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  • New Members

    Hello from a newbie in London

    Hi everyone! I'm a new investor based in North London, and very excited about becoming part of this community. I've done a lot of reading over old posts, and the expertise that is freely shared here is astonishing.
    I've just bought my first BTL in Tottenham, North London, about 5 miles from where I live. I'm planning on letting it through a Housing Association, which isn't something I've seen discussed here - so now's the time to warn me off if anyone has bad experiences! If I do go ahead with that, maybe I can contribute some information here about it.
    The plan was to just buy a couple of flats for the cashflow and be very hands-off about investing and managing, but during the process I've become fascinated with property and want to do more and more! I need to do some saving up before I can buy the next one (because I'm more inclined to believe the experts here saying NMD is dead, rather than the salesmen elsewhere claiming otherwise), so I'm doing a lot of reading about lease options, and sourcing deals for other investors, so I can keep earning and learning without having a deposit to put down. I'm very annoyed to see that I've missed a couple of John Corey's lease option talks recently, so will be waiting to pounce when the next one is announced!
    The goal? Financial freedom! £3k of monthly passive income within 3 years is the aim, so 3 deals a year with a net cashflow of £350 would get me there. Is that realistic? Not sure, but if I do get there I'm sure it'll be largely to do with the expertise I pick up here and at the networking events I've been putting in my diary. It's going to be an exciting journey!
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    Rob,
    I am speaking in Oxford in August. I can dig up the details and post the info in the events section. As you are in North London we can meet up for a tea or similar somewhere in Central London. I am over by London Bridge.
    Good to see you have worked the numbers in terms of your £3K/m goal. Have you stress tests the goal to see what might happen if interest rates that a BTL borrower pays spikes to 8% or more? 8% sounds high but it also is nothing more than BoE hitting 5% with a 3% margin above that for the lender. In other words it is the rate expected by the end of 2010 when you listen to some advisors.
    John Corey
    https://www.ChelseaPrivateEquity.com/blog
    Follow me on Twitter -> https://www.twitter.com/john_corey
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    John Corey 


    I host the London Real Estate Meet on the 2nd Tuesday of every month since 2005. If you have never been before, email me for the 'new visitor' link.

    PropertyFortress.com/Events

    Also happy to chat on the phone. Pay It Forward; my way of giving back through sharing. Click on the link: PropertyFortress.com/Ask-John to book a time. I will call you at the time you selected. Nothing to buy. Just be prepared with your questions so we can use the 20 minutes wisely.

    Hi Rob,
    Welcome to the tribe, and congratulatios on your first BTL!
    It's great that you have set specific goals, and recognised the value in taking the "get rich slow" route, rather than the "get rich quick" one. My advice would be to focus your next purchases on houses (rather than flats) as houses can generate much better cash flow than flats, which means you will be able to survive in this game for the long term. Have a look at Top Ten reasons to buy a house rather than a flat ... every time for more on this subject.
    There is a very long thread on here about options called "Options Homework" which I am sure you will find valuable to your research. Plus John is very knowledgeable and is one of the only people in the U.K. talking about lease options who has actually done any!
    It's fantastic that you recognise the value of research and due diligence. These are paramount to achieve any successful investment.
    We hope to see you at one of our events, the next one being on the 26th July in Guildford, which is not too far for you. Nick and I have a number of properties in the North London area, and, it is the only area of London that we personally like to invest in. You certainly have a good location on your doorstep, so start looking at terraced housing stock as they are the bread and butter investment of that area.
    Good luck on your property journey and hope to meet you soon.
    V.
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    John - thank you for the reply, and it'd be good if you could add your Oxford event to the site. You make a great point about interest rates - I always like to assume the worst case when it comes to numbers, rather than kidding myself a deal will work when it's marginal, so assuming 8% makes sense.
    Meeting up in London for tea would be fantastic - I can easily come down to London Bridge. I'm self-employed so can be flexible, so just let me know when you have some time.
    Vanessa - Thank you for the link, there are some reasons there I'd not thought of before. Supply seems like a big factor - you see so many developers converting houses into flats that I often wonder if there will be any houses left in 10 years! I'm not sure yet if I'll be able to make it to Guildford on the 26th, but if not I'll certainly come to the next one.
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