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  3. The only people that are gong to know other than agent are seller and purchaser. Eventually it will be on land registry but that could take a few months after completion.
  4. I'm not sure if it's just me but I find navigating a website from a smartphone is always slower and the design is always much slicker with an app. Nothing against the website of course just think a well designed app would be more user friendly with a phone
  5. Hi Dylan, There are indeed a number of points to consider: 1) you are a UK resident and pay tax here (positive), but work abroad and earn in foreign currency (negative) - most of the lenders will not accept this scenario, but a few will 2) you own a property with a resi mortgage, but you don't live there and it's standing empty with not even flooring in place - let's assume that the property is habitable though, as flooring can always be put down in order to rent out the property 3) you want to buy further property(ies) for BTL purposes and rent out the current one as well - it's not an issue per se, but getting a consent to let is tricky from some lenders, easy from others, but not within the first 6-12 months after buying it (exact conditions depend on the lender) 4) buying via an SPV is not necessarily the solution, as lenders do ask for a personal guarantee from the director(s) of the Ltd company and they may have an issue with you working abroad and earning in foreign currency In other words, I think you should get that consent to let sorted out (or if it's not possible, remortgage to a BTL deal - T&Cs apply) and then get broker help for getting a suitable lender to give you a BTL mortgage on the next property. It's not mission impossible, I've done it for various clients, so I know it can be done Kind regards, Lilla
  6. Hi I have seen a property I like the look of on an estate agents website and right next door the same estate agent has recently sold a property and they both were on the market for £230k ( Victorian house's ) and look identical I just want to know what exactly the house next door sold for without asking the agent as I don't want them knowing that I know what it went for as I would rather use that to my advantage if I choose to make an offer is there a way I can find this out ? Thanks Andy
  7. Hello all, I'm after advice from experienced investors out there. My partner and I are intending to purchase our first BTL on a 75% LTV mortgage soon but are still unsure as to do it in our names or as a company. I am in full employment earning 50k. She is self-employed and in the last tax year earned around 45k. We plan to start growing a portfolio over the next few years, hopefully with 3 or 4 before the inevitable crash in the market. We would probably reinvest the majority of the income but draw on it occasionally, when for example my partner is between jobs or we have kids in a few years. Overall our strategy is to buy and hold to supplement our pension in the future. Any advice would be greatly appreciated. Also any details of tax advisors that wouldn't rip us off for a consultation would be welcome also. James.
  8. Hi Kirsteen Are you doing (whisper) Airbnb in glasgow at the minute or are you still just weighing it up? I started in Edinburgh a month or two ago but it's still too early to say it its going to be profitable in the long run. cheers Clare
  9. I completly agree with you. When I started checking the content on this forum, checked the properthub app within appstore. But to my surprise there wasn't any. Hope Rob & Rob will pick it up in near future.
  10. I follow the same strategy and I feel that at the moment because the local market is a little uncertain it's a good time to buy. Just be careful investing in St Helens as there are some pitfalls but in the breath there are some very good pockets to invest. Greg
  11. Tagging in @simon allen to get an up date and respected mortgage broker view on this. It will probably vary based on the lending policy from lender to lender - some may lend with only the security of the specific property in mind, whilst others will want a fixed and floating charge over all of the company's assets / properties. It is not desirable to have to do multiple company filings but it is possibly even less desirable to have of your eggs in one lender basket once you reach a certain size as well. The other point worth keeping in mind is if you ever decide to sell a property, then if it is one property in it's own SPV, then you can sell the company rather than the property...which offers the buyer a saving in Stamp Duty as Stamp Duty on shares is only 0.5%. Might be worth keeping in mind, particularly if sold to an investor. depending on your exit plans and contingencies. Best Richard
  12. I am not planning for flips. My strategy is buy and hold, and thinking to keep it for long term. BRR is exciting and the right type of strategy where I can add the value to the property and eventually recycle the cash invested. I was performing search on rightmove with 20-30 miles radius from Manchester. This was the time when I spotted St.Helens and some opportunities which can be good candidate for BRR(although thats my novice opnion). As I am in full time employment at the moment. so I make my visits to North on weekends. In next couple of weeks I am planning to visit St.Helens.
  13. On the face of it it looks like a good investment offer, but as an investor I'd be concerned that the collateral only becomes worth 220k if it is completed. What assurances can you offer a potential investor that the developer isn't going to disappear with the 120k having not done anything at all and leave them with a bit of land worth less that the investment?
  14. Hi all, I'm in the early stages of setting up a company for building modern homes in a very popular tourist destination in Spain. My business partners (who already have experience as they have done similar projects in nearby locations) and I have already bought various plots of land UMV. Wewould use the same building team as they have used in their other projects and have various estate agents who seem really interested in our project. Our problem that we encounter is that we are looking for a loan 120k/€ but our loanee has had some problems and won't be able to loan us any money. Our terms are 10% roi on the 120k over 2.5 years.Our collateral is that if we don't give the money back the loanee would be the sole proprietor of a house worth 220k/€. So my questions are : 1- where would you recommend looking for alternative financing?(for cash-flow issues we are trying to stay away from banks if we can) 2- which flaws can you see in our "business plan"? Many thanks for your time.
