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This year I will launch my property business, stage one is to create a portfolio of BTL properties (this is a long term investment designed to create a pension pot).
I have a lump sum of money and monthly disposable income from other business interests.
I would like to hear your experiences and ideas of an aggressive plan of action that will allow me to quickly build the portfolio.
How best to leverage deposits/equity in properties/borrowing etc so i can use my money wisely and grow to a sizeable portfolio quickly.
The days of easy leverage are over
Lenders just dont give money that easily
Learn Change and Adapt ?????
All comments are for casual information purposes only. If you wish to rely on any advice I have given please ensure you obtain independent specialist advice from a third party. No liability is accepted for comments made.
Hi Robert,A very similar question was asked >>> Building up portfolio more efficiently..
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
Key to your strategy will be to have the right business,lender, and tax friendly structure in place from the get go.
Make sure that any property gives you maximum income, and whatever you do don't let the tax tail wag the planning dog.
Founding Director, for and on behalf of
Less Tax For Landlords
0203 735 2940
re mortgaging after 6 months doesn't appear to be as easy as once was, last one they valued it at what I paid for it plus what the works cost roughly. Tooke me 3/4 months to prove obviously it was worth more, never come across this before
"Law", I agree.
My experience - with quite a few properties in the past couple of years - has been exactly the same. Unless you do pretty big work (e.g. add bedrooms, or extensions) the mortgage valuers will only give you purchase price plus refurb spent. No matter what people selling education tell you, the only people who matter are lenders and their valuers, and my experience is that they simply do not believe that "below market value" exists - because the very definition of "market value" is that it is the amount equal to the price a willing buyer and willing seller agree to pay in the open market. So for example by definition any auction purchase, for example, will be AT market value (taking into account condition of the property).
Courage , determination and resourcefulness is what you need
Your OP reads as if you have those qualities
The mechanics then are relatively straightforward when you have got your head around it all
You then do it yourself or buy in assistance
Buy well / refurb ,add value / remortgage and go again
Get a solicitor / accountant / mortgage broker / letting agent in place
If your affairs are complicated talk to a tax advisor
I built mine fairly aggressively over 12 years to become financially free
When people told me to slow down i ignored them and kept going
Have faith in your own abilities and trust your judgement
Read everything on PT, absorb it and read it again
This will narrow down your options and decide the best route for you
The size of your lump sum is important and sets the pace you can go at
If its really sizeable then your pace can quicken and you enter a kind of perpetual motion
I have built portfolios for clients and the aggressive ones who are already in other well run successful businesses or have high energy careers do well . They see the bigger picture even if they dont know this industry . If they can survive without constantly having a microscope on the pennies because they have other wealth / income and they are prepared to ride the waves they are the ones who seem to do better . Sometimes you have to take a deep breath and just say Buy over the phone to the agent before someone else does . Just like in the movies! Its exhilarating and the adrenaline flows
The ability to make tough big choices quickly means though that the early bird catches the worm
Jonathan Clarke. http://www.buytoletmk.com
Universal Property Services Ltd
I notice the most bold statements of expansion comes from two members who provide services to Landlords
One is a property sourer and the other is a builder
I prefer to see the views of an every day landlord