darren mcneill

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About darren mcneill

  • Rank
    Obsessed member!

Profile Information

  • Location
    North West
  • Property investment interests
    Currently BTS to generate enough cash capital, then combination of BTS and BTL (Renovations)
  • My skills
    Remaining positive
  • My goals
    To enjoy my job

Recent Profile Visitors

1,039 profile views
  1. Renovation cost planning

    Sent it over, hope it helps. Darren www.fmp-investments.com property@f-m-p.uk I am looking for private financing with a 10% ROI - get in touch
  2. Spreadsheet Templates for BTL projects

    Just sent it, hope it helps! Darren www.fmp-investments.com www.f-m-p.uk property@f-m-p.uk I am looking for private financing with a 10% ROI - get in touch
  3. Potential areas for refurb then single let strategy

    Hi George, The BRR strategy is a great idea, but it is very cash intensive, and it does tie it up for a long period of time as mentioned later on in this thread. To be able to release equity created you do need to purchase with cash or bridging. The problem with bridging is that the numbers need to stack up really well for it to work. I work at the bottom of the market (Last 2 purchases were £25.8k and £22.5k ). I have looked into bridging for these projects (Just to see how the costs would affect them) and also for other projects that I have costed out - and for my particular market it just doesnt work. I think the issue for my projects are the initial fee's that the bridging companies charge - they are fairly static regardless how much you are borrowing. The next area to keep in mind is the time in which your money is tied up. Ltd Co mortgages are taking 2+ months to complete, and you can only re-finance at the 6 month period. Some brokers are on the ball, and you can get all of the prep work required completed before the 6 month date, and then they can get the applications started the seconds that you are allowed to. This can save a little bit of time. The downside is that if you have all of your money ties up 8+ months, it means that your growth will of course be much slower.... but, if you are gaining properties for very little £££ at the end of refinancing then it could be worth the wait. Last is the area for you to operate in. I am assuming you will be completing the renovations remotely which would add a little more pressure (as of course your not going to be local). There are loads of people who do this, but definitely extra research on areas would be required, along with serious due diligence on anyone you pay to carry out the work. I would recommend taking your time and spending a lot of effort researching. Once you do establish a couple of areas that would tick your boxes, then maybe go to a local meet for that area? You could probably get some great trade contacts etc through people who already work in that area. Look forward to hearing about your journey, I seriously admire anyone who can do this away from where they live. It's not in my own personal comfort zone, although one day I will do the same! Darren www.fmp-investments.com www.f-m-p.uk property@f-m-p.uk I am looking for private financing with a 10% ROI - get in touch
  4. ASK110: .....TIPS FOR RENOVATIONS? Avoid CIS

    I have come across this myself in the last few weeks, and after reading through the Gov website I must admit I also felt rather confused!!! I am sure that if I tried to tell the lads who do work for me about this they would scratch their heads and ask me what i was on about!! It does seem very over kill for those of us at the bottom of the ladder? Darren www.fmp-investments.com www.f-m-p.uk property@f-m-p.uk I am looking for private financing with a 10% ROI - get in touch
  5. AST Template

    Thanks, I will get myself signed up. Darren www.fmp-investments.com www.f-m-p.uk property@f-m-p.uk I am looking for private financing with a 10% ROI - get in touch
  6. Hello! First Post

