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  2. I have a similar setup. There are not many lenders who will lend but there are a few that will (Shawbrook) based on my recent experience. A good broker is what you need.
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  5. Hi Andrew, I'm in manchester and can help with potential investments if you're thinking of coming up here.
  6. Hello I currently rent through an agency, but I feel like I'm paying them to forward me emails... What is the process of leaving an estate agent if the property is tenanted? Also, any benefits of using an estate agent? Thanks
  7. Hello I set up a boiler cover with 247 home rescue! I can't stress enough how bad they are. The day before the tenants moved in my cleaner noticed the boiler was leaking, they turned it off and contacted me. I called to make a claim with the cover plan and the rejected it as I could give them the pressure of the boiler. I explained to them I was 140miles of the east coast on an oil rig and they didn't care. I then had to get an other engineer out who I paid £120 but he couldn't sort jt. So I then called up to make a claim again as there were tenants that could give the pressure and whatever other info they need. The declined this offer claim as a third party went to it. I explained that I had to do that because my property was going to flood because they wouldn't come out. so they have left the property with no heating or hot water. I had to contact British Gas and pay £100 and take out a years cover! Leason learned! £100 to British gas £42 to home rescue £120 to the plumber who couldn't fix it In future I will always go with British gas. They came out the next morning.
  8. Hello, What about Asian Market? Is it good for UK or European people to invest?
  9. Hi Lloyd, Did you get sorted with this? I can arrange for an independent adviser who can offer whole of market deals to give you a call to discuss what they could do for you. Thanks, Nichola
  10. Hi Andrew, If you are looking in North East at all, drop me a message with your details and what you are looking for and I will keep my eyes out for you. I have attached a very popular investment flat but if you don't live local may not be the one for you, as needs a lot of work: *** INVESTMENT OPPORTUNITY *** £20,000 2 BED FLAT IN JARROW, TYNE AND WEAR IN NEED OF MAJOR REFURBISHMENT CALL BLACKBERRY ESTATES ON 0191 4957888 OR MESSAGE FOR FURTHER DETAILS
  11. Hi Info graphic is the creative way to display the data that is engaging for the audience and not just numbers mashed together. Please see example of property related infographic. You can make your won infographic as there are several free tools available online:
  12. Short update: i spent an enjoyable couple of hours* going through HMRCs guides on Private Residence Relief and Letting Relief which answers my questions about personal CGT Obligations for selling a home that has been rented for part of its ownership. It doesn't look to be as bad as I'd expected but the rules on calculating Letting Relief are complicated, based on my figures I calculated I would owe nothing on the Property1 and around £13k on Property2. That does seem low so I'll need professional assistance to calculate figures. If anyone is interested, Private Residence Relief is based on the difference between purchase value and sale value as a percentage of the time the property as a primary dwelling with a little extra time given to cover selling properties, Letting relief is determined based on the lower of three values, a fixed £40k, the relief as a residence or the gain through letting. I'm not going to pretend that last statement made sense, the link provides far better examples. *not really.
  13. Well they do say great minds think alike....
  14. Great podcast! Interesting to hear smaller towns just out of the cities mention a couple of times.
  15. Thanks for adding your experience LLoyd. It sounds like we think the same way.
  16. We have an existing portfolio of properties and need to weigh up how the tax changes are going to affect us and also our future strategy.
  17. Catch you all next Friday. Not been to the Cuckoo for years, and guess Friday could be busy, how do we spot each other......? Are we heading for a particular area...?
  18. Hello! I was glad to hear some Scottish info into last night's podcast! Especially since I have property in both Glasgow and Aberdeen! I wonder if you could share the areas recommended for investment in Glasgow for 2017-just so I can compare notes! :-) I know that East Renfrewshire has had massive growth recently and Garnethill provides one of the best yields in Scotland. Interested to hear your feedback!
