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My wife and me have been working overseas for 10 years, but we are at the point now where we would like to come home and settle. I will still be working overseas to provide an income, but the plan is for my wife to use our savings to create a portfolio that we can initially grow. At the point where we can cashflow 5k per month, I will then finish work overseas, and come home also.
Our current circumstances are.
We have 125k in cash and also have an existing BTL apartment worth 100k that is paid for.
I would like to raise a mortgage on our existing BTL, and take out 75k, giving us a total of 200k to play with initially.
We are looking to invest in South Yorkshire.
For the years I am aboard, I will be able to put 50k a year into the portfolio to continue to grow it.
My question is, in this current market, what is your view on the best way to grow the portfolio as quickly as possible?... the quicker we can make this happen, the quicker I can come home aswell!
My advice Is sit down with a Tax Advisor and Plan Plan Plan
BTL has become a political football remember that
and I cant see Govt or Councils helping you with your plans
I don't think 200k is a lot of money in 2018 when it comes to BTL
the further south you invest the less you will get for your money
BTL can still work But as I have said it needs a lot of thinking about
we live in very uncertain times If we get a Labour Govt they will hammer BTL
If we get a Tory Govt they too will tap the BTL Landlord for more tax
I don't wish to put you off but BTL is not the investment it was a few years ago
Learn every thing you can Go to Landlord Groups
Don't listen to the get rich quick guys who pray on new landlords and there dreams
surround your self with a Good Mortgage Broker and good tradesman You will need both
Take your time
Best of Luck DL
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.
(*Moderator note: Comment removed*).
Get a JV partner who works at the location you are interested in and grow your portfolio together.
I can relate a bit to your circumstances. I came back to the UK in late 2015 , have been trying to do the same as you wish. However the lenders look for residency in the UK and want at least three years and want to know that your not going to vanish abroad again. Once ur over this hurdle then comes the question of where to buy, what capital growth is on offer and what rental yields are available in that area.
I want to echo dislexix_landlord regarding the SHARKS out there, in my research i found out that no body is going to give you any tangible information without having a hidden agenda, so steer clear of them.
I personally have not found anyone that i can do a joint venture (JV) with, again here you just don't know who to trust.
Just be careful out there its a jungle.
Lots of good and free info on here thou.
I disagree doing it all by yourself unless your intention is growing slowly and not having a big portfolio.
I was doing it alone and buying about 1 property every 4 months. Once we started doing JV partnerships with different skills sets input and building a team, we are averaging buying 1 property per month.
Just have to do your DD and choose your partner carefully. Mark and Rob at Progressive Property have over 700 properties between them, Mark with the money and Rob does not have any.
JV, if done right, it's like building portfolio on turbo charge.
You will need some tax advice. You are currently non-resident which has its perks. Once you move back your worldwide assets are subject to UK tax. You may wish to review that position.
Tax advisor and mortgage broker
Great to hear you are looking to invest.
South Yorkshire is definitely a good place for investment, and in the current market there are many deals to be had. If you want to grow your portfolio it would be best to buy BMV properties that you can renovate, rent out and re-mortgage the property. This will then give you more money to buy more properties for your portfolio.
There are some great deals to be had in South Yorkshire:
We hope this helps, and if you have any further questions please don’t hesitate to ask.
Many Thanks for all your responses, its very much appreciated. All info has been taken onboard, and today we have sat down with a few local accountants to take the next steps in the planning phase, as we are still figuring out whether to buy properties in our own name, or whether its worth opening a company. Hopefully we will be in a position come Jan to move forward after doing our own due diligence.
Incorporating potentially opens another can of worms - so another bunch of research needed.