New Property Investor looking for guidance and partners

[Sam Packer]

Hi there guys,

 

I am new to property investing and wanted to introduce myself to the Property Hub community!

 

A bit of background, I've always been interested in property but it has been from a far as the large capital start up costs have always been a barrier to entry, I live in the Greater London area.  Having just bought my own house earlier this year with my fiancé I've spent the last few months educating myself and trying to learn from others experiences within the community - after the wedding next year has been paid for I can start looking to use my cash flow to invest.

 

Having said that I am still trying to cement a clear plan and path to follow.  Ideally I would like to do property full time and have the income eventually replace my tiresome day job at the moment!

 

During my self education period I can comfortably say that information overload has caused analysis paralysis, or not even analysis but not knowing where to begin!

 

Here is my plan to date which I would welcome comments on:

 

• Set up a SPV LTD Company to hold properties - seems logical to do this vs in my own name as I am a high rate tax payer, thoughts?
• Buy 2 x BTL in the next 9 months under £125k (I have £40k saved for these to date)
• Investigating Midlands (Wolverhampton), Manchester and Hull for BTL investment but as these destinations are a big distance from me, unsure how to effectively source and view them?  Travel distance could be prohibitive - does anyone currently invest in these areas or have advice for long distance investing?
• Should I look at places for students or young professionals? 
• Once I have learnt from these two experiences I plan to look at JV opportunities and Bridging Loans to scale quickly and use the finance to flip properties which will give me more capital to invest in higher value capital gain properties.  How do I learn about structuring these deals? How do I find JV partners?  What are typical ROI %'s given to investors?
•  

I do not want to manage these myself so the team I need to put together would be:

 

Solicitor - a friend in Manchester is a real estate solicitor I could approach.

Accountant - anyone recommend a good accountant who also invests in property?

Letting / Management Company - what are the typical % fees charged?  Any recommendations?

Mortgage Broker - again any recommendations & typical fees involved?

Anything else I have missed?

 

I have registered to the property meet up this Thursday at London Southbank, been putting off going as a newbie as would not know where to begin with conversations with people.  Anyone going along or have advice on how things run at the meet ups to give me a better idea?

 

A lot of questions there, but I am sure I am not alone in my mind racing with these types of things when starting out - thanks in advance for anyone who reads this and can offer their insight / thoughts on the best route to start out.

 

Best,

 

Sam

[George J Regan]

Hi Sam,

 

You've got a good plan worked out there. The areas of Manchester and Hull we know extremely well, hold properties ourselves and have some good connections also. 

 

In terms of a team I would be happy to make recommendations and introductions, you have missed off a broker for insurances (i.e. buildings insurance, public liability, private indemnity etc). 

I'm George Regan and am the director of Prominence Group. I have been investing in property for the past 5 years and have built portfolios in numerous parts of the country. As a company, Prominence Group are a property investment and development company based in London. We provide a bespoke, end to end service to build a balanced property portfolio and maximise long term wealth.

We specialise in Buy to Let investments, High Income Strategies (Houses of Multiple Occupation (HMO) and Corporate Lets), Capital Investments (Developments, Conversions and creative Purchase Option strategies) allowing us to maximise the use of our funds.

We source quality properties across London (inner and greater), the South East, North East and North West of England, with significantly high yields and equity gains built into the purchase price.

Prominence also work with clients offering a range of tailored services, from bespoke sourcing for those who want to invest in property, but lack the time or knowledge to do so alone. As well as Joint Venture Partners to assist and enable them to achieve their financial and portfolio goals. We do this by using our experience and skills to source and secure projects of a specific criteria, with the added assistance of project management and tenancy for the best desired outcome.


If you would like any help,  recommendations and introductions to build your team or advice on the area, tenant types etc let me know and I'll be happy to have a chat 

Thanks 

George

[Sam Packer]

Thanks for the reply George.

 

I will add an insurance broker to the list.  I'm going to wait for the Autumn statement later this month just incase anything announced could change my plan of focus.  At this point I may be in touch regarding properties in the North of England.

 

Are you attending the meet up tonight?

[George J Regan]

Hi Sam, 

No problem, should you require a  insurance broker I would be happy to recommend a couple for you to contact and take it from there. 

More than happy to help with regards to properties in the North East, as well as any of the other areas we cover (i.e. London (inner and greater), the South East, North East and North West of England). 

Should you wish to contact me and have a chat about your plans, what we do, our experiences and how we can help please find my contact details below. 

 

Thanks 

George J Regan
Prominence Group

E: info@prominence-group.co.uk

Facebook - https://www.facebook.com/GeorgeJRegan/?fref=ts

Facebook - https://www.facebook.com/ProminenceGroup/?fref=ts

[Vicky McMellon]

Hi Sam,

 

I've similarly always been interested in property and desperate to escape by job so left it in January and have since bought and refurbished (to varying degrees) 4 properties in Hull in the past year. 

 

I sympathise with the analysis paralysis situation but found the opposite to be true once I go going with the first purchase. I decided to go for the easy option of straight forward BTLs with young professional tenants, or families.

 

I've been as hands on as possible and have learnt so much during this year, having spent last year reading and listening to podcasts. I've built  up a network of professionals and would be happy to help if you decide to buy in the Hull area. I can't imagine co-ordinating things from a distance but then I'm a control freak and want to be involved in all stages. Good luck if this is what you decide to do though. 

 

Best

Vicky