  15. St Helens is my local area so I would like to think I know the place very well. It's has it little pockets that can make for really good cashflowing investments - Not the best area for capital appreciation so the area is dependant on your strategy. You could make BRR work but flipping could be more of a challenge. Do you plan on visiting the area ?
  16. Thanks Greg. I was looking at properties in St.helens and got really excited with the houses someone can buy for the price. Which are are good areas in St.helens for investment. My budget is fairly small and not looking for properties under 60-70k mark. I am looking to pick up my first refurbishment project, so that I can add the value to the property. Keeping it low cost will minimise risk for the first project as well.
  17. Hi, I have property in St Helens which is managed by a tradesmen who lives and mainly operates in the Warrington area. He is super reliable and charges a fair price, I will pm you his details. Greg
  18. Hi Damien, thanks for the reply - hope your well ! Yes, It's been a long time coming. This is hopefully the start of my cash recycling journey...
  19. Yeah just get your two solicitors on the case. It's basically a Memorandum of Sale you need in the first instance. Which as you say just has the basic details of what and who and how much. Then let the solicitors do their thing when they know who each other are. Sounds exciting though!
  20. @haf1963 You mentioned 5 BTL's under one company, can i ask: 1. Have you bought these recently? 2. Or transffered them to the company recently from being under your own name previously? 3. Do they all have mortgages? 4. If mortgaged are they with the same lender? 5. If with the same lender is that because you had to go with the same lender?
  21. Ahoy ahoy, Sounds like you've done really well so far, congrats! Wish I had been that smart when I was in my early 20's. I once sold a house to buy a car..... so, yeah. Anywho; 1. Nobody knows. Not sure what type of accountant you are, but you'll know all about valuation of companies and PE ratios and EPS and all that stuff. Is there a definitive formula that tells you exactly what companies are going to go up in value? (If so, let me know!). All you can hope for is a vague rule that allows you to see places as good value or poor value. But that's not to say a Facebook isn't going to out perform a United Utilities over the next 12 months - despite what the numbers might say. My point is, it's a pure gamble if an area is going to go up or not. There are some fundamental things you can look at - inward investment, infrastructure, jobs - but they are all things that probably a lot of other people know about before you (so are priced in), you have no control over (so you can't influence), and if you are proven to be wrong can result in sub par long term returns. 2. What that guy said. Outsource. There are loads of "sourcers" in Manchester and Birmingham who will offer you all sorts of stuff. Sounds like you're good at your research and due diligence, so expect to probably look at 50-100 deals before you find one that is vaguely good. Most of them aren't! If the first few deals people show you look good, you are probably getting scammed somehow. Given the timeframe you've got, it's going to take a lot to make a complete pigs ear of it in the long run. But still better to make the best return rather than just scraping by with 'alright'. Best of luck anyways, look forward to watching your progress.
  22. Sounds like there is no clear answer....surely someone has done this recently or is in the process of currently doing it? Perhaps depends on a case by case basis. i had hoped to have 1 company and buy many properties under the 1 company but doesn't seem like its that simple although it can be done it may not be the bets way to do it.. What Kirsteenb has said is what my IFA told me. That sometimes the lender will extend a line of credit based on the assets of the company as opposed to the individual property. (I think that's the same thing?) James a - re the multiple accounts filing. Yes defo not desirable and something I think would be a headache too. Derek t - IFA is fully qualified (not that i have checked his credentials) but hes defo not a jack the lad who is winging it - about 20 yrs experience and he has done a lot of work for me my family and friends.
  23. Hello Laura! I think Mark Morris still runs the Manchester Meet Up, say hi from me. If you've got relatives involved in R2R I'm sure they can give you the actual facts then rather than the sales pitch that everyone else regurgitates. It's much harder to make work that it looks on paper! If you're looking for pure cashflow, then yeah the HMO strategy in Manchester (West / North Manchester maybe?) is probably not a bad place to start looking. If you're doing well with your Wedding decorations business though, never thought about vertical or horizontal integration in a business sense? Property is a great storage of wealth, but I'd never put it that high up when it comes to creating wealth. But saying stuff like that doesn't sell courses does it? Ha.
  24. @james a agreed; I guess it is all down the lender's risk profile and how many funding options the company has-administration of multiple companies is not desirable!
  25. Maybe the best approach would be to create a second company only if it becomes a problem to get a second mortgage with the first. I would certainly want to avoid having to start multiple companies and I wouldn't want to allow a lender to take a floating charge over my company. The loan should be secured on the mortgaged property only and I don't see why they should have a charge on the company as a whole. I have done a little research and it appears that Paragon are a lender that does floating charges, but it is not something the lenders do on the whole.
  26. I can see some truth in Dil Rai's point one above if the lender requires a floating charge over the limited company. Other lenders would be reluctant to lend to a limited company that has a first ranking floating charge in favour of a different lender, but would be more comfortable funding a separate property purchase under the same entity as this would be secured in their favour under the floating charge. I understand that if there is a director's loan in place, some lenders are asking for a personal guarantee and a floating charge. This is just a trend I have noticed and not professional advice however! Perhaps it would be prudent to have a separate entity for each lender used?
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