Hi there,
I have just signed up so thought I would say hi and introduce myself.
My name is Lindsey (Li for short). I have been running my own Ltd Co as an IT consultant for a year or so now, and as I do my own accounts I am working my way through my accounting qualifications too (I've a long way to go yet, sadly
).
I'm not in property yet but I know for sure that it's the way I want to go. If I have an interest outside of business for the sake of business, it's property.
Specifically, I suspect I will be looking initially for
BMV properties in Scotland - the reason behind this being, my husband is a whiz at renovation having converted our last house and done a lot of work on our current one. The idea at the moment is to renovate and flip a couple of properties to have more money to play with, make us of our
CGT allowances and then look at buying more property with a view to renovating, remortgaging at true value and releasing equity. At this stage I'd consider further afield. If I do
BTL I'd get a management company to manage the tenants anyway, it's the financial side and the actual renovation work that I really enjoy. At that stage I'd be looking at going Ltd, I'm looking at releasing money from
BTL properties in order to make our own mortgage tax deductible - but I'm getting way ahead of myself here
I've been looking into this for probably getting on for a year now. Herein lies my main stumbling block. I know I can't afford mistakes on my first property, so I'm not much of a gambler at this stage and my due diligence has gone through the roof. I've looked at a lot of systems but this one really stood out because of the forum idea. I guess I need someone who's been there and got the T-shirt to hold my hand while I start out
I have to say the figures stack up in a spreadsheet - I'm completely happy with the principle - the one thing that always gives me nightmares is, how do you know the initial valuation is correct, and thus that you're really buying at
BMV? What if there wasn't a similar property in the same street sold recently? I've seen two valuers come in £25K apart on the same property, so I'm a little paranoid about trusting my future to one guy's judgement. Any words of wisdom on this would be much appreciated.
I'm also looking at auctions up here, have only just started doing this and I'm just at the stage of comparing guide price to actuals before I start trailing round Scotland... anyone have any thoughts on auctions as a source of
BMV property - good or bad?
Anyway, I have held forth for quite long enough. It's nice to see a forum where property is discussed in such depth, and I'm looking forward to receiving the rest of Parmdeep's mini-course.
Cheers
Li
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