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Mentoring and support
jaysbarbell_gmail_com posted a topic in Introduce yourselfHello So my name is Jay Miles and I'm doing it. I'm doing the property thing. I'm a personal trainer working in London and living in Essex. But I'm getting older and although I love my job I dont want to have to do it in 10 years time. I want to give more, be there for my family and work for charities helping animals and all the great life fulfilling things that make life a joy. I'm quite honestly though.... bricking it (excuse the pun). I've no idea how I'm gunning to start this, despite having read, listened and strategised myself to death. Currently always looking for other "tasks" to do in order to learn more, other than actually getting off my frightened back side and actually attempting the nuts and bolts of purchasing an opportunity. Partially for financial reasons as I do need more capital, but mostly because reading another book gives me another hit of the old 'well-at-least-I've-done-something-property-related-today' dopamine release without having to take a chance. If you Googled paralysis by analysis I wouldn't be surprised if you saw a funny meme with my face on it. So I'm writing this firstly because I've read (not surprisingly) that it's a great idea to build a network of like minded people from a business and information sharing standpoint, but mostly just in the hope that I can discover that I'm not the only one who starts like this. Please feel free to write me a motivational comment, share a story to strengthen my resolve or connect in anyway with advice and support. I'd be super grateful. Thank you All the best. Jaay
krism posted a topic in Flips & RenovationsHi, I'm keen to know if any of you flippers out there have had to revise your strategy in the short to medium term with all the uncertainty around coronavirus? I was thinking about venturing into flipping in July/August and felt I had a strategy that would allow me to reinvest profits over time into BTLs. I'm now not sure it's a good idea and wonder if it's better to research and focus on a different approach. Keen to know your thoughts and plans. Best wishes, Kris
korey posted a topic in Newbie Advice & SupportHello all, I refuse to repeat the same opening sentences on all emails and introductions based on what is currently going on, however i do hope everyone is well of coarse! Me and my partner are young professional living in a rental apartment, we do not own a property or have a mortgage at the moment. We will soon be looking at mortgages at a later date, i am looking to start becoming a property developer and one day start my own business to the point where i no longer need my current job. I am researching the types of mortgages where by i can kick start this business and the best way to approach this. My question is, can you obtain a mortgage for a property as our first purchase and a bridging loan at the same time or the other shortly after say within a year or so? understood that bridging loans do not look into your personal income for assessing whether they can be approved or not. instead the value of the property is part of the valuation(to be purchased). Therefore is it possible to have a mortgage say 95% and a bridging loan with the mortgage for our home to own and a bridging loan used for a project to renovate and flip a house elsewhere? Understand that we would need to be sure of the costs associated with interest from mortgage loan and bridging finance on a monthly basis, if this is affordable for us and the payments can be made easily is this something that can be done as a way to make a start on the property ladder for both ourselves and a project to start? Apologies for any outlandish assumptions i have made (if they are) i am a novice when it comes to mortgages, i also understand that the best advise would be from a mortgage broker but this is solely for the purposes of planning for the future. Any advise would be most appreciated Thanks in advance
Hi I’m Jody
Jody Lukins posted a topic in Introduce yourselfHi Guy’s my names is Jody and live near Glastonbury and I am desperate to start investing. I have been busy educating myself For the past 6 months and waiting to build funds for my first BTL deposit and looking to release equity from my house. Just wondered if anyone had any thoughts on good areas to invest in the Southwest / Somerset area. many thanks Jody
NathanH posted a topic in Introduce yourselfMy name is Nathan and after years of saying ‘I want to go into property’, I’m finally taking the steps to do it. My passion and desire to get into property can be traced all the way back to when I used to watch ‘Homes under the Hammer’ when I was “off school sick”. More sophisticatedly, I loved Grand Designs and my ultimate goal is to build my own home (beyond simply quitting the corporate world I currently work in). 2019 has been a pretty bad for me and without going into too much detail, I now find myself a bit of a rudderless ship. I’m using this as a springboard to better myself and I’m now in process of working on my ‘Dreamline’, which I’m converting into a 2 year plan. My short-term goals that will be the core of my plan are to a) finish my CIMA accounting qualification (last exam set for May 2020) and have my first investment property by the time I’m 30 (September 2020). In terms of experience to date, I’m a homeowner with sufficient equity to downsize and my plan is to move into my first project (horror stories on this welcome!). I’ve got a friend who is looking to go into business with me and we attended one of those ‘3-day training workshops’ (naively) thinking we would come away with sufficient knowledge to go and start our business. While we did learn something, we quickly realised it was a sales event. When they rejected our offer of % stake in our future profits for a number of years (cause their programme was such a sure fire way of making millions so why wouldn’t they back a couple of aspiring property investors), we realised it wasn’t what we thought it was and proceeded to make sure some of the people waving their credit cards around were fully aware what they were getting into! Needless to say we weren’t very popular by the end of the weekend. I’m based in Burton-on-Trent, having moved up here for work 2 years ago (originally from Suffolk where property is a little more expensive). I plan to invest in this area to start with given the rent demand and price of property. I’m looking to attend a couple of the meet ups in the Midlands and maybe London before 2019 is out and beginning to get involved in the community.
