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Found 56 results

  1. Hi, my partner and I are planning to buy and renovate properties for a quick sale (flip houses) that we're living in and would like to do this twice a year for several years until we are mortgage free. Brexit is making us nervous and wondering if it's the right time to do this? I own a 4 bed semi (in Wirral, nr Liverpool) I bought for £210k in 2015. We plan to sell asap and buy a house for around £100k to start our venture. It doesn't help that we've been given different advice by estate agents. The house is in need of work - nothing major, decorating, new carpet, sort garden out, biggest one is replacing the wrecked decking - but to do it all could take a few months. Estate agents have valued it as it stands from £210k to £230k. Similar houses nearby done to high spec have gone for £235-£245k in the past year. My partner feels we should sell asap before Brexit as having a large house if houses prices are going to drop is riskiest, even if we take a slight hit on it, and crack on with flipping. I'm hesitant to sell lower without it being fully done up and miss out on getting top whack for it. As excited I am abour flipping houses, I'm also nervous about if it's the right time to flip houses, worried we could do our sums and our expected profit will be hit by house price drop. I owe £130k on the mortgage. The north does seem less affected than the south but noone really knows for sure what Brexit will bring. Any advice please?
  2. Hi folks, I am new to the Forum although have had a keen obsession in all things property related for many years now! I've finally decided to do something about it & am in the early stages of research - listening to the podcasts & reading up on all things relevant. I live in Edinburgh & my initial plan was to refurbish properties & sell on - flipping - the new term I have recently learnt! I had planned to start off in Edinburgh as I know it extremely well, buying at around £150,000, refurbish & then sell on & repeat. I had planned to try & raise the money myself through a combination of equity in already in our home, selling a property we already let in Edinburgh (bought by my husband in the winners curse period 2007 & valued at less than he paid for) & various other sources. However, having listened to the 2 Rob's I am now rethinking my strategy (leverage, inflation, opportunities etc) & feel perhaps I should go down the lettings route initially, starting off with one property (around £150,000) on a BTL & then another one in 6 months time once I've learnt a bit more & hopefully a 3rd after that. Perhaps moving onto flipping after that. I will be focusing on the Edinburgh area but will also consider East Lothian, Fife & Stirling. I'm looking for some advice on the following: Do you property investors out there think I've missed the boat for flipping in/ around Edinburgh area? (I have listened to the intriguing 18 year cycle podcast)! Does anyone know of a resource that summarises all of the key financial considerations I need to factor in for purchasing, letting, selling properties (i.e. stamp duty, estate agency fees, Solicitors fees, management fees, tax charges etc)? I have a lot of these noted already but want to ensure I don't miss any in my calculations & also to help me decide on my strategy. I am keen to set myself up for success - so any other information you think may help me decide/ determine my strategy would be much appreciated! Thanks :-)
  3. 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!
  4. Hi, New to property investing and very interested in flipping a property to fund an HMO (and build from there). I recently left my job, and have enough savings to keep myself afloat for a fair few months before a new source of income is required. It's during this time I'd be keen to refurb something and sell. I don't own any property, nor have I ever, but was wondering if I would be eligible for "bridging" finance, including refurb costs? I always assumed bridging involved selling an existing property during the bridge-loan term, securing the loan with your current property as well. Anyone able to clarify please? If not bridging, would any general short-term lenders work given my circumstances/profile? If useful, I'm 28 years old with no real credit history (certainly not any bad history). Many thanks, Jord
  5. Hey guys, I'm looking to do my first flip up in Leeds on a property between the £80k - £100k mark. I have approx £25k cash for deposit, fees and renovation but I'm just a bit unsure which route to go down re: financing. I want to try and get this flip down as quick as possible (within 2/3 months) so I'm not sure if this will affect how I finance the flip. Bearing the above in mind is there a clear route to go (mortgage or bridging loan)? Would really appreciate any advice anyone experienced can give on this! I know lenders don't like loaning to people flipping, but I've read you can work round this. I'm new to this and don't want to make any big mistakes! Thanks so much guys!
