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Managing property now moving to the next step
Whitney B posted a topic in Introduce yourselfHi all - nice to meet you via the forum. I’m Whitney and I’m based on London. I have 10 months left of my maternity leave and now have the opportunity dedicate time to put together a long term strategy on starting a limited company in property business. A bit of context: Seven years ago a relative asked for advise on how to get young professionals (like myself) interested in their rental property. On visiting, I advise him to renovate the property so it would appeal to his desired tenant. Surprisingly he asked me to run the project and then fill it with tenants. Six months later, after a slash of paint and adding in some new furniture, the property was filled and he was getting an increase of £800 a month. Since then I have continued to mange the property /tenants, I have fluffed and buffed two other rental properties (based on his recommendation) and currently working on another relatives rental property. All properties have been able to increase either rental income or the property values (one it has been both - it’s currently being valued at £475k). I realised about a year and a half ago that I have a bit of a knack for this and want to look into doing it for myself (as well as for others). So now I have some free time, I am very interested in setting up a Limited Company offers multiple services (starting with fluff and buff projects for landlords looking to increase their rental income or property value). However, the mid to long term goal own a portfolio investments/property alongside - mostly including renovations and developments to either sell or rent out. I would love some advise about how to start?, what I should be doing to build my network? And opinions on if this even do able in the current market? Or any opportunities to work with others. In a nut sell: How do you want to work in property? Offer a renovations service to landlords looking to increase value, with an aim my own property to fluff & buff so it can be sold or rented. How much do I have to invest? £2,500 - over five years experience of small renovations, finding and managing tenants and overall project management. What time to do I have? Currently twiddling my thumbs. However, back to work beginning of next year. I enjoy my demanding job, as an Event organiser within the music industry, so I am looking to use my property skills as an extra income for now. Plan for the next 3 years? To have a minimum of 2 buy-to-lets and a minimum of 3 fluff and buffs completed. Again really enjoy my job so interested in working collaboratively or working on projects that offer a quick turn around financial and time wise. I look forward to reading other threads on the forum. Please get in touch - I am open to advice, opinions and opportunities to work with others. Kind regards Whitney
Hi guys, Similar to the TV shows, you invite some professionals around to your rental property, and they make a series of recommendations for things to change in your property, with a view to make it more marketable, more attractive, and increase you rental returns based on their market expertise. There is a consultancy fee, but the idea is the return is greater that the expense. Struggling to find such companies to assess my London flat. Is anyone aware of any such companies, or can make any recommendations having used them? Kind regards, David