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I have vague strategy for building my portfolio worked out. As a complete beginner though I'm sure to have a few holes in this plan. So, I'd like to speak with a BTL / HMO specialist financial adviser for further guidance on how to make my money work the best, covering tax and refinancing etc, etc. My goal is cash flow and replacing my income, hopefully within a 2-3 years. First part of my plan is to buy one house 3-4 bedrooms, which will my first BTL, keep it for a year, learn from that experience and then look at converting to a HMO in year 2. Keep the HMO (DD will have been done before buying it as a regular BTL) for a year, learn and then, all being well buy others until my income is matched so that I can give up my day job. Easy right?
I have a few questions.
Any comments on my post also welcome.
Hi David,Property Tribes Financial Services on 01206 654444 are here to service the financing needs of the PT community. They are whole of market brokers and specialise in BTL financing including HMOs, bridging, holiday lets etc.They will explain to you on contact how much they charge.If you have got value from your membership of this site, one way you can show your appreciation is to use the services of our sponsors and partners, as PT receives a small commission for any mortgage taken out by a PT member. This assists in maintaining this site as a free-to-use community resource. Thanks in advance if you decide to appoint PTFS as your broker.
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**
Thanks Vanessa, I'll give that number a call
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I went to a run of the mill IFA for my first 3 properties . Then I outgrew him
His vision wasn`t mine it turned out . So I went elsewhere
I learnt more and jumped ship again to my 3rd IFA and stuck with them .
He knew my next move before I did and I liked that about him .
Some IFA`s think they know how an investor mind works but don`t
Some IFA`s are investors themselves so they are better as long as their strategy matches mine
Some IFA`s are bang on the money
An IFA should be able to grow with you .
Ask them a 101 questions first
Some take a fee from just the lender
Some also take a fee from you a - maybe 250 maybe 1000 if they are really greedy
Seek and you will find someone who fits you like a glove and is worth their fee
Jonathan Clarke. http://www.buytoletmk.com
In another life long long ago I was an IFA
the majority of IFA don’t understand BTL
my IFA just could not get his head around S24
BTL is just not their game so be careful who you use
I believe you learn your own way in BTL
you can read books etc but it’s only when you have a tenant you start to understand what you're doing and you will learn fast. A few arrears, a tenant who does a flit, will remind you that you are in the "people game".
it never goes fully to plan, but what in life goes totally to plan ?
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 DL,I would have thought this thread and interview - The Happy Tenant Company powers new tribe - was right up your street!
I watched it this morning
I will be intresed to see the exit one
We haven't recorded an exit one. It's all about property management. The next video - Property management for newcomer landlords - actually talks about property being a "people business", so we were channelling DL at the recording!
It is a people bussinss
and it’s a very important part of the work we do
we need such a lot of skills
mind this is where PT is invaluable
the knowledge here is immense
The problem you may have in your strategy is that a BTL mortgage is different from an HMO mortgage.So unlikely, in year 2, that you will get permission from your lender to convert to HMO.Only some mortgage companies will do an HMO mortgage.Then the more bedrooms you have the fewer lenders there are. We could only find about 5 for our 6 bed HMO. Then of course HMO lenders charge a higher interest rate. One last thing, provided you're not in an article 4 area. you can convert the house to up to 6 beds under permitted development, without planning permission. But you will need building regs approval.
Hope this helps