Hello everybody, I’m Jesse Taylor and I’m new to not just this forum, but any forum, I’m really excited about it, what a great community. I work in Northampton, Nottingham and a few places in between!
I’m here to learn as much as I can and to network with people, who may also hopefully also be interested in services I can provide.
I’ve been a part time property investor for 8 years or so now, done alongside running several other retail businesses. I’ve built up my own portfolio, initially mostly
NMD,
BMV stuff. Now I concentrate on buying as cheap as I can, put a deposit in and make sure it makes money every month! I’ve also got a few small blocks of flats to build out over the course of the next year or so, so I’ll be seeking advice on that in due course.
I have recently set up a letting agency, Butterfield Taylor & Co,
Letting Agents for Northampton, Abington, St James, The Mounts, Northampton Town Centre, Semilong, Far Cotton, Kingsthorpe, Kingthorpe Hollow, Kings Heath and we look after my own properties, some of my family’s properties and we are just now branching out to look after ‘real’ customers’ props, all in Northampton.
However the thing I am most excited about now is the ‘Pre-packaged property investments’ service I have started to offer, I view them as a step on from a
RMD. Quite by chance in the first instance, I gave a friend of mine a hand to find, negotiate, refurbish then let some properties. I now manage those properties. My friend had the cash and the desire but did not have the time or knowledge to do it himself. I know there are many people who have cash in low interest saving accounts looking somewhere to put it.
It occurred to me that I could offer what I had done already for myself and for my friend as a service, so that is what one of the things I do now.
I negotiate a deal and arrange to buy it myself, for myself, in cash. It will always be
BMV (I don’t call it
BMV, just a good deal). At the moment I look for deals that cash flow month on month £150/£300 when mortgaged at approx 70%
LTV at a notional rate of 6%. I get offered lots and lots of them. Not by lead generators but by estate agents, asset management groups and sometimes just by people who know what I do. I’m sure lead generators do a good job, but it is hard work converting the deals and also there is another layer of cost in there that makes it less of a ‘good deal’ (or so I think, let me know if I’m wrong).
I will then buy the property, refurbish it and get it ready to rent, whatever it needs, new kitchen/bathroom, carpets, decorating, or just a gas safety cert, it’s done.
I then find a tenant, let it and start to manage the property.
That is pretty much what I’m doing for myself anyway, but at all stages in the process the property is for sale. The price I sell for is always 10% less than the
RICS value for the refurbished property, the difference between what I paid for it, the cost of the refurb and what it sells for is my profit, but you are still guaranteed a 10%
BMV deal. Any property I’m buying for myself can be bought as a turn-key, fully finished, let and managed property ready to slot nicely into your portfolio.
One of the most comforting aspect to a prospective buyer will be the fact that if it does not sell, it WILL be part of my portfolio (I only sell what I am prepared to keep myself), also I offer to manage it fully, so the tenant quality is high (or if it is not I deal with the problem via the management company).
Hopefully I’ll get to work with serious investors with real cash to invest in deposits.
NMD is VERY hard at the moment, it is still possible but after the changes early September at BM (BM will no longer allow a purchase from a anyone if THE VENDOR has not owned it for 6 months, so no more back-to-backs with BM and I'm sure TMW & NatWest won't be far behind, we else is there!) it is not worth the effort to try
NMD in my view if you want to do multiple deals every month. I did manage 2
NMD back-to-back deals last month, but 2 more fell over, so for me, ‘deposit in’ is the only 100% certain way to buy. Having said that if anyone wants any info/advice on creative financing methods and doing a
NMD with current lenders just ask, it IS still possible if you are prepared to risk the deal not going through.
As I sell these deals, I plough every penny back into more ‘stock’, so my own portfolio is always growing. The one thing I’m certain of is that the property buying opportunity out there is about as good as it gets and I intend to make the most of it.
If you would like a hand building your portfolio, get in touch. Not just about the ‘Pre-packaged property investments’ service but anything I’ll gladly give you the benefit of my (limited) knowledge! I’m really looking forward to talking to new people, learning new skills and hopefully meeting some of you in ‘real life’ at property events.
My number is 07970 669339 and my email
jesse@butterfieldtaylor.co.uk , there is also the very new to me Butterfield Taylor & Co website which to be honest I have not used all that much to date, and I’m not so happy with the look of it, unfortunately it is there for all to see, so that’ll be my next job!
Very best regards Jesse.
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