  6. Good Afternoon all, I am looking at buying at auction renovating and selling on to build up my pot of money so I can start my portfolio and eventually mean I can stop working. Whilst doing this I will only be working part time and will aim to get each property completed in approximately 4 months, has anyone come across any issue when selling a property in this speed as I know quite a few mortgage companies won't agree to a mortgage for the buyer if it has been previously sold within 6 months Thanks in advance Sam and Kirsti
  7. Hi there History I have got hold my hands up and say I have introduced myself before on here and then been caught up in a Tornado of life/renovation and moving house and haven't been back on the forum, so apologies first of all for not replying last time to anyone who messaged. I really would like to get involved on the forum as I know how much help and information is on here. I am on my third own home renovation and also just completed my third flip/buy to sell property. Last time I was on here I was living in a different area (Oldham) but have now moved closer to family where I have been doing my last few projects. Outskirts of Rochdale Skills: Renovating and flipping houses own homes and projects Styling/staging houses to sell (just my own) I used to work in the textile industry as a stylist I renovated an auction property last year that used to be two terraces years ago, I converted the property back into the original two. I came across many hurdles along the way especially with planning. I learnt so much from this project, I am no expert but am happy to share my knowledge on bits that I learnt on this type of project. Current: I am currently looking at my first Single occupancy BTL property, I currently use a family member who invests in my flipping properties, his ROI is set up and works well, (It differs each time depending on profit made) however for my BTL investor I am thinking it would be slightly different as I am loaning less from him and his money will be tied up for a shorter period of time. 65k tied up for 6-8 months Basically the 65k buys the house I am paying for the refurbishments then I plan to refinance after 6 months. Neither of my investors have invested in property historically so I have been doing the research to see what works. would I offer a % per month on the 65k or just a flat rate ROI % for that amount? Do developers give higher ROI % on higher amounts invested, is there some average rates floating around that people tend to stick to for this type of set up? Also the property has flooded previously and is in the high risk area, I have been told that insurers will cover these types of properties but the premiums are higher, but as long as the mortgage company knows you have this cover in place they will re finance. Any advice much appreciated. hope the above makes sense. here are a few pics below of some flips I have done. Thanks Carly
  8. Hello Everyone, I'm new to property and am in the process of trying to take in as much information as possible before taking the plunge and buying my first property. I've been stacking some deals, trying to include all the costs and not miss anything, with the intention of flipping. However one thing i have come across is some confusion over the selling costs. Question: Should I allow for the selling solicitor and estate agent fees in my initial capital needed to invest? Or can i use the money made from the sale of the property to pay the solicitor and estate agent. Some clarification from someone with experience would be fantastic. Thanks alot!
  9. Hey Fellow Investors Enthusiasts, I find myself in a scenario where I have 2 options both with their own pros & cons. I would be intrigued if you could provide me with your opinion on the matter; the 2 options are as follows. Option 1 Should we extend our townhouse house for ourselves 3 people & convert the other part of the house into a 3-bed ensuite 1st-floor apartment to rent out. Pros; add value, impressive yield, Cons; couldn’t sell the house Or option 2 Buy a 3 bed for £50.000 to rent out, at this moment in time we don’t have access to credit, at this stage. Pros; sell the house if needs be, access to credit, Cons; not as lucrative. Just to note; we have a small flat on the grounds that provides a rent. Along with a commercial business in the front room of the townhouse that provides a rent also. The idea would be to compile these 3 identities into an Ltd company in order to build a portfolio & access to credit. Is there any other alternative? Thank you for viewing, Regards Tom.
  10. Evening everyone, I'm Adam, I have always been floating around in the back ground reading forums, listening to podcasts but never wrote into the forum myself. (first time for everything I suppose). I see a lot of helpful people and answers all over the forums, I'm hoping now I have the courage to write a comment myself that this will give me the kick I need to just go for it. Right so hear goes. I have a annual salary of around £30k and I currently have one property which I am deciding to rent out after a light referb, due to moving in with my girlfriend in her property. My property is currently on a residential mortgage as I used to live there but I am hoping to change it to a BTL mortgage in June 2019 when the fixed rate is up. My property is currently valued at £105,000 and I have £60,000 left on the mortgage come June, I am wondering what the best route forward would be come June….. do I go into flipping... do I try take equity out to use as a deposit on another BTL... I am split after reading all the info on the forums, I would be thankful for any info and advice. Thanks Adam S.
  11. Hello there I am having difficulty in deciding what the best plan is to flip and would be grateful to get people's opinions on it. My objective To flip residential properties to build a capital-base rapidly. Background I am able to devote a large % of my time to building this portfolio and have access to cheap finance (up to £750k) and plan to do this through a company. I am geographically agnostic, although having spent the last 10 years in London I know it pretty well, especially south-west London. I am new to the property development game so realise I have a lot to learn and mistakes will be made I have strong financial modelling skills so will be OK with the numbers Questions What do people think about flipping in London in the current environment? Are there other (geographical) areas I should be considering? I am thinking of converting houses into flats in emerging areas in London with all the usual boxes ticked to deliver something for first time buyers - is this sensible? Any pointers, or recommendations of what NOT to do would be greatly received. Thank you!
  12. Fiona

    Fiona

    Hi. If we buy a property to flip with cash, can we sell it on quickly or do we have to wait 6 months? Thank you.
