Hello from Gloucestershire

[alexb-d]

Hello, stumbled upon the podcast about a month ago and have been busy soaking up all the advice and tips ever since. So thank you to all involved with that.

Funny enough bought Robs book about 6 months ago and just got around to reading that too. Great advice and tips that linked in with the podcast very well. So thank you again.

Read the rich man poor man book and it just clicked in my head like a lightbulb going off straight away so simple and yet effective.

In the process of jotting down my goals and dreamline of becoming financially independent and leaving a lasting legacy to my children and family.

Would love to hear from any like minded people in the area. Or outside of it.

I am spreadsheet obsessed  from my day job building accounts spreadsheets and a keen DIY person.

Thanks

Alex

[EvolutionBlogger]

Hi Alex, like many other people, The Rob's have inspired you to get into property. It sounds like you have the right skills to do well in property. Being good with Excel and DIY is a winning combination!

What strategy will you be employing?

 

[Mark Rocks]

Hi Alex - great to have you on the forum, and you're certainly in the right place if you're already planning on achieving your goals of becoming financially independent.

Have you had a look around our learning resources on Property Hub? One of the first of our courses we suggest people take on is Setting Goals. It's entirely free, and sets you in good stead for making the right moves in your property investment journey; https://propertyhub.net/course/setting-property-goals/

Mark

[alexb-d]

My initial thoughts around stratagy is to flip a few houses to build capital enough to not rely on bridge finance and  for that eat into my bottom line.

Although gains can be made including it into my calculations based on 6 months to buy, renovate and sell, it could potentially give an extra gain of £5k or more.

Long term I want to be able to b2r roughly 1 house per year (bearing the 18 year cycle in mind) with a goal of myself and partner receiving an income that keeps us under the lower tax bracket.

And then to bring our children into the fold and repeat the above for them.

I hope that's sounds realistic and not just me being fanciful.

[EvolutionBlogger]

It sound realistic. The only problem you have is that flipping isn't all that profitable. There'a a lot of competition for deals, and that has pushed up the price of properties, even if they're in bad condition

 

[alexb-d]

So what's the general consensus then? To look at another strategy? 

[EvolutionBlogger]

Unfortunately there's no 1 strategy that is better than all the others. Just be aware that is might take longer than you thought to earn a lot of money from flips

Right now the flipping capital of the UK is Burnley. Prices are low there, so ROI is higher

[alexb-d]

Right next to the Jordan Norths happy place? Lol

 

Yes I look at properties and then look at what could I do to maximise the return. Theres a house near me going for £125k but would offer closer to £110k to reflect what I would need to do etc, needs a bit of work just modernising not alot probs £8k, but other houses in the area are £155k+ but parking is poor, but there is a V.Strong demand for HMO in the area due to a large employer of foreign nationals. And they like to bring their whole familes over to work at same place and share a house.

Would be a decent ROI of 15% on money in. With a monthly profit of £600

But I dont have the funds as of yet, (waiting for a divorce to finalise) 

[EvolutionBlogger]

2 hours ago, alexb-d said:

Right next to the Jordan Norths happy place? Lol

 

Yes I look at properties and then look at what could I do to maximise the return. Theres a house near me going for £125k but would offer closer to £110k to reflect what I would need to do etc, needs a bit of work just modernising not alot probs £8k, but other houses in the area are £155k+ but parking is poor, but there is a V.Strong demand for HMO in the area due to a large employer of foreign nationals. And they like to bring their whole familes over to work at same place and share a house.

Would be a decent ROI of 15% on money in. With a monthly profit of £600

But I dont have the funds as of yet, (waiting for a divorce to finalise) 

It seems like a good deal, especially if the vendor takes an offer.

If demand is high, that's important too. On my properties, I'm happier to accept a lower rent, if there is more certainty. There's nothing worse than an empty property