darren mcneill

Established Member
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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

1,735 profile views
  1. New Property Investor

    Hi Shaun, Have you been through the free courses that the Rob's have provided on this site? What are your short term/long term goals? If you are looking for something hands off then I doubt a HMO would be the right strategy. You can get agents to operate them for you, but from speaking with other investors it can be notoriously difficult to find a competent agent who will run it well. A fully managed BTL may be your best bet, but you would need to take into account the higher % charged by the agent, but this is just another number to run when calculating your figures. You will probably struggle to get £2k PCM after all costs from your £120k, but it probably is possible somewhere. I think the reality is that around£1,200 PC after costs would be more realistic (depending on the value of the properties you purchase etc). You will get people telling you about areas where property can be picked up for peanuts and the rents are amazing, but whether they would attract a nice tenant who would help in your hand off request could be another matter. A £70k property would probably cost you around £21k including all fee's etc, so you could stretch your 120k to possibly 6 properties? Again this would depend on if you buy in a Ltd Co or in your own name (Ltd Co have higher fee's etc). There are so many variables! lol.... Have you thought about investing in your own local area? Darren www.fmp-investments.com www.f-m-p.uk Facebook Page - FMP Ltd property@f-m-p.uk
  2. Just get your alerts set up and something will eventually PING on your email that ticks the right boxes! I also find that simply re-searching the desired area over and over again can eventually give you something that you had not considered. I must go through my own personal area once every 2 days. Sometimes there seem to be properties that are there that haven't been sent in my email. Also worth noting that there are occasionally properties on Zoopla that are not on Rightmove. Good luck, Darren www.fmp-investments.com www.f-m-p.uk Facebook Page - FMP Ltd property@f-m-p.uk
  3. Property Flipping and Residential Mortgage

    Hi Nomadic, I think where you may have an issue is that you will be repaying each mortgage in a 12 month period. A mortgage is classed as a long term product, and lenders do not like people re-paying the mortgage under the standard 2 year period. You could find that there is an increased possibility of it being spotted and it has been mentioned elsewhere about being blacklisted and then struggling in the future. I am no expert so could not comment on whether this would actually happen, but if it did, and you were spotted, you would then possibly affect your own personal chances of mortgaging (ie your own home) in the future. There may possibly be another issue with the frequency and CGT. You could be seen as trading and therefore the profit would be treated as income, and you taxed accordingly. This may well push you into new tax brackets etc and it could become expensive. No solid answers unfortunately as I am not a tax expert etc but just some information that I have come across. I could of course have read wrong and this is all incorrect!! I think the best bet is to speak to a qualified tax adviser as rules frequently change. Darren www.fmp-investments.com www.f-m-p.uk property@f-m-p.uk
  4. Refinancing possible with new lender after 6 months?

    I am really interested to hear who the lender is on this and how it works out! Darren www.fmp-investments.com www.f-m-p.uk property@f-m-p.uk
  5. Wiring / electrical problem?

    I was just about to say the same. Wish my properties came with decent fuse boxes and wiring... humph!! Darren www.fmp-investments.com www.f-m-p.uk property@f-m-p.uk
  6. Flip Mentor

    Hi Sam, I am far from a "guru" but feel free reed to drop me a message via email for a 2nd opinion. Im playing stay at home dad this week but will squeeze it in when I have a minute. Darren www.fmp-investments.com www.f-m-p.uk property@f-m-p.uk
  7. Funding and investment, nice problem to have.

    It may be worth speaking to a few bridging brokers if finance is something that you are looking for. For private lenders, have you thought of speaking to people within your current network? You already have contact with a large number of property people so it may be worth raising the subject with them With your current experience levels it should not be too difficult for you to find funding options. There is also things such as crowd funding etc. I would highly recommend having a look through the following podcasts back catalogues. I am sure Richard has covered financing topics (and his podcasts are very in depth and probably beneficial with your existing property knowledge), and if I remember correctly Rob has also discussed it on his property geek podcast: http://www.thepropertyvoice.net/category/podcast/ https://www.propertygeek.net/podcast/ Hope these help (if you have not already listened to them). Darren www.fmp-investments.com www.f-m-p.uk property@f-m-p.uk
  8. Refinancing possible with new lender after 6 months?

