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  1. Hi, I'm wondering if anyone has any advice or thoughts... tenants have recently vacated a house in Hounslow and I was thinking of refurbishing it before putting it on the market (new carpets/doors/skirting/kitchen/bathroom/electrics). Three estate agents have visited to value the property and advised just selling it as it is allowing the next buyer to renovate it. Is there value to be made in refurbing if I can do a lot of the work myself or should I just sell it? All thoughts, opinions and experiences would be appreciated! Kris
  2. Hi Everyone, My name is Joe and I am new to the PropertyHub forum. After spending some time scrolling through the site I haven't had much joy in finding any information on my topic for whatever reason. I am in a position where I am looking to start flipping property and what really attracts me is converting 2/3 bed bungalows into 4/5 beds, by the means of extensions/dormers etc. Really I am looking for advice on what the costs of these projects might be. I am aware that it will completely vary property to property. However even just rough estimates would be of massive help. Things such as a new roof/or dormer, single story extension, rendering, plastering, new staircase. My thinking is that there will be a large amount of people on here who have undergone similar work and any advice would go a long way! Also anybody who has undergone similar projects perhaps this would be a great place to showcase some of the work with before/after pics? Thanks Joe
  3. Hi all, my partners and I are going in to the "flipping" and want to set up a limited company to do this, but I can't find if an SPV limited company is suitable for investors who want to flip/renovate properties to resell, rather than just buy to let. Do you have any ideas please gang? Many thanks in advance.
  4. Dear Property Hub community, My name is Luis, I'm a Spanish Construction Engineer that has lived half of his life already here in the UK. I'm passionate about property investment, for now I've done mainly buy to lets and a couple flips. I'm MCIOB, so charted construction manager and I've got my own small design and build company in partnership with an architect and a Surveyor. I'm also working my way into becoming a residential valuer through RICS. almost there, but not just yet! I would be very happy to help anyone interested in investing in property so I can learn about what kind of projects other people do so please do not hesitate to contact me if you've got any worries or queries regarding current or future projects, building works on the go, issues with a fellow builder (we can be a handful sometimes but with patience and beer you might get a smile!) or any others that you think I might be able to help with. I specially love looking at projects to be, feasibility studies to explore the potential of a deal. I'm happy to give rough estimates free of charge and also my opinion as a construction professional on how easy - challenging the idea you've got in mind can be. Bests, Luis
  5. Hi, I’ve identified what I think is a decent opportunity for a flip however I’m struggling to come up with a financing solution that would deliver a decent return working within the constraints I have. The numbers are below and the constraint is that due to being in the middle of another project at the moment I have little cash to invest - usual story! Purchase Price: £220k Stamp Duty: £8.5k Legals/Holding: £5k Refurb: £13k Potential End Value: £270k The numbers ive used on purchase price and sale are conservative and I’m pretty confident on the refurb number also and as you can see there is a potential £50k uplift and just short of £25k profit. Ive not used bridging before but think from reading around it will require cash down, I’m also not sure whether the costs would bring the profit down to a level that wouldn’t make it worthwhile. I’ve also considered the JV/Angel Investor approach however on a 10% return (which seems standard) of total investment this would pretty much wipe out the profit. So before I file this one under “nice idea but not feasible” does anyone think I’ve missed a potential approach? Thanks PS: Posting this in a couple of areas as not sure where it sits.
  6. Hey guys, After some opinions on the scenario below. I am currently purchasing a flat in my company that after a BRR I will leave 22.5k of my own money that will yield 20% if rented out. Total equity left in the property £44k. I also have another flat in my personal name that I could sell that has 38k equity ready to release. (Initial investment 41K) My current return on cash in that property returns 13%. I am looking to release funds to carry on building my portfolio / pot of cash. Which option or other strategy would you consider and why?? If you have any additional ideas, please also share Many thanks James
  7. I’ve done a few flips this year but as the buying and selling process takes so long, realistically I need to have more than 1 on the go at once. As I only have enough capital to put into 1. Is there a strategy / contract where we could agree a price with the seller for the property then pay after the refurb is complete and sold and also offer them a % of the profit on top? Someone mentioned about assisted purchase, deferred payment and development deals but didn’t elaborate on the detail.... thanks all
  8. Hi everyone, My question is as it says in the title really... does anyone have any recommendations for companies that they've worked with in Northamptonshire who can manage end to end refurbs? I'm in the process of buying a 2 bed terraced house that needs a full refurb (gas needs connecting, damp dealing with, central heating putting in, new bathroom, new kitchen etc. etc.) so am looking to get some quotes and choose a contractor in the next month or so. Thanks in advance!
