My partner and I have a small portfolio of standard
BTL properties, good gearing and reasonable yields, but due to several reasons (excuses!) in the last couple of years we have stagnated.
I met Parmdeep on Thursday at the Hampshire Property Club and in a very short space of time he diagnosed our 'problem' as lack of a definitive goal and a need to change our strategies. Since then, I've barely left the computer (soooo tired, but thanks, Parmdeep!).
Our goal is cashflow so Andy can give up IT contracting, and as Parmdeep pointed out that doesnt have to mean increasing our portfolio, so our strategy is with our current properties:
Increase rents (letting to
LHA? others?)
Decrease voids (umm?)
Decrease expenditure (find our own tenants, we already manage ourselves)
This will be a start, we then need cashflow from other sources . . . looking for ideas
So, here I am reading everything I can find and for the first time in years excited about the property business again (although I have discovered I need a license for one of my properties in Manchester, so that hasnt exactly contributed to the goals!!)
Looking forward to reading more of your worldy wisdoms!
Debbie