    Hi Graeme, It certainly looks as though you have been given a lot of conflicting information! My personal understanding (I am no expert so could be completely wrong) is that you would not be able to re-finance until your initial product has expired, so if you have a 2 year introductory period then after this. This is normally the point where people then re-finance. Within your product there will be exit %'s, so basically how much you have to pay the lender if you repay your mortgage early. I think on one that I am looking at it was 3% year 1, 2% year 2. If you were successful in remortgaging with a new lender then you would need to pay your old lender the above. You would also need to pay new lenders fee's etc etc. Another issue that you mention is achieving the higher uplift in value after such a short period of time. This is something that I have wrote about in my own journal, as it was part of my strategy in extracting my cash back out of projects (see below link). I have flitted between paying upfront in cash and refinancing after 6 months, to initially buying on a 2 year BTL product and then refinancing at the end of the 2 years. I am currently going through a cash purchase to 6 month mortgage at this moment in time, which I do mention in the journal below. I would be very interested to hear if there is a way to get your current lender to increase the valuation whilst you are still in an initial product, so if you do get details on this then please feel free to share. If you would like me to pass you on my broker, then feel free to get i touch via email. Good luck, I will be following your progress and eventual learning from this complicated area of lending!!! Darren www.fmp-investments.com www.f-m-p.uk property@f-m-p.uk
  9. A newbie in need of advice.

    What area are you looking to work in John? I see you mention the NW, are you local to up here? With regards to getting started, I would look at buying 1 using a BTL mortgage so you can wet your feet and learn. I just have 1 rental at the moment (Unplanned) and it has been a great learning experience so far. With the funds that you mention above you could do really well. What you need to work out are what your goals are which has already been mentioned, and also once the £125k pot has been spent on "deposits" etc, what is your plan going to be to fund your following deposits etc? I often read about people who have gone and invested their capital, but haven't quite thought about how to generate enough money to fund the following BTL's etc. I would highly recommend that you continue to work through the courses that the Rob's have on this site, and continue speaking to other hubbers. Goo luck with everything! Darren www.fmp-investments.com www.f-m-p.uk property@f-m-p.uk
  10. My Plan & The Funds I'll Need in the Future

    Hi Joe, You sound like you are looking to start at the bottom of the pile, which is where my story started! Financing and funding on the bottom rungs can be difficult. It is not impossible, but the costs involved in bridging etc make low end properties really difficult to stack up. I have a few journals that you might find interesting. They just log my story so far starting off with not much working capital, and the large number of brick walls that I have come up against so far. As long as you are determined and have a pan then you will be able to achieve your goals and so much more. Good luck and I look forward to seeing how you progress! Darren www.fmp-investments.com www.f-m-p.uk property@f-m-p.uk
  11. The best way.....? Personally I do not mention what I am doing. Everyone that I know knows the line of work that I am now into. If they bring up the subject then normally it is because they are interested, and I find that I can have a normal conversation with them about it. At the start I was told that I was an idiot, stupid, wasting my time etc etc (more the Mrs side of the family, mine were great). This just gave me the energy to stick two fingers up at them. When I sold my first project and earned the same as an entire years salary for 8 weeks of work I delighted in rubbing their noses in it and proving them all wrong. I personally thrive on others negativity. People do eventually come round, the ones that don't are normally incredibly jealous because you are doing something they wish they could do, or do not have the ball$ to do it themselves. If someone talks crap, just nod and listen, don't waste your time engaging. Funnily enough I have this approach in most aspects of my life! lol... I cannot be bothered wasting my time correcting idiots, I just let them talk then walk away and get on with my life. Darren www.fmp-investments.com www.f-m-p.uk property@f-m-p.uk
  12. Hi, I think this is something that would benefit with a conversation with an expert. You need to plan for a worst case scenario, as things can happen. You need to protect both yourself and your investor, and make sure that there are clearly defined exit strategies etc. I know that really solid JV contracts can cost around £5k, but they are worth their weight in gold. Once drafted however you could then use it repeatedly over time, just with small elements changed. What may be a far simpler process is to use the investor to just purchase the property (CH1 form) for an agreed 12 month period. You pay for the renovation yourself, and then re-finance at the 6 month mark to extract the investors money and pay them back? A lot simpler as it is a loan, and the costs are significantly lower. Darren www.fmp-investments.com www.f-m-p.uk property@f-m-p.uk
  13. Funding and investment, nice problem to have.

    What experience do you have that would make someone interested in investing their money in you? Do you have a track record of investing, renovating etc etc? Darren www.fmp-investments.com www.f-m-p.uk property@f-m-p.uk
  14. Spreadsheet Templates for BTL projects

    Feel free to download it here: https://fmp-investments.com/guides Darren www.fmp-investments.com www.f-m-p.uk property@f-m-p.uk
  15. Critique my business model - Property flipping

    Looking inwards the biggest thing would for me would be around how it is legally structured, what the exit routes are for the directors, access to company funds etc. When it comes to money you have to be careful, those people you thought you could trust with your own life can change when £££ is involved. I would speak to someone who can help you set everything up properly as it will be money well spent. As for the business model, makes complete sense and steady growth will get you bigger and better projects. Darren www.fmp-investments.com www.f-m-p.uk property@f-m-p.uk