Yes, we turn property into multi let and vendor is always aware of it. Gazza, are you based in UK?
Most of the times we don't need HMO license, because in area we invest, we need license for properties which are more than 3 levels, we simply choose properties that are 2 levels, mostly they are 4 bed and 2 reception – so we still…[Read more]
We usually rent it out as single let property, depending on property state and pay landlord a rent that's apples for area, we don't really use rental yields, in fact I am not sure how would you calculate it in this situation, because we are not buying property.
Most of properties are partly furnished from landlords and then we see…[Read more]
Thank you for asking this questi.on.
In other words we could call it as sub-letting. We lease property from landlords for usually 3 – 10 years with their written permission to sub let it by rooms. We pay landlord guaranteed rent with no void periods, we manage and maintain property and we let it out on room by room basis.
Thank you Paul for advice.
It seems that it is very different in Australia, it seems it is a bit more relaxed here, although the strategy we are working with comes from Australian investor.
Also, if anyone is interested with help of our mentor we have found out answer how to structure this deal.
We will buy it as 2 separate 4 bedroom houses for £600k cash, as on title they are still as freehold houses.
Then we will give notice to tenants to empty all 6 flats, we will gather all paperwork to register them as separate flats. After we…[Read more]
Jus to know in future, as I am investing in UK, shall I post all my posts in Overseas deals, even if it is creative financing, commercial or help needed?
Thanks for advice!
Yes we have found out this already and we are getting together all this paperwork required, but it is in our interest to buy it as 2 houses not as 6 flats, as we are buying them for £250k less than market value, and after completion we will register all 6 flats.
It depends in which stage repossession is at the moment.
We are now buying a house where bank has started repossession after court. Because it was only in process we with our solicitor contacted bank and stopped repossession on property. We are now waiting to exchange on property and bank will receive their money much more quicker.
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