  19. Hi all, Wanted to add my views on the Legacy / Rich Dad property training course. NOTE: This is based solely on my experience. Having read the rich dad book I was intrigued to find a 'Rich Dad Property Course' for half a day in Manchester. I knew this taster course was free and expected to be sold to but decided to attend anyway to see what it was all about. The taster session was a great few hours, covering the basics of property and certainly got me thinking more about investing. At the end of this session we were told there was a 3 day course costing £1,000. The costs covered attendance for 2 people and a 'free' tablet. Uncertain of whether to proceed I decided to part with my cash and signed up. Prior to the 3 day course we were given a 'Property Strategy Call', packaged up as a 25 minute call with an expert who would give you the prep so you could hit the ground running on day 1. Personally I found this call a complete waste of time and if I'm being honest it did make me doubt my purchase. These doubts were completely dismissed when I attended the course itself. The 3 days were great, full of information, motivation and some really good property examples. Being new to the property game it really opened my eyes to all the different strategies and the possibilities which can be realized through property. Throughout the 3 days there were hints that another expert package was available to purchase and the presenters made it apparent they were trying to up-sell. There were numerous times when questions were asked and answered only with 'don't worry, that will be covered in the 'momentum' course. It was repeatedly mentioned that in property your 'Power Team' is a vital element to ensure success (which I agree with) and during their pitch we were told that we would have access to the same power team as used by all the team. Their details would be given if we signed up to the next course and this alone was worth £20,000. The additional packages ranged from £9k - £36k, the difference in cost being the number of training courses that were included and whether a mentor was provided. Personally I think these prices are extreme, the presenters mentioned the prices are as such to deter anyone who isn't serious about taking the next steps. I disagree with this, personally I think the prices are just ridiculous. In my opinion £25k (the average price paid) for an none-proven training package is far from reasonable. Surprisingly I couldn't find any reviews online from anyone who had completed the full package. To summarize, I found the 3 day course very beneficial and would certainly recommend it to anyone starting out in property. This recommendation comes with a warning to expect to be sold to. Make your mind up as to whether you are willing to take the full package prior to the 3 day course. The 3 day environment is designed in such a way that you buy into the product without question. Large profit margins are repeatedly shown as a way to lessen the blow of £25k, 'guests' are brought in to talk about their experiences of the course and subtle hints are mentioned throughout the 3 days to make you think that success is a certain. My decision was to not take the extra course, made solely due to the costs. Do I think I would learn a lot? Yes. Do I think I would learn anything I couldn't find out from such forums? No. Do I think the course is good value for money? For me no, for someone who maybe lacks vision and motivation.... debatable.
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  21. Liverpool Liverpool Liverpool..... What areas within Liverpool are favourable to invest in and why? A lot of the properties on right move seem to be vacant when up for sale. Does this mean investors want to escape those areas..?
  22. I thought I'd put a post out to get a feel for the subject of investing in the area. I'm currently living up in the Rhondda Valley in a house which will eventually become a single let. I haven't seen too much of a market for HMOs in my area but closer to Cardiff and Pontypridd there seems to be a higher demand, Cardiff in particular although Pontypridd has a substantial student population from the campuses belonging to the University of South Wales. There are properties in areas such as Caerau and St Fagans where house prices are cheaper but are still less than 15 minutes away from central Cardiff and these could very well be suitable for working professional HMO territory. What are everyone else's thoughts?
  23. Thank you Steve, that's very helpful!
  24. All, I'm looking for some feedback and advice on my proposal to move property into an established property LTD company that I set up in 2013 for student pods. Although I will incur CGT and SDLT obligations I expect to manage that through separate capital losses and remortgaging. I would be withdrawing money from the company but that would be via the Directors Loan account which covers the debt the company owes me. I'm looking to transfer as I'm a higher rate tax payer looking to be more tax efficient by shifting from income tax to corporation tax. I've provided accurate figures where possible but have had to make some assumptions, hopefully its clear which is which. LTD company Set up as a property company late 2013, its current assets are two student pods worth around £110k and debts owed to me of around £90k in the form of a Directors Loan account. The Directors Loan account is used to withdraw money from the company without incurring income tax. No Dividends or salaries have been paid so far. The gross income per year is around £8k, after transferring the properties the gross income will be around £33k. I have a small emergency fund of £2k in the business account which can cover all properties while I build up a larger fund from income. Personal Property I have two properties that I own outright with no mortgages. I lived in both as my main residence