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I am a new member here. I came across Property tribes on YouTube.
I am based in Farnham Surrey. I own a carpet and flooring business in Milford and I have 2x BTL 3bed flats in Scotland 1x 3bed house which I have turned into a 4x room let for students and currently in the process of purchasing a Care Home unit.
I was looking to maybe purchasing a property next year to flip any advice would be greatly appreciated.
Looking forward to hearing peoples different experiences and Ideas.
I hope you all have a great day!!
Hi Michael and a warm welcome to the tribe!I am pleased to hear you found your way here via youtube. We live in Guildford, just down the road from you, and also members of Farnham David Lloyd Club ... so "hello neighbour"!When you say "care home unit", what exactly do you mean?I would also recommend against buy to sell in the current market conditions. Recent data says the average property is taking 7 months to sell. The 3% stamp duty surcharge is also slimming margins.As to what other strategies you could undertake, that very much depends on your cash starting pot, financial circumstances, skillset, and how much time you have to dedicate to it, not to mention how deals stack up in your area.Perhaps dive in to our discussions and increase your learning before making any further decisions?Hope that helps for starters?
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 for the reply. It is a room in a Care Home with a 10% yield and buy back option after 5years with an assured rate.
I am a member of David Lloyd in Farnham also hopefully I will bump into you one day. I will have a look around PT and read up on some of the topics you have.
Thanks Michael.I would advise you against the care home unit. What happens if the developer goes bust? The second-hand market for these type of "investments" is virtually non-existent.Very often the rental guarantee is just factored into the price, so you are being paid back your own money over five years. What due diligence have you done on the company and the pricing? I won't beat around the bush - I am not a fan of these type of investments as they very often end in tears.
You are making me worry now.
The company have operated the care home since 1996. It is a 40 room care home and all rooms are ground floor. Its last CQC report was on the 13/09/2018. I am going to re read the pricing structure to make sure I haven't missed anything.
If you have undertaken comprehensive due diligence, and are happy with your findings, then that's great, but perhaps I have flagged up some other considerations that you may not have considered? I am not intending to worry you, just assist you in mitigating your risk.
Hi Michael and welcome to property tribes! It’s great to see how much you have already achieved, congratulations! Are you planning on purchasing a property to flip local to yourself/where your current investments are or elsewhere?
Also may I ask why you are going into flipping, do you want a change from your standard BTL’s?
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