Alistair Trippett

Registered with Property118.com
Saturday 10th November 2018

Location
Stoke on Trent

Insures properties through a broker recommended by Property118
No


Latest Comments

Total Number of Property118 Comments: 7

Alistair Trippett

11:32 AM, 31st July 2019
About A year ago

Should I stay away from auction property with existing tenants?

To put a spin on the above comment, I recently purchased a block of 24 flats at auction with tenants in situ and I have found many positives as a result of buying with tenants in situ, not many necessarily relating to the auction element however but still worth considering.

Note, chasing deposits from the previous management company was a nightmare. It took over 5 months and many threats, the deposits were always insured but they had used an insurance scheme, thus getting the funds transferred was more difficult as they weren't playing ball.
I also had to pay all arrears to the previous owner, good luck finding out what that amounts to when going to auction, the agents won't talk to you until you've bought it.

Some positives, you get an income from day one hopefully, this means I've been able to refurbish flats as they become vacant and the rent roll has easily cash flowed this.

Tenants in situ opens the doors to funding, especially if they're low income, unemployed or disabled. I'm looking at around 50% funding towards a £350,000 refurb. Bare in mind also this 2 year refurb, the remaining 50% can be funded by the rent collected.

I'll definitely be looking to buy more tenanted properties.... Read More

Alistair Trippett

12:29 PM, 26th November 2018
About 2 years ago

The 22 Year Old Who Purchased A Block Of 24 Flats

Reply to the comment left by Jayne Owen at 26/11/2018 - 12:22
Hi Jayne,

Ofcourse! If you could email me, alistairjtrippett@gmail.com
I'd be more than happy to.

Thanks... Read More

Alistair Trippett

14:37 PM, 23rd November 2018
About 2 years ago

The 22 Year Old Who Purchased A Block Of 24 Flats

Reply to the comment left by Mark Alexander at 23/11/2018 - 14:24
It hasn't really been too much of an issue.

At the end of the day on a refinance they're going to look at what the property is worth and how likely are you to default. Then depending on the above what sort of deal are they going to present to you.

I've always been able to prove a properties worth, the income it generates (which should easily cover the payments and bills, contingency budget etc) and I've never borrowed more than 75% ltv.

From a bank's perspective that's all they need to know, I have been asked a few more questions which my broker believes is down to my age but it's never caused an issue.

The only thing that my age has caused an issue with is trades but even then I give an initial impression to them that I'm not a fool and I think that deters any messing around.... Read More

Alistair Trippett

14:29 PM, 23rd November 2018
About 2 years ago

The 22 Year Old Who Purchased A Block Of 24 Flats

Reply to the comment left by Laura Delow at 02/11/2018 - 09:46
Hi Laura,

Thank you and apologies for the delayed reply.

It's a tough one for me to give advice to someone in a different position to myself but you don't have to look far to find someone that has done it without initial funding which proves it is possible.

I suppose my advice would be that you're going to need to use other people's money (outside of family). So be very prevalent on social media, find someone that has the funds to do your first project but doesn't have the knowledge to do it themselves, be the missing piece to their puzzle. Once your first project is off the ground take every piece of marketing material from it and put yourself out there to other investors.

On the flip side I see a lot of people doing this but they come across as arrogant like they know it all and talk a lot of BS which to someone who knows a little about property you will immediately be considered untrustworthy.... Read More

Alistair Trippett

14:20 PM, 23rd November 2018
About 2 years ago

The 22 Year Old Who Purchased A Block Of 24 Flats

Reply to the comment left by Mark Alexander at 23/11/2018 - 09:59
Thanks Mark,

As briefly covered in the main article I first got into property as a result of my parents buying a property to refurbish to keep me busy during surgery rehabilitation. A year later they did the same again and it was at that point I realised that I wanted a career in property. I've grown up to become a practical person, although I don't enjoy the building work it's been a necessary evil and I now hope that I can step back from the hands on stuff completely.

A brief overview of my projects so far (which have all been gutted and refurbed) year 1 a refurb & rent single let, year 2 a refurb and rent single let, year 3 I decided I wanted to go full time so I bought my first flip, in the same year I bought my second flip, year 4 I bought a run down property that is now a high end all en-suite professional 8 bedroom HMO, year 5 I bought a block of flats!

I am running now through a ltd company called BIG MOOSE HOUSING LTD, it's a ridiculous name and has no meaning behind it other than reflect my personality which is light hearted and not too serious.

Finally I've had a lot of cash injection from my parents, especially on something like these flats. All purchases have been cash with their help but every time I have added value, refinanced and used that money to take on the next one.
Once these flats are refinanced my portfolio will probably stand around 30% parents capital, 70% my profits and bank finance.... Read More