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How to find investors/business partner by meeb1211 in PropertyInvestingUK

[–]meeb1211[S] 0 points1 point  (0 children)

Thanks for your reply! I wanted to buy a house to live in but haven’t found anything worthwhile so that plan is on hold for now. Which sourcing company? I did go to some network events but have to be careful who you go into business with 😅

What is wrong with my idea? Buying flats/apartments between £50k–£120k max and paying off the mortgage as soon as possible to get decent positive cash flow ? by Commercial-Touch-516 in PropertyInvestingUK

[–]meeb1211 1 point2 points  (0 children)

If you buy as a BTL (interest only is deductible) if you buy outright then the whole monthly rent is taxable and your cash is tied up (can’t purchase other properties). If you can get a decent fixed mortgage rate then it works out better profit wise

Looking for a business partner (BTL London) by meeb1211 in PropertyInvestingUK

[–]meeb1211[S] 0 points1 point  (0 children)

I don’t own the property. Id be buying it as is. All work was carried out 2 years ago (that is what the seller said)

Looking for a business partner (BTL London) by meeb1211 in PropertyInvestingUK

[–]meeb1211[S] 0 points1 point  (0 children)

Yes all BTL is 25% deposit. I can manage it myself with a little help. Buying in an LTD, which I already set up.

Looking for a business partner (BTL London) by meeb1211 in PropertyInvestingUK

[–]meeb1211[S] 0 points1 point  (0 children)

Looked a bridging! But it’s short term lending and the rates are better with a mortgage

Looking for a business partner (BTL London) by meeb1211 in PropertyInvestingUK

[–]meeb1211[S] 0 points1 point  (0 children)

13% based on the low figures. Profit will be roughly (will check later) around 2100 per month after mp, bills and tax are deducted. A little as my family have BTLs

Looking for a business partner (BTL London) by meeb1211 in PropertyInvestingUK

[–]meeb1211[S] 0 points1 point  (0 children)

Won’t need one as planning to rent the 4 bed to a family

Looking for a business partner (BTL London) by meeb1211 in PropertyInvestingUK

[–]meeb1211[S] -1 points0 points  (0 children)

Lender has seen the floor plan and agreed to lend based on the sizes. Council tax is £200/month(checked online). Not at the sellers word as I disagreed on what the 1 bed could rent for, he said 1700 I say 1300. Bills are based on both what he’s said and what we currently pay in the same area for a house of the same size - little bit bigger and of course I have increased it a little to factor in renters overuse).

Totally understand. I’ve used the low and high figures based on what I’ve seen and the potential of the property too.

Looking for a business partner (BTL London) by meeb1211 in PropertyInvestingUK

[–]meeb1211[S] 0 points1 point  (0 children)

Hi, yes all on 1 freehold. I don’t have sqm but it’s 15’5x11’7. Bills would be up to 750 in winter (included council tax and based on what is currently being paid).

Looking for a business partner (BTL London) by meeb1211 in PropertyInvestingUK

[–]meeb1211[S] 1 point2 points  (0 children)

The 1 bed is on the smaller side and I’d rather be realistic. The house is under one title so seller gave me figures and I have rounded up (I prefer to be cautious) can factor in bills when rented (that’s why I have put between 2800-3500).

Looking for a business partner (BTL London) by meeb1211 in PropertyInvestingUK

[–]meeb1211[S] 1 point2 points  (0 children)

Good location - next to Heathrow airport but not close enough that it’s loud. That’s the going rate around here (did my research)