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

wynnvegas

Hi Cath,

Glad others are enjoying it. Only bodes well for my book sales down the line!!

Hope you're well.

Cheers,

Billy

Lapinette

Hi Billy,

Hope you had a fine New Year!

I see you've changed your sig to 15 BLT houses. Is it just my eyes or have you snuck in 10 more?

Anyway, i just wanted to know your plans for the BTL's. Are you going to try and pay them off ASAP or are you in it for the long haul?

Take care!

Lapinette

wynnvegas

Hi Lapinette,

Grand and getting better by the day I'm pleased to report.

We had previously reported 4/5 with all the associated figures but I'm learning the lesson of not counting my chickens. Until we own them, we won't be counting them. We have agreement to buy 5 at the moment. We still expect to be able to buy another 5 in July and then a further 5 later in the year. 15 may be overly optimistic but there's no point being too easy on ourselves.

As and when we do start completing, we're very much in it for the medium haul. We're going to do our damndest to get to 50 in five years and then:

a) stop there and spend the following five years taking big chunks out of the mortgages; or
b) crack on with the same principle of picking up ten per annum ad infinitum until we own half the county!

Currently, the plan is to go with option A. The numbers we're working to show that, at 50 properties, we'd expect to have an immediate equity in that portfolio of around £1m. In the ten years from start to finish, taking account of our earnings and the rental income, we'd hope to knock off close to another £1-1.5m. Even with no capital growth, that gives us equity of £2-2.5m on a £5m portfolio. With 50% capital growth in ten years (not unrealistic according to many of the alleged experts in the field), we'd be looking at £5m equity on a £7.5m portfolio. Easy as that!!

Obviously, we'd then need to look at selling the things...

Cheers,

Billy

misscousinitt

Your diary always makes me laugh....

abouttimetoo

Hi Billy

Great to see you are still going great guns, oops, genuinely no pun intended there, you know how excitable and Ramboesque you get at any mention of weaponry

I'm really enjoying 'seeing' your thought process with the BTL project and look forward to reading more as your plans unfurl and you start aquiring the BTL's

I'm having a bit of a frustrating month myself, not because anything is wrong, I'm just all antsy as I can't get my monthly OP fix for 10 days or so yet and the Dec one feels a long time ago

PS, 'inappropriate cuddlers' now that really made me lol and wmsl (polite version of a similiar one) and rotfl! I must have missed that particular promise you made

Regards
ATT

Lapinette

Crikey Billy that's some ambition!! Am i green with envy? Blinking right i am!!!!!
Sounds like you've got it all planned out and if it all comes together ( which i hope it does for you! ) a big fat pat on the back!:T

I originally wanted 4 BTL but your making me dream of double figures now!!
I take it your buying below market value to have immediate equity then remortgage soon after?

Anway, looking forward to reading more!

Cheers

wynnvegas

Hi Misscosinitt,

That's very much the plan. There's more than enough doom and gloom on these boards to turn anyone to drink so I'm hoping my ridiculous ambitions and good humoured approach to just about everything in life (broken laptops notwithdtanding) counteracts the negativity (have you seen the "debate the house prices and economy thread"!?).

Cheers,

Billy

wynnvegas

abouttimetoo wrote: »

Hi Billy

Great to see you are still going great guns, oops, genuinely no pun intended there, you know how excitable and Ramboesque you get at any mention of weaponry

I'm really enjoying 'seeing' your thought process with the BTL project and look forward to reading more as your plans unfurl and you start aquiring the BTL's

I'm having a bit of a frustrating month myself, not because anything is wrong, I'm just all antsy as I can't get my monthly OP fix for 10 days or so yet and the Dec one feels a long time ago

PS, 'inappropriate cuddlers' now that really made me lol and wmsl (polite version of a similiar one) and rotfl! I must have missed that particular promise you made

Regards
ATT

Hi Gally,

You know that! I'm just having designed my "Group" logo which will umbrella the three (and now possibly five...) Companies I aim to be running in the next few months and I've got a couple of six shooters either side of the plate. I think it may need changing though as anyone not getting past the "Billy the kid" reference may get the wrong impression!!

I've still to get around to my main update. I'll promise it tomorrow at some point. Things are motoring along in fine style at the moment though and my most recent meetings have seen the possibility of ramping up Business #2 a lot sooner than had previously been the plan.

I hated that when we were paying off the mortgage. We made all our overpayments in the last couple of days of each month and were then left twiddling our metaphorical thumbs until the next payday. I see it as a good sign as it demonstrates excellent organisational skills and focus.

Not dignifying any of that as I hope you'll appreciate!

Cheers,

Billy

wynnvegas

Hi Lapinette,

I would honestly say (easy now I know) that everyone should have a wee go at this. It's great fun, gives a legitimate reason to poke about other people's houses, lets you meet a load of weirdos and then mock them afterward and, more than that, leaves you with a few extra quid per month with someone else paying the mortgage for you. If we'd had the guts to do it years ago, we'd have been burnt a bit so let's hope the market doesn't crash any further. We hope we're buying at somewhere near the bottom. I think there's some additional hardship to come in 2012 mind so it could be a year of further opportunity for us speculators!

Business #1 will be part of a fairly sizeable portfolio that I'm going to build in the next couple of years. The seeds have been sewn for the first four businesses and the involvement in three charities with a fifth business very much on the cards now. Dependant on how we go about it, there may even be a sixth in time but we're trying very hard not to get ahead of ourselves. Billy's business portfolio will very much be a big part of chapter 1 and it will be interesting to look back in a year or two to see just how much of the plans have come to fruition.

We're buying at least 20% below market value. We've realised a 38% discount on one of the properties but 20% is more the norm. That means we need to stick in 20% to get the best BTL rate with the option of remortgaging to 75% six months hence. That means we'll be bouncing abut from 0% offset to 100%+ offset all the time which is why I haven't looked to join any of the mortgage challenges again. In five and a half years time, we'll hopefully have 50 properties with a maximum LTV of 75% (just the new ones please) and our own offset back at 100%. That should hopefully give us close to our million in equity. We may yet be scuppered by the dastardly council though - more on that later!!

Cheers,

Billy

Tilly_MFW_in_6_YRS

Hi Billy, your energy and motivation is breathtaking and I delighted to see the progress you are making. Looks like your business plan is robust and it will be interesting to follow your journey.

Hope the gym is going well - DH and I are now shredding it a few times a week, and a C25K walky/jaggy thing 3/4 times a week, so progress being made on that front too.

Best wishes Tilly x