Ian Taylor

Registered with Property118.com
Saturday 11th July 2015


Latest Comments

Total Number of Property118 Comments: 7

Ian Taylor

19:35 PM, 12th July 2016
About 4 years ago

My Landlord Tax Strategy

Hi Mark,

Great article, thank you. When reading I was actually interested to know the answers to Haf and Jamie's questions around CGT between spouses and also in light of recent changes would you still stand by your personal tax structure as opposed to a Ltd company?

I took you up on your offer of an introduction to Pacific and I have my first session with them on Thursday.

Thanks
Ian... Read More

Ian Taylor

21:53 PM, 5th July 2016
About 4 years ago

Getting started in renovating BTL properties

Hi All,

I thought I'd write a quick update on my progress since I last posted.

I managed to buy a 1 bed flat in Southend, Essex for £90k, and I just beat the SDLT cut off at the end of March to save £2.7k. I have since refurbished the whole flat including new kitchen, bathroom, plaster (where needed), new fuse board, boiler serviced and certificated, paint and carpets, all for just over £6k.

With my purchase price, refurb and fees i'm all in for £100k. I recently had the property valued by 2 different agents with one valuing at £120k and one at £130k.

I am going to refinance as much as possible to give me between £20-30k depending on the surveyors valuation. Do I need to wait 6 months to do this from my purchase date?

I am also in the middle of moving house and will release around £20k of equity from the move so I will have between £40-50k for my next venture.

I am thinking to either do the same again and find a 1 or 2 bed flat BMV and repeat the cycle or potentially a multi let to increase cash flow, but this will be more risky and I assume I would need more liquid cash for a rainy day so to speak.

I have inquired about the tax advisors Mark uses in Norwich and I am looking forward to getting all my finances in order to give myself the best possible base from which to grow my portfolio.

I'm interested to hear if people think I should continue with BTL's or try a multi let?

With regards to solicitors are there special solicitors that work for property investors? All the ones I have ever used seem to take months to do anything.

Thanks in advance.

Regards
Ian... Read More

Ian Taylor

8:23 AM, 30th October 2015
About 5 years ago

Getting started in renovating BTL properties

Reply to the comment left by "Richard Roberts" at "29/10/2015 - 16:21":

Thanks for your very detailed reply Rich.

I definitely don't want to rush into a mistake that I can't easily rectify. With this 20k it's my one shot to do this and I don't want to get it wrong.

If I go local then I have my father in law the builder to help and my dad has 5 BTLs close to where we live so I have his experience and contacts. The difficulty comes in when I look further a field where it's cheaper and ROI is higher.

Thanks for the info on Liverpool. I think to start with I want to do a BTL before I try and pull off anything like the 2 larger deals you mention, as nice as they sound I don't have the experience.

That's very kind of you to offer to talk Rich, that would be great If you don't mind as I have lots of questions.

Thanks
Ian... Read More

Ian Taylor

18:40 PM, 29th October 2015
About 5 years ago

Getting started in renovating BTL properties

Caroline, thanks for your feedback. It sounds like you have a good strategy working for you and the adding of a bedroom sounds good in terms of rental returns.

Please can I ask you how you decided on your chosen area and also how you vetted your agent? I agree, 10% is a small price to pay for piece of mind.... Read More

Ian Taylor

18:35 PM, 29th October 2015
About 5 years ago

Getting started in renovating BTL properties

Reply to the comment left by "Alison King" at "29/10/2015 - 12:10":

Alison your suggestion about the mortgage makes complete sense.

I was only hoping not to lock myself in so that could recycle my money quicker and get onto the next project in less than 2 years, but I guess this is a marathon and not a sprint.... Read More