Time Rich, Knowledge Poor Newbie
paddyswann_yahoo_co_uk posted a topic in Introduce yourselfHello all. I just wanted to take a few paragraphs to say hi and introduce myself. In summary ... I'm a time rich, knowledge poor (very!) accidental owner of 2 rental properties. I've run my own small business for the last 20 years and qualified as an accountant a very long time ago. I'm right at the start of deciding whether a property investment business would be right for me and am just at the stage of understanding just how much I don't know! I found Property Hub through this learning process. I live in Bristol and the French Alps. If any of you has any useful advice for getting going - in particular putting together an expert team - then I would be really interested to connect. Thanks Paddy
Introducing myself and changing my life
Pete Lindsay posted a topic in Introduce yourselfHi guys, My wife and I have been thinking of quite a change of direction for a little while. The basic plan is to sell the London house, buy a home in liverpool, keep the current offset mortgage (as a cheap means of freeing extra capital) and have plenty of capital to invest. We plan to put the funds through a Ltd company as a significant loan to keep returns tax free as long as possible. My wife is a housing solicitor so we're planning to manage the places ourselves at least to start with. So much for the basics but there are a few questions that come to mind; What's a sensible leverage level? Initially I was thinking 50%but is that to risk averse? 60% still gets good deals and even 75% doesn't feel awful. We've quite a strong social motive so are quite attracted to providing good quality homes for benefit recipients but the move to UC feels worrying? Does anyone have experience of this already? Thanks everyone if you've taken the time to read this and respond All the best Pete
Can I make a living flipping with a 70k pot?
EmmaJayne posted a topic in General property discussionHi i have my own mortgaged property near London that I was going to sell to give me a 200k pot to move up north and flip in the summer (my son starts school in sept so we need to move this year) however the market value has gone down by 50k in the last 18 months so I could remortgage in a 5 year buy to let deal, just about break even with the new tax rules, and have a 70k pot to flip up north? Would you sell or buy to let if you were me? Thanks for replies, appreciated!
