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Hi All,

I'm Nick based out of the West Midlands.

As part of my initial research and educating process, I stumbled across the Property Hub Podcast 3 months ago and have been binge listening at 1.5 x speed to absorb as much info as possible on my commute to work/gym. Found the Podcast really resourceful and informative with no-nonsense and "hard-sell" attached to it, which as a novice being new blood to the wolves, was a breathe of fresh air - thanks PH Team!

I've always been interested in property having refurbed many domestic and commercial properties whilst working as an electrician in my younger days and manged to secure my first property in 2012, which was a repossession that I refurbed and rented out (as I wasn't educated enough to know about the BRRR strategy). My personal circumstances changed so I ended up moving into the property and lived there for 4 years, but it never felt like "Home" as was always an investment property.

Fast-forward to December 2019 I had the property re-valued and with 40K positive equity, I decided to sell up (looking back I could of done different, see lessons learnt note below), move on and after seeing the equity generated, decided that I needed to seriously invest time and set myself up for property investment, "if not now, when?"

I'm now working as an Electrical engineer managing projects for a company more office-based environment but still out on site as needed, but my property journey has re-started with setting up a ltd company and raising finances in the background for when the right properties come along. I'm still working on finding my power team of conveyancers/brokers/bridgers/etc which I'll pick back up when companies open next week, open to suggestions 🙂.

Lessons Learnt

Alternative route - looking back I maybe could of re-financed my first property after valuation to release money, rented that out, bought another property to rent out in ltd company and looked for somewhere for me to rent until I was in a position to buy a home for myself. The rent off my 2 x properties would cover the rent of my own rental and would boost my journey of acquiring properties to replace my income. This wouldn't suit everyone but I was in a position where I could do that since living by myself, but lack of education meant that I couldn't project that route.

Current route - my new "Home" that I purchased I managed to secure just before lockdown 1 and the crazy property price increases so purchased £15k below asking price (£20k bmv) so there's positive equity in this property, which is also located in an area that I had been researching and is due for redevelopment soon so there's also capital growth potential which I'd plough into the LTD for the property funds.

 

I could go into strategies etc but I think I'll save those for future posts saves writing an essay and risk boring you all  😅. Thanks for reading and all the best for 2021!

Nick

 

 

 

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