  9. Hi Hubbers, Apologies if this has been asked and answered before (I could find anything in the search option). A potential flip has just come on the market directly opposite my main residence that I own jointly with my partner (we aren't married). >>I'm thinking I could move in across the street whilst the refurb is being undertaken, and make this my primary residence (with my partner continuing to live in our existing house) I'm guessing this would mean that I would: Get CGT relief as the flip is my main residence. Avoid the 3% surcharge on purchase of the property as this is replacing my primary residence. However how would the tax man view the stamp duty we previously paid on our primary residence (i.e. the house me and my partner live in currently)? Would they expect some clawback? Anyone have any other potential pitfalls to what I've described? Thanks hubbers! Jono
  10. Hello there, I know that you can't apply to remortgage before you've owned a property for 6 months but is there any restriction on buying (for cash or bridging) and selling in a couple of months after a quick refurb? Thanks in advance, Dave.
  11. Hi all Im a surveyor by profession but totally unfamiliar when it comes to tax. I’m looking at the viability of buying and flipping properties as that is where I feel my best expertise lies. I know my wage, I know the capital I can put in but there’s so many taxes I’m wondering if there’s any spreadsheets out there that will churn out some basic numbers. Any advise will be greatly appreciated!
  12. Hi everyone, just looking for some advice on a strategy I'm looking to go ahead with this year. Also would like to know people's opinions on wether to go down the personal route or buy through a ltd company in my situation. So me and my dad have £50k saved to invest, we are both lower rate tax payers, my dad owns his own property that he lives in, I don't own my own property. We are both self employed. Our plan is to buy a run down property, flip it and make a profit. We plan on doing this 2 or 3 times depending on how much profit we make. We will then purchase a bmv property to renovate then let out and remortgage, pulling out some of or most of our deposit. I think I am right in saying after 6 months of owning a btl you are considered an experienced landlord and are eligible for a HMO mortgage with certain lenders. If this is the case the plan would then be to buy a run down 4 bedroom house, convert in to a high end 5 or 6 bedroom HMO, let it out, remortgage to a commercial lender, and go again, building up a portfolio of HMO property's. This is a very rough strategy, but just wondered your thoughts on how this would work, and also if it would be best to start up a ltd from the beginning, or leave everything in our personal names. Bearing in mind our plan is to use the profits made from the HMO's as income. look forward to hearing from you Scott Laws
  13. Hi all Been a subscriber to the podcast for years (keep up the great work Robs) - just signed up to the forum and here is a quick intro. We have a portfolio of properties (BTL and HMO) in London that we have built over the years - now looking to evaluate flip opportunities in England - and maybe R2R / R2SA (cash flow) Our current thinking is to Finance the purchase of properties for <250K in hotspots in the UK, adding value and flipping for a Net Profit of 30K min - building up to 3-4 a year in year 2/3- willing to partner with someone who can bring the expertise of sourcing & refurb - we can manage the finance and legals and split the profits in a fair share. Would appreciate speaking to someone experienced with flips.