  13. Hi there, I wonder if anyone had an opinion on using ones CGT allowance when flipping a property. My accountant has said I should avoid using this allowance when buying a property with the intention to sell it (flip it) once refurbished as the profit made from the sale are income and not a Captial Gain. Does anyone have any experience with this? If treated as income tax, I am going to move the property into a Ltd Company (it is mortgage free) and take the Corp Tax hit. That way building up some history in the Ltd Co which commercial lenders like to see. Apologies if this topic is covered elsewhere. if it is please point me in the right direction. Thank you Alistair
  14. Hey Fellow Investors Enthusiasts, I Need to start a Business! Either Flipping at the begging or HM0 cash Flow model. If I start either scenario I have got a Goal Firstly What I hope to do then,I have got a questions to ask, I would be delighted if you Guys could Help out. So Option 1 Is it viable when I say, With £90000-100000 in the begging could I start by buying £40000-£60000 Pound Houses in the Northwest Flipping for at least 10-20% Do this 5 times, Then with the original sum plus the additional funds from Flipping Get into the Cash Flow Model & acquire 7-9 BTL Houses IE: Interest Only Mortgages Or Option 2 Do I use My £90000-£100000 now and seek 4 Houses HM0 (4 deposits) and scale up with cash flow model. Allow Management to oversee things for 3 years and hopefully by then have saved enough to scale Up. Few things to know about me No assets Currently not a resident, I am aware That could hinder my chances at first getting loans. I have experience where I Cosmetically Renovated A 30 sqm Sitting Room into a Great return & a Bleak space into a Smart flat. This was on My Parents property in order to create extra income. (Just to Note) Mild experience I could afford to subsidies My income as regards the Flipping side. Question 1. What are my chances of creating a Cash Flow Model business in the short term? Question 2. Are BTL Interest Only Mortgages Hard to Acquire Conclusion; I might have to try the Flipping starting out but Within 3 years have built a worthwhile Cash Flow Business. Thank you for viewing, Regards Tom. P. S. I believe Career First.
  15. 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.
  16. Hi Everyone, I wanted to say hello to the online property community and introduce myself to the network. I am a recent graduate working in the west midlands area. I have a very keen interest in property and have been reading, listening and watching property related education over the last 12 months. I wish to begin my property portfolio by starting with a flip to increase my capital to help me expand my portfolio. I am looking for advice and to build contacts to help me acheive this project. I am particularly looking for any reputable and trusted sourcers in the west midlands area and any bridging finance contacts. Any advice would be most welcomed! TIA KP
  17. 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
  18. So. I’ve finally managed to figure out what the right strategy is for me once my deposit is saved. May father did tell me that he was willing to borrow me £20,000 towards my first project but as much as i have a great relationship with him I feel borrowing money from him for a first project is not a good idea. I can currently save 1,500 a month so it’s a better idea to just wait 17 months for a healthy pot to start. My strategy is for my first property to get a BTL mortgage and buy a house with the BRR model in mind as it’s slightly less risky than getting bridging for my first project and then for my seconds, when I have more confidence, use bridging. My question is where are the best resources for the flipping strategy? Can anybody recommend podcasts around Flipping? YouTubers? Books? Anything like that? Many help would be really appreciated. Thanks in advanced, Martin
  19. Hey! As the title suggests I am looking for recommendations of resources of informations in regards to flipping and renovating houses. Anything from books, podcasts and websites would be greatly appreciated. Thanks, Martin
  20. Hey Fellow Investors Enthusiasts, I Need to start a Business! Either Flipping at the begging or HM0 cash Flow model. If I start either scenario I have got a Goal Firstly What I hope to do then,I have got a questions to ask, I would be delighted if you Guys could Help out. So Option 1 Is it viable when I say, With £90000-100000 in the begging could I start by buying £40000-£60000 Pound Houses in the Northwest Flipping for at least 10-20% Do this 5 times, Then with the original sum plus the additional funds from Flipping Get into the Cash Flow Model & acquire 7-9 BTL Houses IE: Interest Only Mortgages Or Option 2 Do I use My £90000-£100000 now and seek 4 Houses HM0 (4 deposits) and scale up with cash flow model. Allow Management to oversee things for 3 years and hopefully by then have saved enough to scale Up. Few things to know about me No assets Currently not a resident, I am aware That could hinder my chances at first getting loans. I have experience where I Cosmetically Renovated A 30 sqm Sitting Room into a Great return & a Bleak space into a Smart flat. This was on My Parents property in order to create extra income. (Just to Note) Mild experience I could afford to subsidies My income as regards the Flipping side. Question 1. What are my chances of creating a Cash Flow Model business in the short term? Question 2. Are BTL Interest Only Mortgages Hard to Acquire? Conclusion; I might have to try the Flipping starting out but Within 3 years have built a worthwhile Cash Flow Business. Thank you for viewing, Regards Tom. P. S. I believe Career First.
