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Found 8 results

  1. I own 3 buy to let flats two are tenanted. One 1 bed flat, in a good area on the south coast near Brighton for serviced accommodation, it only has a lease of 66 years and my buy to let mortgage has expired, I cannot find a buy to let mortgage company who will mortgage the flat. It has been on the market and empty as I was giving up on the buy to let although it was giving me a good profit of £500 a month. I have been racking my brains and I have been hearing about the serviced accommodation business. I am thinking if I could get a serviced accommodation company set up, could I get a commercial mortgage on the property and a business loan to cover the £12k cost of extending the lease and a further advance to furnish, buy white goods and a general tidy up of the flat. Any ideas would be appreciated, no-one has suggested this, it was just an idea. I don't want to let the flat go cheaply. As it has been empty for a while I have lost that income so I now need help to turn it into SA. My credit rating isn't good due to caring for my elderly Mum who has dementia, I was supporting her and my children on my own. She now has carers and my children are independent but its left me with this situation. I am experienced in property having done bed and breakfast, built my own home and owned other properties. I want to get going again now I am free.
  2. Evening all Ive been offered a holiday let which im keen on taking, it requires more capital than ive got so im considering using a personal loan towards the deposit. Ill take a loan of £25,000 combined with £17,000 re mortgage funds from another property. Does anybody know if this is going to raise any problems with either the brokers or lenders? Thanks Jay
  3. Hi All Please can someone advise on a reasonable r.o.i and term I can offer a cash investor so I can proceed with my 2nd venture into buy to let or possibly a flip. and advice would be grateful ;-)
  4. Hi Everyone Great to be here. Been listening to R&R for a while a just wanted to say how awesome and inspiring you guys are thanks a lot. Well this is me, I'm 36 from Doncaster and been a builder since leaving school in 94. Iv seen so many people over the years get in to property and do well and built many new builds as well as convert property for so many and always planned on doing myself, but unfortunately Iv always found excuses like money, time, children you name it Iv used it. 1 month ago a friend of mine also a builder in the same predicament asked if I fancied going in 50/50 on a new build project, it took all of 60 seconds to say yes. So the next day we set out looking for plots, I pretty much new every development in my head as I spend 4 hours a night on rightmove. After viewing half a dozen we settled on a plot with planning for 3 (5bed detached) The area is all semis and doesn't suit theses so we are going back to the planner with proposed 4 semi detached that fits the street perfect. The land was £225k in total and we managed to get them down to £170k with £40k down and £32500 on the sale of each plot maximum of 12mth. The next job for me was to find funding for my half as I'd finally taken the leap without actually having the funds. After a few conversations I finally got the father in law on board for the £20k lent to me until we sell the first unit. So after many years I'm sat here 1month later about to purchase land with the deposit in my bank and the architect on with the drawings, it's amazing when you actually get off yours butt and go for it how quick things can move. Plan is get these for up in 6-7mth £430000 build cost taking them to £150k each plot and should easily achieve £200-£225 each so coming out with £100k each by the end of the year. The plan for me would be to put half back in to the next project and the other in to property flipping and do 2-3 a year as that's my dream and in my area there's plenty of doer uppers for £40 - £50k So next 5 years goal 1 development a year and 2-4 flips. First drawing attached let me know what you guys think Positive action, clear goals and taking action shouldn't be an issue :-)
  5. Hi, i'm looking for some advice. Myself and business partners (all professionals within the construction industry) are about to purchase properties in the South Wales are and to date have worked on strategy, business plans, locations, types etc etc. We've taken some advice independently (locally) but wondered if anyone has any other suggestions to raise the funds to commence our goals for succeeding. We have a plan which we want to achieve and it basically commences this year (Now) after much pre-commencement work in terms of plan for succession, business plans, targets etc. Following our advice we have decided to look at investment as apposed to the "normal" route of getting a BTL mortgage etc. My question I suppose is does anyone have any advice, individuals / companies who could help us on our way and look to invest. Thanks all in advance!
  6. Hello all, I have a situation and some questions that hopefully I can get answered. Situation: I have sourced a property that has a tenant in situ and at the purchase price I can get it for it would achieve roughly a 10.5% yield. In order to purchase this property I would need around £10,000. It is being purchased slightly under market value and it does not need any renovation costs. The property is off market currently and is in the north west. I am fairly new to property investing so any advice on the below would be massively appreciated. Questions: What are the different ways in which I could raise capital for an investment? How can I find a JV partner especially somebody cash rich and time poor as a hands off investment? What are different ways I can present a deal to an investor so that it seems more appealing? Thank you in advance.
  7. Hello Everyone, I am interested in investing in property but not sure on how to obtain some help with funding. I am looking to buy my first investment property. Any suggestions.
  8. Hi All, I have a question regarding a recent opportunity I've spotted. There's a commercial spot for sale by auction close to where I live, it has absolutely huge potential for development and has had lapsed planning permission for 6 x 2 beds and 1 x 1 bed with basement parking granted. It sits 3 minutes walk from the local train station which has a direct line into London Bridge in 55 minutes, so as you can imagine it would be very popular. It currently has a business occupy the building at a rent of £14k per annum and they need 3 months notice before it's deemed vacant, this basically rules out any bridging finance. So where does that leave me? I don't have enough cash to buy the building outright let alone complete any building work, but I find it hard to let an opportunity like this just pass by. I was initially thinking about trying to find the funds from investors (most likely family members) but I don't think that's going to be an option. I then started to wonder if there was any sort of development crowd funding where investors would benefit from the sale of the units but I am unsure if this is an actual way of attaining funding? The beauty of this investment is that it doesn't have to be developed straight away as it's already achieving a 7% yield, which granted isn't huge but at least it gives you time to get your ducks in a row in terms of the development. This could be a great opportunity to start a Joint Venture with another investor and I imagine the Property Hub is an ideal place to find one.. I've also thought of this option, which I would appreciate some advice on - Buy the plot using short term bridging finance and then once secured attain a mortgage on it? I would be open to any suggestions on how I could make this work and would be happy to talk with any other investors/developers potentially looking for a JV. Thank you for your time, I look forward to your responses. Kind regards, James
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