  14. Hello All, I am considering getting a bridging loan for a flip project. I am interested to hear from people who have used bridging finance for flips. Who was your lender and what was offered in the product? A broker has mentioned a product that offers finance on properties £100k+ at 0.8% a month with a 1% fee, 70% loan to value, 100% refurb cost up to a year I think. I am also wondering if anyone has heard of Think Property Finance and has used them to get short term property finance? They have a similar product but with a 75% loan to value. It would be great to find a suitable lender that can be approached direct as broker fees can add up. Thanks, Jo
  15. Hi hubbers! Hoping that some of you may be able to give me some advice ideas about my next steps and strategy given my newbie status and the current lead up to Brexit. Current status Own house Full-time employment No debts - other than mortgage on house 100K cash in savings and cash input from parents on a pay back scheme to be decided.... Ultimate goals Within 5 years have a passive income of £1.5K while working full-time Within 10 years have a passive income of £3K leading to full-time property developing career Current strategy Buy and flip a house before April 1 2019 (purchase 60-70K, refurb 10-20K, sell 110-120K) Buy and flip a second house before April 2020 (as above) Both of these would be done out of Ltd company, registered as my main residence to avoid income tax With profits place these in a Ltd company and start to build a BTL portfolio using the BBR strategy Keep building BTL portfolio until the 1.5K goal is reached then grow cash pot/pay a large chunk of loan back through flip or new build and then continue to reach 3K goal. Question/Help 1. Do you guys feel that this is the best strategy given the current unknowns about Brexit? I took part in TPH survey and listened to the responses and I agree with the majority that not much will happen and to continue with my current plan. That said, if property prices were to dive over the next few years then my strategy clearly does not work 2. I was thinking that an alternative strategy would be to use the 100K for deposits on 4 houses and refurb using bridging finance then refinance and let these. The money out I would then use to pay loans, before seeing how the finances and outlook is and then and make my next move, new build/HMO/flip. But again if prices were to drop my refinancing could be limited 3. What strategies or cover are you putting in for Brexit at present? As always I really appreciate all your help and advice. Mike
  16. Evening all, I am currently saving for my first flip property. My 5 year plan is to have saved £40,000 within 2 years, with my current savings being around £17,000. I also want to have flipped 4/5 properties in the remaining 3 years of my 5 year plan. My question comes in the terms of finding properties with small margins for profit. How do i go about find the properties where money can be made with not a huge amount of renovation costs. As i am finding at the minute, my renovation costs are really driving up my initial capital outlay, which i need to reduce as much as possible to get started as soon as possible. Any tips on finding those small margin properties and how to deal with them would really be appreciated. Thanks Dan
  17. Morning Everybody Been listening to the podcast for as long as I can remember, and looking forward to soaking up all the free knowledge, and getting to know everybody. I live in Sale with my Wife and Son, with a new arrival due in April. I have been interested in property for the last 10 years when myself and the wife renovated our first residential property. Since then we have moved twice and re-invested profit into serviced accommodation, renovating a barn in north Wales. I decided to sell my IT company last year, and ever since then I have wanted to get into property, so I decided to ask my friend if I could work on a commission only basis at his hybrid estate agency, didn't make any money in the first 3 months but I wasn't bothered just wanted to get my foot in the door, but it gives you a great insight into how it all works and its always good to know from both sides. Fast-forward to January 2019 me and a friend set up Hassle Free Homes to focus on serviced accommodation and flip deals. We have purchased our first project this month under market value and should have the keys in 4 weeks and have also taken on another house in Wales to advertise on AIRBNB. Well hope I didn't ramble on too much Thanks Dave
  18. Hi All, I've done a refurbishment befpre and was fortunate to have made on that one £29,000 - Question is, I know i have £52,000 cash aswell as owning a residential property. I'm only 24 so a bit new to this but been researching and reading everything I can so ready to make my next project. Question is: Should I buy a house for £40-50k cash. Then get a loan of £20k to refurbish the house. Or do bridging then use remaining cash to refurb? I know bridging can be interest heavy so my idea of cash is cheaper and then a loan can just get a flexible one and pay off as soon as house sells. Let me know your thoughts Thanks
