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

wynnvegas

Evening All,

No Deal! Been to see a house in Denny which was miles and miles (and miles) out of the way. We had pretty much decided against it on the grounds of basic common sense and the impending Scottish winter. Our decision was sealed when the dastardly property sourcer decided a) not to bother turning up and b) to switch her phone off so no-one could contact her. A 60-mile round trip for no good reason so not at all amused this evening.

Got the mortgage proposals through for our offset (interest only at 25 years which I'm not at all keen on - need a chat with the IFA) and the first BTL (10 years and fixed at 5.39 until 2017 - there may need to be a wee look at that as well but it's likely in place to ensure that we're offsetting quite a bit of risk and profitability for tax reasons.

Meeting the prospective accountant on Tuesday next week to talk about whether or not we need an accountant at this stage. Once we get our 5, it's likely we will need an accountant to ensure that we don't fall foul of the tax man. I don't think the tact of "Rangers don't pay tax so why the hell should I?" will be a winning strategy!

Not a great deal further forward with the plot but neither are we any worse off so far. Had a meeting with the woman at Falkirk Council Planning today so she's going to do a bit of digging for us to see if they'll be amenable, in principle at least, to us extending the footprint of the house and building another house beyond what has been agreed. Can't say I'm overflowing with optimism at the moment. There's a side of me thinking that if it isn't a goer, that's another two properties to grab for the BTL venture!

Cheers,

Billy

wynnvegas

Hi Gally,

Welcome anytime - aired sheets is pushing it a bit far though. I'll task Moyra with it as she does all the washing and such nonsense. I occasionally turn the washing machine to 4 and press play but what goes on in the sorting / drying / ironing phase is still a mystery!!

The IFA was quite the optimist about January for that very reason. Here goes my campaign of capitalising on human suffering! I'm trying to make up for this abuse by giving a few hours a week to my new favourite charity / NFP Org. Met the woman who runs it today and quite excited about getting involved with it. More on that as I find out about what is involved!

Cheers,

Billy

wynnvegas

Morning All,

Made a few decisions this morning - I do my best thinking in the dentist chair! - so here goes:

1. We're not going to bother with the new diary. The eventual aim is still the big house so we don't want to lose our focus on that aim. This BTL piece is an adjunct to that road.
2. I'm potentially going to look to take a part ownership of Colin's business. It will make sense in the longer term and help build that relationship - will discuss that with him tonight.
3. I'm going to take a place on the board of the West Lothian Youth Action Project. The life skills, financial management, education routes and employability are all big attractions.
4. We're going to build and stick to the golden rules of (4 in place already) of BTLetting. I'm so grateful for the advice I've had so far via this diary and the PMs that I'm going to try to make our experience a guide - the Billy 10-year plan from 30 (outright home ownership) to 40 (a million pounds to hand) is a book I've decided I'm going to write. Writing a book (not necessarily for publication) is one of my 101 things to do before I kick it (need an assessment of that list later this week).
5. I'm going to have a chat with a couple of people about starting an employability business model. With these additional billions going into youth unemployment, I'd be happy to run something that gave people a chance and make a success of it - profitable social enterprise 1! Business planning at the ready. I need to do some reading about potential funding sources as I'll be happy to build something that accepts the achievement based criteria.
6. We're going to start playing the lottery again from tomorrow night. A wee bit of additional risk isn't the worst of ideas and, well, you just never know...

This is all pretty daunting but potentially very exciting and rewarding. I need to build a better comfort level outside the current job so starting and getting involved in a few businesses and consultancies is the very thing for that. No mroe wasting time for me - everything in the next few months will be geared toward maximising opportunity, income, potential and . The pool and the gym will be a daily release where I can switch off a wee bit. My head is spinning at the minute (I clearly don't deal well with the unknown) so I'm meeting again with the IFA this afternoon to start plugging in the numbers into my new "grand plan" spreadsheet and that should settle my nerves!

