Mortgage Free - so good they'll do it twice! Wynnvegas aiming for the big house

wynnvegas

Hi Tilly,

After seeing her reaction to some completely unsuitable plots that she felt she "could make work", I've every expectation that I'll be pressured to set up a meeting with the bank with immediate effect. We'll get the architects on the case shortly after seeing the land but it's looking pretty promising in the early stages.

Cheers,

Billy

lulabelle1

Good luck with the plot, I hope you and Moyra love it....
Exciting times!!

wynnvegas

Hi Lulabelle,

It's looking ever increasingly good. Can't wait to see it.

Cheers,

Billy

wynnvegas

Evening All,

Brevity may go out the window with this one but I'll do my utmost to limit my ramblings.

In the last couple of days I've brought in two really good guys to the business which takes us up to a full compliment minus 1 salesman - that should be resolved next week though -and completed the business strategy, success criteria and assigned accountability across the Senior Managers so, barring any disaster when I agree the next phase of clarifying and assigning duties with the MD tomorrow, that's going great guns.

Outside work, I had my chat with the volunteery lot today. There are six really decent opportunities to get involved so I'll be chasing those tomorrow as well. I think something in the region of 4 hours a week should let me pick three of my favourites and then start making a real difference there. The poor girl in the volunteer co-ordinator role said that I shouldn't be nervous about trying to get involved. I must come across completely different to her than to everyone else!

Outside work and volunteering, I've had a couple of buy to let meetings in the last couple of days. The first with the letting agent and the second with the financial advisor. Both are extraordinarily gung ho and I can't see any major risk of cracking on with the suggestions they have. I've got a bit of digging to do to firm up the idea but it's quite probable that I could have 5 properties by the end of the year and ten by the end of April and that's without Investor 1 who, against all advice so far, if he does get involved, could double those numbers comfortably. We may have hamstrung ourselves ever so slightly by paying off the mortgage as you seemingly need a residential mortgage to be granted a buy to let mortgage. If that's the case, it may well be worthwhile kicking on and buying The Mother's house from her at this stage. We'd pick it up for £40k and it's worth £120k but there are wide ranging benefits for everyone as we get the house and the equity (and the rent from her two lodgers) and she gets to free up about £600 extra a month, free rent for life and a lot of flexibility in her options going forward. The financial guy said today that, in hindsight, we should have done things a bit differently but that now is the perfect time to jump in and we've obviously put ourselves in a good position to get cracking in a pretty big way. His estimate is that we could pick up 50 properties in 5 years and have half of those paid off in ten. At a best guess, that would give us a £5m property portfolio with £2.5-3m equity in them. Stupid numbers but if it all works out, I'll be dancing!

Outwith work, volunteering and buying to let, the two plots of land are potential goers and the financial guy thinks we have the capacity with our residual income every month to pick up the land immediately at around £125k and then have the big house built within a couple of years and paid within 10 even outwith the BTL stuff! Exciting times for us - ridiculusly ecstatic time for Moyra who is jumping about the place tonight!

Aside from all of that, the Consultancy stuff is kicking on with a few days booked for December and my sister's beauty therapy business is starting to take off so that should start generating some return as well. Moyra's dad is starting a new Sales Manager job in the next couple of weeks so I'm helping him recruit Field Sales staff and building monitoring metrics for him to use as a consistent reporting base.

Aside from all of that, not a lot going on...

Hope everyone is going grand.

Cheers,

Billy

Tilly_MFW_in_6_YRS

Just a quick response as it's been a long day. Don't forget to investigate Trusts to protect your assets. Good luck to you both.

T

gallygirl

wynnvegas wrote: »

Aside from all of that, not a lot going on...

I hope things pick up for you soon Billy, it's horrible when there is nothing going on :rotfl:

Am off for a lie down after reading all that .

All sounds great, but don't spread yourself too thinly and allow some down time!!!!

lulabelle1

Goodness, I thought I'd had a busy day.....
Congrats and best of luck with everything, will watch your progress with interest....

Best, L

wynnvegas

Thanks Tilly,

I'll get into that with the lawyer and financial advisor before we take the leap. Lawyers, agents and people that are trying to put me in debt - that's the downside of all this...

Many thanks,

Billy

wynnvegas

Hi Gally,

You would think that some stress would come along with all this stuff but, due to being properly efficient (and, I suppose, working to midnight most nights this week), it's pretty entertaining and all this is feeding my spreadsheet addiction no end. A part of me wishes we'd done it earlier and a part is quite pleased to have put us in the position where all of this seems feasible. A lot of numbers to crunch all the same as we're looking at an outlay, however leveraged, guaranteed and insured, of close to 2 million quid in the next couple of years. Moyra isn't understanding any part of it so has just trusted all the planning to me although she did note with all the monies whizzing about all over the place, that this sounds an awful lot like the events that brought down the banks and led to this mess (this mess being that her pension contributions may have to incree slightly over the coming years). Your cartoonist forgot the funny with that one - it's just creepy!!

Cheers,

Billy

wynnvegas

Hi L,

It's strange that there are a few folk on the BTL trail just now. Between us, we'll build up ownership of most of the country and then we can apply to have the whole place towed closer to the equator! I'm told (albeit by a man with a Sales hat on) that now is the best time to hit this market in the last 20 years.

Cheers,

Billy