Good evening - this is my first post to introduce myself.
I have had a few wonders around the web site and am still trying to get the hang of it.

I am new to the "Property Game" but have a couple under my belt and am keen to learn and succed.

My first foray was to get stung on an off plan city flat in Manchester where I am now paying out more in mortgage payments and management fees than I am getting in rental income but at least it is let and I have learnt from my mistakes.

My second and current project is a 2 bed bungalow semi that I baught for £125k spent £10k renovating and I am about to let for £595 per month and valued at £155k. I am looking to re-motgage and have been offered £118,261 at 5.25% fixed for 2 years. Sounds good until you add on the aplication fee £349 lenders fee £2070 and brokerage fee of £1182 which adds up to £3601 .
Is this a good deal? The Broker is pushing for me to close the deal saying that the product is about to be withdrawn.

My third project is a 3 bed detached that has a subsidence problem that according to the surveyor is localised to a problem with the drains that has now been fixed bit still needs to be fixed. I plan to extend the property and turn it into a 4 bed/2 bath property and fix the subsidence proble along with the building extension works. I plan to fund the purchase with the proceeds from to bungalow re-mortgage and try and get a draw down mortgage to fund the building works. The budget for this project is £125k purchase & £70k renovation costs with a targe value of £240k. A bit scary this one for a novice like me. Any advice welcome.

About me;
Age 50
I have my own freight forwarding business which petty much keeps me occupied 24/7
My goal is to achieve a passinve income so that I can get out of this business.
Interests;
Skiing
I am a BASI (British Association of Ski Instructors) qualified ski instructor and get out to the alps as often as I can. I also teach at one of the indoor reals snow ski centres in the UK 1 nigh a week.

Well that's me introduced - I look forward to becoming an active member of your comunity.

Roger

hi roger
lenders fee sounds about right,as for the brokers fee never paid for one,im sure theres plenty of brokers out there that would not charge

Hi Roger

I am one of the other "New boys on the block", having posted for the first time today as an introduction. Having read your posting on mortgage set up fees with interest, I was shaking my head at the costs involved, particularly as I have the advantage of my wife being a mortage broker..!! With this in mind I have asked her to do a little research for you in the morning to see if she can save you some cash - watch this space.

Regards

Carl

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Hi Roger

Welcome to the forum.

Regards Brian

Hi Roger,

Here's wishing you a warm welcome to the forum!

Hope you'll find what you're looking for property-wise here, we're a very friendly bunch.

Kind regards,

Adam
CashForYourHome BMV Leads

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Hi Roger,

Welcome to the forum. I don't know if this crossed your mind, but next time you are ski-instructing, visit the local ski holiday resorts and get yourself on the books as a sales agent for the ski properties. 5% of new sales should be the norm for starters, and that passive income can always subsidize your UK portfolio as you build it.

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Hi Roger

to the forums ... ....

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Welcome to the forum Roger.

Hi Roger

A warm welcome to the Tycoons Forum! I also love skiing but clearly I'm not as good as you.

I hope you sorted out the problem with your broker - he or she was charging far too much for their services in my opinion.

If you're looking for an outlet to learn more about property and to connect with fascinating and genuine people who share similar goals and interests to your own, there is no better resource. You'll find a wealth of information on a variety of subjects whatever aspects of property investment appeal to you or you're currently involved in. Ask any member's advice and it is very likely they will go out of their way to help you; such is the unique and kind nature of the growing community Deep has successfully created here.

My own interests lie in BTS deals and development projects in London and the South East - as well as low value, high yielding real estate in the United States.

I also provide deal packaging services, including closed bridging finance, and work closely with an experienced team of investors, negotiators and professional lead generators to put together Ready Made Deals throughout the UK using purchase option agreements. Typically these are structured as No Money Down, optional Cash Back purchases with large equity and positive cash flow yields.

If I can be of help to you in any way or you'd like to discuss an opportunity you are contemplating, please do not hesitate to contact me. I'm always open to the possibility of JVs as well.

Kind regards

Max

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Hi Roger


Congratulations on joining the forum, it’s a really great place to be.

There’s loads of good advice to be found here, as well as thousands of like minded property professionals who’s expertise covers every aspect of the property business.

My own area of interest is Lead Generation, Ready Made Deals, Marketing and Advertising. So if you would like any help or advice in this area, then don’t hesitate to get in touch. I would be delighted to try and help you if I can.

Best of luck!

Regards

Robert

Rapid Property Buyers
01825 700165

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Hi Roger

Welcome to the forum and I hope you will find what you are seeking on here. They are a very friendly and helpful bunch and are very good at sharing information and advice.

If you are looking for Done Deals and investments as well as Qualified leads, then have a look at our web-site www.bmvleads.net

If there is anything that I can help you with, then please do not hesitate to get in touch.

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