    Hi Sam, Thanks for the compliments, and apologies for taking up so much of your time with my journals . I find on a personal level it really helps me, as its good to get out in the open what is going on in my life regarding the property side. My Mrs doesnt get it, and it is very difficult to chat property with people who know nothing about it. I am slowly growing my number of property friends online that I can vent off to, but I still enjoy writing away - Its quite nice reading back through some of my old posts to see where I was and what my frame of mind was, its quick to forget the little wins that you have along the way. With regards to your situation, take anything that I say with a pinch of salt (and get advice from others as I know sod all compared to the experience that is available on this site). If you personally havent got the time to flip, then in my opinion dont do it. You do not want it to be something that might become a chore. When I was renovating my Project 1 property I mentioned to a few people that I dont know how someone working full time could come home and then spend a few hours in the evenings working away on a property. I found it tiring and I was at it full time (Granted I think I did 40+ days on the bounce without a day off), but either way, its hard work! I suppose its like anything and you would need to be truly honest with yourself and decide if you want to give up X amount of hours per week to do a flip, or can you get someone else to do the work and take less profit etc. You can always pay someone to do a job for you. The other side to think about is whether the working capital that you have mentioned from your equity release is realistically going to be enough to buy and sell? Bridging at the bottom end of the market is almost impossible as the fee's and costs strip out most of the profit, and then the risk of a renovation going over the allotted time (as it did with my Project 1 could result in additional costs running into £000's. For a refurb I set way a figure of £20-25k for all of the legal costs, selling costs, renovation ect etc. After this you then need to get the purchase costs. If the cheapest property you can find is £30k for example, thats £50-55k that you require. What you may want to consider is will you be in a better position in a couple of years to do flips (if that is what you want to do at some point). If that is the case then maybe not having your cash tied up in a BTL is not the best idea (unless of course you can re-finance some of your other properties in a couple of years and get the money back out). An option for the short term might be working with someone close to you on a JV - less pressure on yourself to do all the work, but enough that you can get some experience. Id sit down and just have a good think of what your goals are for the next few years, and then see what options are then in front of you after you have decided that. Ultimately your not in a massive rush, so taking a week or so to slow things down and scribble on some paper may be invaluable. A BTL might be the best thing for you at this moment in time, and you will at leats be gaining some growth and a revenue stream that you can keep putting to one side. Good luck, and wow with the Manchester growth!! Amazing to see. Darren www.fmp-investments.com www.f-m-p.uk Facebook Page - FMP Ltd property@f-m-p.uk I am looking for private financing with a 10% ROI - get in touch
  7. Financing a new roof with credit card for the rewards

    If you can pay with a CC card and you have that amount available on it then I dont see why not? Doesn't paying with a CC also offer extra protection (Im sure ive read that somewhere?). Even if your CC only gives you a 2% cash back reward, thats 1100 on a 55k spend! Darren www.fmp-investments.com www.f-m-p.uk property@f-m-p.uk I am looking for private financing with a 10% ROI - get in touch
  8. AST Template

    Thanks Craig, I am aware of this one, I was more interested in some of the custom terms that people may use within their agreement, so for example: Additional Clauses: Tenancy to continue on a statuary periodic basis once initial period has ended 12 month AST with 6 Month Break Clause An inspection will be completed at 6 weeks of the tenancy, and again at 6 months of the tenancy. Rent paid in advance of a period Joint tenants are jointly and severely liable for the rent; All of those named on the agreement are liable to pay the rent and meet all of the obligations to the landlord laid out in the tenancy agreement. If a tenant moves out, that person is still liable to pay their share of the rent until the tenancy agreement is altered, and the Landlord must be given a minimum of 28 days written notice via email to property@f-m-p.uk Payment method by DIRECT DEBIT only – Tenant is not to cancel DD without giving the LL 28 days written notice, and must be set up for the date that the tenant received their monthly wage. Late Rent – 4% interest charged on late rent. Service of documents by email – The tenant must consent to being served documents by email Pet Clause – No Pets are permitted Pests – In any other situation (exemption of pests being present within 4 weeks of moving in date and/or pest activity due to structural defects), the tenant is liable to deal with pests. Garden maintenance – The tenant is responsible for maintaining the rear garden, keeping areas tidy, weed free, and in seasonal order. Tenants Content Insurance – Tenants are required to have their own contents insurance for the property. Rent Review – Rent will be reviewed annually and may increase periodically in line with RPI inflation Access For Viewings – Tenants will permit access for viewings after they have notified that they are ending the tenancy, with a minimum of 24 hours notice period. Informing 3rd Parties – The tenant will allow the LL to forward the tenants details onto 3rd parties who require their details. (Utility providers, Council departments, trades persons completing work within the property etc). Payment of bills – ALL Bills are the responsibility of the tenant, and can never be transferred back to the Landlord. Payment of the TV licence is the responsibility of the tenant in every circumstance. Instillation of TV areal/Satellite equipment – Where this is not provided with an exisiting TV areal or satellite dish, the tenant MUST contact the Landlord for permission of installation. The Landlord will need to authorise the location of new fittings, and the tenant is responsible for ensuring that no damage is caused to the property when these items are fitted. Any TV areal or satellite equipment must be fitted by a professional company. Notification of repairs – All repair requests must be documented and sent to the Landlord in the form of email (property@f-m-p.uk). Tenant like occupation – The tenant has the implied obligation to occupy the property in a tenant like manner; the tenant occupies the property as if it was their own home, and has the responsibility to keep on top of small day to day jobs within the property such as changing light-bulbs; changing batteries within smoke/carbon monoxide detectors, unblocking toilets and sinks, renewing sealant around sanitary fixtures, maintaining the garden/yard area, repairing any damage that they (or their guests cause), within the property. Any costs incurred by the Landlord which are due to the above reasons can be charged to the tenant. Repairs – The tenant is responsible for any repairs that are required due to the tenant not acting in a tenant like manner. Leaving the property – The tenant is responsible for having the carpets, curtains, windows, kitchen, bathroom and other living spaces cleaned to a professional standard. Internal Decoration – The tenant is not permitted to change the colour of any walls within the property, and should re-paint any walls which have become damaged by the tenant. This cannot commence until the Landlord has received written notification. The tenant is not permitted to use nails, pins, sellotape, blu-tack, or any other forms of adhesive on any surfaces within the property. If the tenant required to place pictures/mirrors on the walls of the property, they MUST use “Removable adhesive hooks” which will not cause any damage to the internal walls of the property. Darren www.fmp-investments.com www.f-m-p.uk property@f-m-p.uk I am looking for private financing with a 10% ROI - get in touch
  9. AST Template