Cheers,

Billy

waughc01

Hi Billy,
You have been really busy in the last 24 hours. I am really shocked that no one turned up at the house you were due to view last night and then for the person to turn their phone off is just dame right rude in my book. There loss not yours, but as you said it was too far out the way. Just a waste of a journey.
Hope everything works out with the planning department in Falkirk.
West Lothian Youth Action Project have a base in my street Eliburn, Livingston so if your passing drop in for a cuppa and a bleather (lol). And I can give you some more info on the btl front.
I have a bucket list as well, but mine is what countries I want to visit before i die (lol). Like the idea of your book, sounds like it will be good fun, you have a lot of people that read your diary on here, and am more than sure they would like to read your book.
Good luck with your new business project, I just wish I had your get up and go, if only you could bottle it up and sell it on, you would be worth a fortune.
Remember and make time for yourself and your wife, as I always say (live life to the full, as life is not a dress rehearsal).
Good luck with the lotto !!!!
Take care
Waughc01

wynnvegas

Thanks Waugh,

I could well have popped in as I was the the said office yesterday meeting the girl that runs the place. I'm also going to take a place on the board of a smaller outfit called Into Work who help people with difficulties and disabilities so, all things being equal, these will be my two main "society benefetting" projects. I've got the potential to work with and alongside the local CAB for a bit to help them out but that initial chat will be held next week.

We've officially ditched the property sourcer from last night. Allied to their unpreparedness, eagerness to push deals through and not bothering to turn up for viewings is the fact that they then charge £2,500 for the pleasure of finding the property and the deal in the first place. With the first one that we've bought, the sourcer takes a fee from the seller as he is in a position to guarantee them (all things being equal) a quick sale although I've no doubt the extra £1,000 we paid will be balancing the whole thing out. Still 20% of a discount on the value of a house that doesn't need much doing to it so I can't and won't complain.

The bucket list is my pet project for tonight. I'm definitely going to write the book - whether anyone ever gets to read it will be a decision for down the line!

The business projects are looking extremely promising. I like the idea of social enterprise and the potential, if done right, to make a bit of money whilst also helping folk really appeals. There's a small potential of, somewhere in the next wee while, potentially looking at an MBO in my place which I'll start doing some spadework on today...

Cheers,

Billy

Twiddy

Crikey O'Reilly Billy, there's some stuff to be getting your teeth into their mate!! Fair play to you and yours for taking it all on and I hope it all turns out for the better for you.....

You could easily start several diaries to cater for the intricasies involved in all aspects of your sub-projects but keeping it all under one roof is probably the best way to go. Saves us "sheep" wandering off into the unknown and not finding our way back!!

Great work Billy, makes for great reading and also helps with the learning...

All the Best
T

wynnvegas

Hi Twiddy,

I hope I can attack it on all fronts. Whether half of it comes off or not, we'll have to see but I've got a real appetite for getting cracking. We know we've got a bit of money to play with and we'll speculate a wee bit and hopefully not make too many mistakes along the way. I don't buy into the "mistakes are an inevtiable part of learning" ethos and we'll hopefully pick up enough from the professionals we're working with to limit our exposure. At least, in the event that it all goes wrong and we end up destitute, someone else will be able to avoid the same pitfalls!!

Cheers,

Billy

wynnvegas

Evening All,

Waiting in the office for the Chairman to finish interviewing a potential new Salesman. The guy has seen the MD and toured the place and a few of us have worked with him before so hopefully that is all looking very promising. I need to tidy a couple of bits and pieces up at the back end of the conversation so I'll make myself useful in the meantime and try a shortened version of the grand plan for the week ahead.

1. Complete offset mortgage (now likely to be with the Clydesdale at 2.79%)
2. Complete first property purchase
3. Understand letting and begin moves to get the first property rented out
4. Schedule Colin to get in about the first property immediately after we get the keys with a view to having the first tenant(s) in no later than 7 days hence
5. Discuss the prospect with Colin of investing in a share of his existing business
6. Discuss the prospect with the Chairman of an MBO, either in the medium-term or however he sees it fitting in with his plans
7. Commence the business case for my social enterprise organisation

Cheers,

Billy

unhappy_shopper

Hi Billy,

I have been lurking in and out of your diary watching/reading about all the going-on. Good luck in your ventures.

Regarding your book, can you please pass me a bit-of-a-trit of your writing skills? I badly need them to complete my 50K word thesis.
I promise to buy your book at the RRP when it is published.

Best Regards.

wynnvegas

Hi US,

50,000 words is a bit beyond my planned work for the night. I don't miss academic writing even a wee bit...best of luck with it.

Cheers,

Billy