How to deal with Help to Buy effectively
wilfitzy posted a topic in Newbie Advice & SupportHi everyone, I am looking to get into property investment, but my wife and I purchased our house with the aid of Help to Buy so I need to wait to invest until this is paid for. In the 3 years since buying, we have managed to save up quite a nice deposit for a house to let out, but in Dec 2020 we will be due to pay back our Help To Buy (amount dependant on house prices at the time - but could be c. £70K). Does anyone have any guidance on effective ways to deal with Help To Buy and plan for when it needs to be paid? Thanks, Wilfitzy
starting out Newbie needing guidance and advice
Paul Foster posted a topic in Introduce yourselfHello Hubbers, I'm an excited, cautious, optimistic, newbie here, and loving what I'm seeing so far. I'm already working my way through the many ace podcasts, blogs, tutorials, vids, plus anything else I can get hold of to learn more about property investment. I've read/listened to many audio books on the subject up to now, and plan to keep the learning going before hopefully making the jump next year. I've gone from books that are essentially just an up sell to property investment courses promising you the world, and of course Rob D's excellent (and more realistic) investment books too. To my main point, and questions - I was wondering before I do get my hopes up for a future in property. I am basically a lender's worst nightmare - A bottom feeder when it comes to borrowing. A very low credit score, thanks to a few hiccups in life, as we all have now and again. I'm also currently a self-employed (but contracted) freelancer (again, banks hate that). It's great when you have an accountant that manages to squeeze your books to your advantage, but the flip side of that is lenders think you're on the bread line. In my favour though I'm currently trying various things to re-build my credit: cards, phone, etc. No Bankruptcies or CCJs and everything paid on time, plus I have about 85k equity in my house that I'm looking to unlock (once I have the bottle!) to invest to get things going. At this early stage and referencing the Rob's advice so far a flip may be a good place to start and build up from there. Has anyone here managed to get things going from literally a bottom level start? Is it do-able? I know with hard work anything is possible and I'm under no illusions that it will be easy. Blimey, it was tough enough back in the early 00s getting a mortgage and that was when the banks were throwing money at people! Perhaps a better plan would be to set up a LTD company instead and start from there? Any advice would be welcomed, and I'm looking forward to learning more, and hopefully earning more by getting things going. All the best and thanks in advance! PAUL
Will M posted a topic in Newbie Advice & SupportHi Everyone, I would really appreciate a bit of advice, as I am looking to get into property investment for the first time and I feel like my head is in a spin, with all the information available and deciding which strategy is best for myself. I currently own a 3 bed semi detached house as my residential property, on my own, which is valued in the region of £145k, however in the near future I am looking to purchase a new residential property with my girlfriend, but I would like to keep my current property but change the mortgage to BTL. Just to add another complexity to it, I was hoping to do this in the form of a LTD company, as I fall within the higher tax bracket and I would like to use any future rental incomes to build within a company format and reduce my tax bill which should allow for a quicker accumulation of my next deposit. So my questions are: 1. Will I be able to avoid SDLT for my future residential property as this will be my first home, even though I would be keeping my current house as a BTL? 2. If that was the case, would transferring my current property to a BTL within a company trigger the 3% + 5% SDLT surcharge (£4,750)? 3. Do you have to pay for the legal costs such as searches etc when transferring into a company if you already own the property? Are there any other costs associated to transferring to a ltd? Any advice on this would be greatly appreciated. Thanks Will
Hi All, I am Neil and I have been in Leeds for over 15 years now although originally from the North East. I have not started my property journey yet and looking to inspiration and any advice to get into the Leeds market. I spent a large part of my career in corporate land working as an employee until the point redundancy gave me the chance to set up my own business and provide interim change management services. This has been going really well for the past few years although I feel that i nee to create multiple streams of income to ensure that I have a more balanced financial base. I have always wanted to get into property but previously had a very limited understanding as only really ever purchased my own house. Now though I have got a plan to replace my current income with other streams of income so that the reliance upon replacing my time for money is reduced. Property will be a major part of achieving my strategy. I am looking in the Yorkshire area especially to start off with although currently just getting educated / investing in me to ensure I am equipped. When do you know that you are ready to make the first step or is that questioning things a bit too much? I have always been a great believer of taking massive action to get great results, but with this there is a level of hesitancy that I am trying to shake off? Have others experienced this before going into property? Also want to ensure that first step is a positive one. I have been trying to asses the areas around Leeds but getting a bit lost in the detail. What strategies have people used in identifying areas to invest whilst also not just going where the masses are to ensure that premium prices can be minimised? Anyway my background is in accountancy, education and change management so hopefully can contribute to any discussions picking up with these areas. Anyway just a short note to introduce myself to the forum and hopefully will be able to share my journey and development with you all. All the best Neil
Hello from Hull! Just starting out, help!
James Green posted a topic in Introduce yourselfHello everyone I'm James from Hull. I am new to property investing and I am still waiting to start my journey. I have a few ideas of how I want to start my portfolio but am searching for any advice and tips I can get! I have recently bought and read the property hubs "100 property investment tips" but would like more advice on how to get started. My plan is to start cheap with a 25% buy-to-let mortgage. Buy BMV and renovate and remortgage. Take the equity and put that I to another property. Can anyone from Hull and surrounding areas give me any advice on how they started there journey? E.g. How much capital you started with? What type of properties you targeted? And your plans and goals. Any advice or tips would be appreciated. Thanks guys!