before renting and since they went on the market there have been no void periods. The current valuations are based on Zoopla. I've incurred major redecoration and operational expenditure in the last three years which kept my income tax bill down but the properties have no substantial work planned for the next 3 years minimum . Property1 Current value: £240k Current rental income: £11.5k Rental start date: 2012-01 CGT obligation: 5 years SDLT obligation: £9.5K Property2 Current value: £287k Current rental income: £12k Rental start date: 2013-08 CGT obligation: 3 years 6 months SDLT obligation: £13k CGT Obligation this is my personal responsibility but I have a CGT loss of £120k that I'm carrying over from a failed business venture which increases to £131k if you include the yearly allowance. I want to use this up to soak up as much of the CGT obligation as possible. This might include transferring one property in 2016/17 and one in 2017/18/ to use two years CGT allowance. SDLT Obligation This is the responsibility of the the LTD so I would look to cover this by taking a BTL mortgage on the properties and paying directly to HRMC Directors Loan Account By transferring the properties to the business I expect the Directors Loan account to increase by £527k to around £615k. I would like to payback around 2/3 part of the Directors Loan by mortgaging the properties and withdrawing the funds, if that is not feasible I would draw down on the Directors Loan each year up to a limit based on the amount of net profit earned for the same period. Transfer expenses All costs of transfer should be claimable expenses by the LTD or me. The main costs should e covered by the LTD company but any personal expenses to be covered by taking money out of the company. I expect costs to include a solicitor and an accountant, I'm estimating around £1k in total because the transfer and tax calculations should be simple but understand it could be more. Corporation tax I expect to pay 20% corporation tax on net income of around £25k, so £5k PA. £25k covers income from 2 properties and 2 student pods. If I don't transfer the properties I expect to pay 40% income tax on £18k net income from personal property and 20% corporation tax on £7k net income from the ltd, that's £8.4k total tax a year. Year on year I should be saving £3.4k tax per year by shifting from income tax to corporation tax. BTL Mortgage I would like to mortgage both properties to gain extra capital to: 1) Cover the SDLT bill 2) Pay back some of the Directors Loan, this can cover any additional personal CGT above £130k 3) Increase property portfolio. BTL Mortgage would be interest only and eligible for mortgage tax relief within the LTD. Questions? How do I calculate the valuation of my property at the start of rental and as of todays date that is sufficient for HMRC? Are there any restrictions on withdrawing cash from the Directors Loan account with newly mortgaged funds? When do CGT and SDLT payments have to be made, is this an end of tax year payment or immediate? Do you have any other other suggestions or feedback on the proposal and what I may have missed or misunderstood? I hope this is also useful to others who might be in my situation and I'm happy to answer any question others may have.
  25. Thanks Damien this has been very useful and I really appreciate your detailed response . I think this deal has opened my eyes to Hull as an investment area and the different routes into an HMO . I agree with you that it's best to convert a property into an HMO and keep more equity in the deal than just buy ' off the shelf ' and lose equity stake . Best , Charlie
  26. Hi Richard, Thanks for your reply. I am sending my in-laws (they live locally) to investigate and get any gossip from the neighbours. The surrounding area has been built up with residential houses (semi-detached) and adjacent to the site there is a farmhouse (not part of the sale), which is currently occupied, so hopefully they will be able to suss out any oddities. Will be in touch.
  27. Great, thanks Peter. Just to confirm I've cleared it with the wife and I will definitely be in attendance! See you all Friday!
  28. Look like we pretty much there! I will nip into the Cockoo over the weekend to make them aware that we will be holding such a "gathering" and I am looking forward to meeting you guys
  29. It's all about priorities. You could buy a £100k house, turn it into a HMO and get a commercial valuation on it and refinance it. This would minimise the money left in the deal. So is a Buy - Refurbish - Refinance strategy. Problem comes with the commercial valuation element. And you've got to get the works done to the right standard. Right price. etc. Or you pay this person the higher price for a done for you product. But yes, you are restricting yourself to only ever being able to sell it to another investor who wants a HMO. If you've got one eye on selling already, then a cashflow investment might not be the best strategy for you to be following anyway. Don't know the full numbers, but in Hull the HMO yield you're quoting doesn't sound ridiculously impressive anyway, so I'm sure you can match or better that in the area without too much bother. Lots of variables that all come down to you and your goals in the end. As for buying a property using a RICS valuation - as a sourcer I'm sure Rob B hates the answer - but most people buy properties using a RICS valuation. It's what the lender dictates is the value of the property and therefore what most people can only pay up to. If you're asking would you buy using a commercial valuation.... if I was in the market for a commercial income producing asset for the long term, then yes. But personally I'd do what the guy who is selling it has done, and convert it into the asset to increase my equity in the property in the first place.
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