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Hello from Hull! Just starting out, help!


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Hello 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!

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Hi James,

 

Welcome to The Property Hub!

 

I've personally invested in Hull and so has Rob D, so we're investment fans of Hull.

 

To get started begin with the end in mind, set clear (SMART) goals and work back from there.

 

Better still listen to this recent series of podcasts Rob and I put together.

 

How to get started in property investment

 

Good luck!

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Hi James,

 

I've just joined as well and have very similar ambitions it seems (although I haven't considered Hull...yet!). Although I'm still a newbie I would recommended soaking in as much advice as possible, online and in books, before you start approaching estate agents. You will want to make the right impression when you do start talking to them and at the very least sound knowledgeable. I've been impressed with the podcasts I've listened to on Rob's list so there's a good place to start but there's loads of other resources that are easy to search for. Please note: I'm only delaying you a week or two while you do this - I'm not advocating procrastination :)

 

I hope that's a bit helpful.

 

Dean 

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Hi James

I don't invest in or around that area but would just like to say I started exactly the same way, I purchased my first for 61k a 3 bed terrace and refurbed it then remortgaged it. In all, with a 25% LTV and refurb cost, it came to around £23,000 of my own money invested and I manage to pull out about £17,000 after 6 months so wasn't too bad for my first but would of liked to of taken all the refurb cost out as well. I've just purchased another 2 now following the same method. I try to aim for at least 15% BMV straight away then try add another 10% through refurbs. So just though would share with you my cost but am sure it can be cheeper than that. My first refurb cost 8k as I paid over for certain things.

Also agree with dean, I did so much reading and researching before I started, at least 1-2 books a week, and attend a few of the pin meetings if you can. Knowledge is power (potentially)

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Thanks guys I appreciate your replies. I have almost caught up to date with the podcasts which I have found invaluable so thanks Robs! Keep up the good work! I have also just finished reading the 100 property investment tips and I am currently looking to start a new book can anyone recommend a good one?

Thanks guys!

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Hi James,

 

Have you been to the Hull PIN meeting yet? I went for the first time last week and there were some good contacts there. Rob and Nicky McPhun who run the event are very knowledge of the Hull area and the people to trust and who to possibly avoid. I would recommend you go along to the next PIN and/or get in touck with Rob or Nicky.

 

Rob was interviewed recently on The Property Investor Podcast, might be worth having a listen to that. I live faily locally, just the other side of the river.

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I have started building my mastermind team. I have built this using people I have been involved with when purchasing my own home and through recommendations from people in the property industry.

I have a;

Property source

Solicitor

Letting agent

Broker maintenance team

However I have yet to find a good/refered accountant. So I was wondering if anyone can refer an accountant in the hull area?

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  • 2 weeks later...

Hi James,

Sorry for a late reply, I operate a couple of buy to let's in Hull. I find the Holderness Road area works quite well for me. It has great access into the City Centre via Bus routes. Along with this has great fundamentals, something both the Robs swear by.

On Holderness road itself there are an array of estate agents so its easy just to walk up and and down getting a feel of the place while seeing what's on offer. As far letting agents are concerned I use 1 or 2 in Hull (an error on my account) I've never had any problems with Reeds Raines. They are advertising a 4 bed I have just renovated and it's looking like I'm going to achieve a premium rental.

One of the other letting agents I use I have had nothing but hassle with, I won't name and shame on here but if you would like to discuss further leave your email.

Thanks

James R

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  • 6 months later...

Hi James,

 

Hull is a great choice due to the relatively low house prices, strong demand, and high rental yields. As you are looking for more information regarding investing in Hull as well as bridging loans, I think that these two articles could help you:

 

Your Guide to Investing in Kingston upon Hull 

 

Here are the Hidden Truths about Bridging Loans 

 

Good luck!

The Nello Blog ׀ Property Investment & Finance Blog
support@thenello.com
http://blog.thenello.com/

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