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  • Buy-to-Let

    NMLI Strategy

    Could it be that everything was brand new and house looked great but in 1-2 years the shine has gone and it is simply another house in a road with a ceiling price of 88k?
    I never want the best house in the road, I plan to move the worst house up to top 25%
    Never overspec the refurb and try to break the ceiling price for a road, let someone else do that
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    Slowly working towards financial freedom


    I like being that someone haha different isn't huge either and hope it sells quicker

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    Dont listen to all the naysayers I purchased in November cash for 81k  spent 1500 on refurb (paint and carpet) by time stamp total cost 87k 
    Just had valuation at £115k 3 doors down on market at £130 .  Remortgage offer £86750 so NMLI . And in the six months 6 x£650 minus fees .  Bank wanted to know why valuation was much more than purchase price ? I told them it was a distressed sale from bank as it was and I also had to fully refurbish the property which was really stretching the truth !
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    Glad to hear it worked out well for you. Which lender was this with? Did you meet the surveyor? Any tips for the rest if us trying to do something similar?
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    Lender was paragon I didn't meet surveyor as tenant is in occupation I did call the tenant and asked them if they liked living there as I was looking to remortgage and would need the place to look good when surveyor came round to value it . If I didn't get good valuation then I would sell the house so it gave them the  incentive to make sure place was well presented. They really liked the house so said they would make sure all was good . I knew the value of the house was £125k  so as long as I could get my 87k out i would be happy.  Tenant now feels secure and knows they are welcome to stay for the next 3 years .
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    You were lucky it worked out the way it did

    can I ask where you are located  and what LTV you started with and what LTV you finished at when you extracted the cash  it looks like 75% LTV

    From the purchase price I would think your in the North

    are you investing in your own name or via a company

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    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 am based in London and property is in Liverpool . I am set up as a limited company and extracting every penny I can from it ! 
    I'm at a 75% LTV across my portfolio.  I have used this strategy since 2015  I started of with an £180k pot and now am down to £170k with 7 properties  . I'm not rich by any measure but no longer need to work to pay my mortgage or living expenses.  I am financially free. !
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    Do you think the strategy would work in London out of interest

    when you say you extract every penny you can from the company

    can you explain how you do that

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    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.

    I have made it work in Kent  Surrey and liverpool there are opportunities everywhere I just chase the numbers . Unsold auction  lots are my favourite.  I cant afford London anymore so looking to the north at mo .
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    I understand what your saying

    but I am interested when you say you extract every penny

    how do you do that are you talking about capital or profit from the rent

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    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.