    Morning all, Has anyone got a sample AST agreement that they are currently using they can share with me? I am looking for something that I can edit and change for my own particular needs. Any help would be greatly appreciated, as i may be advertising my rental from this weekend. Thanks Darren www.fmp-investments.com www.f-m-p.uk property@f-m-p.uk I am looking for private financing with a 10% ROI - get in touch
  10. Buying through developer - use own solicitor?

    Keep us updated with your progress. Darren www.fmp-investments.com www.f-m-p.uk property@f-m-p.uk I am looking for private financing with a 10% ROI - get in touch
  11. Offering JV Partner interest rate of 8%

    My 3rd option is just to pay my investor outright using my own money. Fortunately as the property is only cheap I only owe my investor £25k including their return. Total property would have cost around £43k in total. Having spoken to a number of brokers though I am not overly concerned about the re-financing. Im also not worried if I do end up having £43k tied up in the property as then I will have an unencumbered property that I can use to secure future lending on. I think your strategy of starting with lower value properties is great as it will give you great experience and minimise your risk. Always be careful with others cash! Darren www.fmp-investments.com www.f-m-p.uk property@f-m-p.uk I am looking for private financing with a 10% ROI - get in touch
  12. How are things progressing with this? Darren www.fmp-investments.com www.f-m-p.uk Facebook Page - FMP Ltd property@f-m-p.uk I am looking for private financing with a 10% ROI - get in touch
  13. Electrics Advice

    I am buying a property at the moment that has a similar old board: I had my sparky in to look at it, as at the time I was just looking to update the consumer unit so that it was modern. This wasn't an issue and can be done. The issue arises if there are any faults in the house once a new consumer unit is fitted. They are far more sensitive, and so any issues will cause the breakers to flick. Finding what is causing the issue is the most difficult part. I was quoted £250 for the board and a further £90 for the electric test. I ended up deciding to have a full rewire instead (£1500). I am having the whole house renovated from top to bottom, and I am now going to keep it for a rental instead of flipping onwards. Best bet would be to have a chat with a few sparkies. Darren www.fmp-investments.com www.f-m-p.uk Facebook Page - FMP Ltd property@f-m-p.uk I am looking for private financing with a 10% ROI - get in touch
  14. HELP! Not sure how to start?!

    Did you ever look into this in more detail? I note that the post was the 23rd August and the OP hasnt been on the site since Aug 29. This would be such an interesting story. Darren www.fmp-investments.com www.f-m-p.uk Facebook Page - FMP Ltd property@f-m-p.uk I am looking for private financing with a 10% ROI - get in touch
  15. Its quite scary how opinions differ!! Darren www.fmp-investments.com www.f-m-p.uk Facebook Page - FMP Ltd property@f-m-p.uk I am looking for private financing with a 10% ROI - get in touch