  21. Hi all, Listened to the podcasts/ Rob D's audio books for over a year to prepare for investing. What triggered this was being faced with the decision to keep or sell a property that was my main home, once I bought a new place with my partner. With reading all about Section 24... I decided to sell, set up a limited company and get started! It started as educating myself to make sure I was making the right decision, but has developed in to something much more... where I have a 10 year plan to build enough passive income to replace my current income. I am currently refurbishing my own residential property with the support and guidance of more experienced family members (trying to learn as much as possible) and conveyancing on the sale of my old house. Investment wise I plan to work mostly near home in Leeds/Surrounding areas and primarily buy... refurbish... let... refinance, but also do some flipping to raise more capital. As far as skills/knowledge goes, I guess I am going to be learning more than I am helping at the start... but you've got to start somewhere I guess! Thanks for reading, Richard
  22. Hi all, I want to set up a HMO within the next 12 months between 5 and 8 rooms for the professionals close to a town. Good spec and furnished as I want to get the most out of my investment. I live in cannock and I would be willing to sent one up within 20 miles of this area, I'm thinking a big old end terraced property that is in a really bad state. I'm just finishing off my first flip and it should be on the market in 2 weeks time. Im in the building trade and have good people around me I just need to get all the info together now so I'm not hanging around so I can get started ASAP. I think I no most of it but I'm always after more info and what procedures do I start first when setting up a HMO. If anyone does no anything then could you please share some info on this as I need something to follow to so it all flows nicely. Many thanks Jamie
  23. Hi All, This is my first post on the property hub. I’m a relatively small time landlord with 6 btl properties in the Derby area. I’ve been expanding the family while I’ve been building this portfolio and am now a full time mum to 3 (and part time teacher). My goal is to reach 15 properties in the next 5 years and I am thinking of branching out and doing some flips/ renovations along the way to help me achieve this target. So far we have played it really safe and only bought properties that have required relatively little work (due to ‘mum-ing’). consequently I have yet to amass a versitile team of well trusted tradesmen (bar the essential gas man/ plumber/ handyman). I’d love to chat to/ hear from anyone investing in Derby/ Nottingham/ Stoke. We have around £60k to reinvest and I’d like to make this money work as hard as it can. I’m ready to take a little more risk and branch away from relatively finished properties. I’ve love to chat areas/ tradesmen/ strategy with anyone investing in these areas. I’m eager to learn!!! thanks!
  24. Hi everyone. Living in Leicestershire. Been listening to podcast for 6 months now. It's changed my view on flipping - which is what I've been effectively doing without thinking deliberately about it. Moved 4 times in 6 years now! Realised how much money is to be made...but we're tired of living in the same house we're flipping all the time! Paid a visit to RMP in London for a tete-a-tete with Paul and I've started to get my head round investing. Our house goes on the market at the end of the month and we are in a quandary about our next move... Will come out of it with about £110k. What do you think?
  25. Hi all A friend and I are planning to go into the property business together, something we have discussed for several years. He has been involved in the building trade for over a decade with a small sole trader business that he runs, which has given him extensive knowledge of most of the jobs that would need done refurbishing a house. My expertise is more on the business side, I'm very process driven, and I have a strong financial background and some capital to invest to get things going, so we have a good complimentary skill set. We plan to sit down and flesh our our 5-year plan before getting started, but the high-level plan is that we will start doing flips to generate returns, keeping as much cash as possible invested to allow us to build up a war chest. A few years in, we will then look to start investing in properties that need refurbished, but that we will then hold onto so that we can build a portfolio of income-generating assets. The intention is that by buying properties that need some work done, we can force the value and extract most of our capital when we refinance. In this stage of the cycle the focus will be on rental properties, but we may continue to do some flips depending on what’s available on the market (i.e. if there are no attractive rental properties but we can make some returns on flips we will do so). I’d like to solicit some views on how best to structure our business. My plan is to create a limited company (let’s say “TradingCo”) for doing the flips, with say £100 share capital split 50-50, and any initial cash to get TradingCo going will be loaned to the company by us in the form of director’s loans. TradingCo would contract my friend’s existing sole trader business for building services. Once we move on to the investment side of things, we will set up a second company (“InvestmentCo”) to hold the rental houses, with an inter-company loan from TradingCo to InvestmentCo to get things started. As before, any building work that needs to be done will be contracted to the sole trader business. My overarching objective is to draw the minimum amount of cash possible from either of the companies, in order that we can allow them to grow our purchasing power as quickly as possible. We both have other sources of income, so in the early years we shouldn’t need to take anything out. Our longer term plan however is to get to a point where we can draw a sustainable income from InvestmentCo. I'd love to hear any thoughts on: the structure of the two companies whether it's a good idea to hold investment properties in a 50-50 split company (or should we have one investment company each, distributing the properties between them) obviously we would like to minimise tax along the way, and I will be taking professional advice here, but any high-level thoughts would be much appreciated It’s great reading everyone’s story on here, and I hope to be another individual with a great story to contribute soon. Thanks in advance!
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