darren mcneill

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About darren mcneill

  • Rank
    Established 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

606 profile views
  1. Yes of course, no need to ask. Just pop me an email and il send it you over. Hopefully it will be able to help you. cheers Darren ---------------- www.f-m-p.uk property@f-m-p.uk
  2. Brilliant, really glad that it has helped you out with your numbers! --------------------------------------- www.f-m-p.uk property@f-m-p.uk
  3. Yes, feel free to get in touch, hope it can help you. Darren --------------------------------------- www.f-m-p.uk property@f-m-p.uk
  4. I think recommendations go a long way. I was recommended mine by a fellow investor, and he is brilliant. He understands what I need, and prioritises my work over others. Granted I did nag him daily at the start, so it might be down to that as now I have no need to chase as often! I could imagine these online services are slow.... and speed is what you need.
  5. I was advised by my accountant to have 2 x ltd companies set up, 1 for flips, 1 for rentals. They are taxed slightly different as one would be a trading company (the flips), whilst the other is rentals. I can for example claim back abortive purchase costs in my trading company, but cannot in my rental company.
  6. With that amount of money I would personally move up North where the money is, and start earning. You could easily work on a BRR strategy and end up securing your properties for minimal outlay in the end. In a few years you could have acquired a number of properties, and be well on your way. I am personally aiming to get close to your amount as working capital, as there are so many opportunities to be had. I would be purchasing 2-3 at a time with that money and be turning over a decent return. I suppose it depends on how badly you want something in life, but if your only earning 20k per year then it could well be worth the punt. I know what I would do in your situation if I was single and had nothing to keep me tied down.
  7. Hi Kevin, I have a spreadsheet that I use which covers the refurb costs as well as the whole buying & selling costs. Feel free to email me and I will send it over to you: property@f-m-p.uk There may be a few costs that you have not thought of, so hopefully this will highlight any if you have missed them. Darren --------------------------------------- www.f-m-p.uk property@f-m-p.uk
  8. The Millionaire Next Door comes highly recommended by numerous people within the property investment groups, so I decided to purchase the audio-book (I cannot stand reading, it doesn't feel time efficient to me - but I am happy to take in as many audio-books as possible!). Yet another excellent and thought provoking read that simplifies your thought process, and makes things seem very apparent once explained. This has made me think about my own households income, and expenditure, and it has also made me curious on how others investors income/expenditure compares the more properties that they own. I would personally expect that people looking to get into the property market (BTS/BTL) would have a lower % of income/expenditure, than those people with more properties? I was wondering if people would be happy to comment with their %, either as a flat percentage, or including the numbers (if they so wished). The numbers are for the total household income (Before tax). I would also be curious how many people have a detailed budget of their household income? So my details: Income - £74,660 Expenditure - £34,592 % - 46% Income spent on expenditure Monthly detailed household expenditure kept 1 x BTS - 0 x BTL The expenditure for our home was reduced when I made the decision to leave my full time job last year. I established that it actually had very little effect on our home lives. Yes we had to make changes, but nothing that has resulted in a major lifestyle change. The result is that I will now not increase the spending in our home, and will re-invest the additional income to grow my business and start accumulating assets.
  9. Thanks for this info. Definitely an area that I would like to expand my knowledge in case the right opportunity arises.
  10. Good luck! --------------------------------------------- www.f-m-p.uk property@f-m-p.uk
  11. Cheers.
  12. Excellent. I thought so but wanted to clarify in my own mind. So despite my ability to increase my working capital through renovating and re-financing, the money is not seen as profit. I would assume that unlike with a sole trader, this extra money that is released would be subject to normal taxes if I wished to remove it personally as it is within a Ltd Company structure?
  13. Put it into auction. He may not get a huge amount of money, but either way it will clear him of his responsibilities. Companies seem to make money more through fines & associate admin fee's for people who do not pay promptly each year. There is some money to be made from these, but my knowledge is by limited. it was something that my solicitor brought up when I was purchasing my current project. He wanted to ensure that the ground rent was fully paid so that there we no fines that could be levied upon myself, as he knew of the leasehold company and had dealt with them in the past. Hope this helps. Darren
  14. Morning, As as I understand it when you come to a remortgage of an existing property, and equity releases is tax free. What is the situation if you have purchased the property in cash, renovated, tenanted, and then look for a mortgage? Here is my current example: £25,800 purchase price £850 legal fee's £10,000 renovation £1,200 monthly bills £37,050 total cost Property is valued at £70,000, so the potential of £32,950 equity. If I went to remortgage with a 75% mortgage leaving £10,500 in the property, I would be extracting £59,500. This would be a net profit on the original purchase & renovation of £22,450..... So, the question is, what is the taxable figure here in relation to corporation tax? Advice appreciated. Darren
  15. Interesting read, thank you. I will complete further research into this strategy.