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  • New Members

    Time to get serious!

    Hello all

    Having lurked for a while (and been very impressed with both the depth of knowledge and experience in the forum, and people's generosity in sharing it) I thought I might get stuck in.

    Some background:

    I became an accidental landlord in 2004 when my wife and I moved from our three bed flat in Brixton to a flat in SE London which I'd managed to buy by refinancing Brixton.

    About 18 months after that, the flat next door to the one we had bought was reposessed, and spotting the opportunity, I managed to buy it at around 20% BMV (by liquidating my ISA savings for deposit).

    Wind the clock forward a few years, and in 2009 we moved out of London to East Surrey and managed to buy our house without selling any of the other three properties.

    I've now reached a point where I want to move things to the next level with my investing and get more strategic and systematic about building up the portfolio.

    All my mortgages are sub 50% LTV (plus I did manage to totally pay off the repossession property, so that's unencumbered) and I also have access to funds in savings which could be transferred into property should the right deal come along.

    I've spoken to a couple of different property investment companies, one of whom wanted me to buy overpriced property off plan in North West London (Vanessa was kind enough to give me a gentle nudge in the right direction away from that).

    At this stage, I guess the main decisions I have to make are:

    1) Do I try to source the right investments myself?


    2) Do I want to limit myself to London or should I be considering other cities? (Manchester, Liverpool, Leeds etc)

    I know that I'm very fortunate to be in the position I am, with a solid foundation, (I haven't had a single void week in any of my BTLs for five years and they're all very nicely cash-flow positive) and access to further capital.

    But I also know there are always many more ways to do something badly than well and so I want to make wise decisions about how to progress.
    I know I need to set some specific goals but have not yet really done so ("expand the portfolio" is pretty vague!).

    Right now, I'm concentrating on learning. Eating up books on property (really enjoying Dolf de Roos at the moment) and doing lots of thinking.

    I know I have to start doing soon and look forward to sharing the next steps with the very fine people here.

    Thanks again for a brilliant forum.
    Hi Jon,

    Glad you are enjoying the PT experience!

    To answer your question:

    Yes, you can source your own deals - you have already successfully done it!

    Now it is just a matter of taking your interest in property to another level by immersing yourself in it and really digging down into the detail.

    If you want to be "hands on", then you should stay close to home - there are plenty of opportunities around you.

    What you need to do is relatively simple, you just need to systemise your way forwards and take some action every day.

    I believe I already dropped you some links about finding deals?

    The best advice I can give is just dive in!
    Thank you Vanessa.
    And thanks again for the links.Smile

    I don't necessarily need to be hands on.
    I'm happy to pay for management if the property is right and the overall numbers stack up.

    Diving in indeed!