  19. Spotted this deal online, 2 bed for sale in Brinnington Manchester. Looking around I see area is not the best, however it is being sold for £95,000 which I can imagine I could bring down if I was a cash buyer and as its been on market for nearly 2 months. So presuming I bought at 95k, I was thinking of doing a refurb and flipping for 125k? I'm thinking 125k as looking on zoopla, I can see a property few doors down (in decent condition) sold for 124k few months ago. F Furthermore I first found its time on market and the fact its price has been decreased concerning, but the fact I can see an identical property in good condition just down the road makes it seem solid to me. Would love feedback from anyone here, what do you think of this 'deal'? Propertys referenced: https://www.zoopla.co.uk/for-sale/details/45476738?search_identifier=3f25391946b847db7d199f7ec343a497#fijXifF2W5WBKK8i.97 (TO BUY) Nearby Property that sold for 124, http://www.rightmove.co.uk/house-prices/SK5/Sandileigh-Avenue.html
  20. Hi Everyone Long time reader but first time poster looking for advice about a potential career change. Bit of background on me... currently working as a project manager for a consumer goods company and have 3 years project management experience in a business setting. In property terms I project managed my parent’s new build home and so far one project of my own; the extension and renovation of my current property which I’m in the process of flipping. Fallen out of love with the 9-5 and want to take my property ambitions full time. Until I can build up the capital to generate enough rental income I’m looking to use my project management skills and help others with their projects. Target customers would be investors looking to refurb properties to flip, refinance or just add value who are perhaps time poor, based elsewhere or just don’t want the hassle of managing trades and projects but want the benefit of valuation gains. Questions I’m looking for help on: 1- Is there a demand for such services? 2- Is my background and experience enough to be taken seriously? 3- what would a reasonable fee be for such services? I’ve seen % of total spend mentioned but that seems conflicting if a project manager is trying to limit the budget. Thanks for reading and appreciate any comments.
  21. Hi all, Ive just completed my first flip wich has just gone on the market Monday now im looking towards my next project so im after as much information on this topic as i can please Im looking at all of my options and this is 1, buying land and building either 2 houses maximum or flats not sure on amount yet. My question is what is the start to finish process on this? From checks to buying the land then getting a shovel in the ground to selling and also the tax side to. Ino there will be plenty of hidden problems. If anyone could help with this then that would be great any info i get now will speed me up and eliminate certain problems, im in the trade myself and ide like to think i no the bulk of the info but ide rather do my research over and over again to make sure!!! Many thanks!!!
  22. Hi there, I need to quit the rat race.. it's driving me barmy. I have a few properties providing some good passive income however I am looking at way to get out of the 9-5 and move more into property. I have just worked out that I have about 30k ready to go. Is this enough to complete a flip to increase capital? Thanks Mike
  23. Hi all, Happy Friday - hope you are all doing well! I wanted to get some advice on a potential strategy I have to get into property development once and for all! I currently own my own home with a mortgage and have built up savings & access to approx. £50K. I currently work full-time but looking to reduce this to part-time or work as a consultant to enable me time to commit to flipping properties. I have been thinking of going down the flip route for 2 reasons, 1 - building up further capital, 2 - providing an income to top-up my part-time wage. I have been speaking to the family accountant and he has recommended the strategy of buying a house to renovate but make this my residential property (live in it) for the time it takes me to get it ready for sale. Then sell that property, buy the next and repeat. He has said that I should only really look at flipping 1 property per tax year to avoid capital gains. Hopefully if this works, he has said that I should setup a company to minimise tax and increase profit for future purchases. A few questions 1. Does this sound like a sound idea? 2. From what i've researched, unless I set-up a company straight away I would be in for the 3% stamp duty as I already own a house 3. I'm still not 100% on how you would 'top-up'/pay myself from the proceeds of each sale either from within a company or not 4. What other ideas does anyone have given my current situation? As always really appreciate and love your replies and ideas! Mike
  24. Hi, My girlfriend and I (Kirsti and Sam) have been to a sales seminar about making money from property and with a bit of research have decided not to go on their training course/sales pitch. We have however decided that we want to get into property investment for our future and to become financially free (hopefully), we have together done up a house already and have some equity in it and we enjoy the renovation side of things. Looking into some strategies we think starting off with a flip or 2 to build up our cash is the way we would like to go before getting our portfolio of properties really going, is there advice anyone could offer on the best way to get started or techniques for flipping or just general property investment as a whole. Forgot to mention we are in the Southampton area for work so ideally staying in that area would be best. We look forward to hearing from you Many thanks Kirsti and Sam
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