mortgage offer and I'm ready to place an offer on a property. However, my problem is that as I want to start investing in property ASAP I'm only 21 years old and a university student with very little earnings - only part time work while at university. My mum has agreed to have her name used on the mortgage to buy the property but I will be providing deposit and costs of getting it rented out. Basically it will be 100% mine but 100% not mine on paper as her name would be on the mortgage and on the deeds. I cant see any problems with this in the short term but I'm worried about what might happen in the long term. For example if it was transferred in my name in the future the level of capital gains tax and if it is sold in the future the level at which it would get taxed and how that money would legitimately be able to be passed onto me. Hopefully someone on here can help with a long term strategy. Thanks, Matt
  6. Hello All, I've been researching and saving for a year now, and am impatiently teetering on taking the plunge as a first time property investor. I have £25,000 in my pocket and am thinking of a 1/2 bed BTL near to where I live (Bridport, Dorset, lovely spot, I know!) or at least nearby as properties too high in immediate surroundings. I've looked at Crewkerne, Yeovil, Bridport and starting to look at Poole/ Bournemouth. I'm looking to add value so to refinance and repeat. any advice on how to find me a good one! Iam going into the field next week, estate agents etc see what I can learn. Any thoughts on best way forward gratefully recieved. All the best to you all:)
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