Can I get a bridge loan with no credit?

prodigalson

Doozergirl wrote: »

A second hand boiler?!

Why do think boilers get removed at all?

You're a disaster waiting to happen. You have zero idea of what being a landlord entails and the legal responsibilities that come with owning an HMO, the most obvious of which is not to kill your tenants via carbon monoxide poisoning, which you don't seem to be aware of.

In fact, it doesn't appear that you even understand the basics of owning a house, full stop. The house itself needs expensive maintenance and upkeep. It's not about second hand furniture, but that also needs to meet regulations.

Being a landlord is a business, not an investment. You've got a serious amount of growing up to do. Hopefully that happens before you can raise the cash, sort your credit rating out or kill someone.

I owned a small flat in zone 2 London last year had to sell it due to a large amount of debt over £200,000. Also my business needed capital as well. I do have experience with housing in terms of that paying bill, utilities and council tax.

I feel that I have at least some form of knowledge in the the Student accommodation industry as I worked part-time and as an affiliate for a large property company when I was 18 while in uni.
The difference as I only want to purchase 4 properties in a place that is very cheap where I want to uni and lived. This should provide a great rental income and ensure I'm diversified if anything was to go wrong.

mohawk

I invest in about thirty unit trust and investment trusts & have averaged 1.5% per month over the past seven months which equals 18% annually . Until about four weeks ago they were average 26% p.a.. The average Footsie return over decades is about 7% p.a which is more than inflation. Some unit trusts/investment trusts double every five years.

My Alternative Investment Market ( AIM high risk/high reward small cap shares) currently show a loss of 70%but could possibly end up being worth ten times what I paid. Very high risk/very high reward. All the companies own huge mineral assets but have to get over the problem of getting the stuff out of the ground & sold.

Grenage

AdrianC wrote: »

10yrs ago was the depth of the financial crisis.

So go back 15 years; S&S ISAs are hard to beat in the long term. Unless of course you have more than the yearly cap to invest.

Yalpsmol

If you want a good steady income get a job. You said you already have one. Great, sorted. Pay off your debts and crack on. Theres a reason you cant get a BTL loan. You're a risk.

HampshireH

You say you have the funds etc but your past history would show that your a risk.

High amount of current debt, recent defaults and had to sell your flat to clear 200k

I cannot see how this in reality can be more than wishful thinking....for the time being and another move back into significant debt.

Many of us have lived the student life. I lived in a 6 bed (+1 nonstandard/compliant dining bedroom) grotty house. Landlord provided the same amount of interest as you appear to be showing in student welfare and housing standards. Their attitude was also that of "It's cheap and affordable" we paid a combined rent of about 2k a month between 7 for a house that no matter how much we cleaned never came clean. Utilities werent included.

1200 is optimistic annually I pay more than that now for a 2 bed house in council tax alone. I know you say if you get students you dont pay this but what about those months not covered by the tenancy. (inc broadband, gas, elec, water, buildings insurance, contents or landlords for you probably to include rent loss, annual boiler policy for repairs and servicing) x4 properties.

Believe me when i say students do not all pay their rent. There are multiple posts online to evidence this from stitched up landlords.

Just because they get a grant doesnt mean it goes on housing.

Just because they are desperate doesnt mean poor standards are cheap landlord behaviours are acceptable.

Predominately most people's responses on expense relate to 1 property. Now you say 4 but you haven't really shown an understanding of LL responsibilities.

prodigalson

HampshireH wrote: »

You say you have the funds etc but your past history would show that your a risk.

High amount of current debt, recent defaults and had to sell your flat to clear 200k

I cannot see how this in reality can be more than wishful thinking....for the time being and another move back into significant debt.

Many of us have lived the student life. I lived in a 6 bed (+1 nonstandard/compliant dining bedroom) grotty house. Landlord provided the same amount of interest as you appear to be showing in student welfare and housing standards. Their attitude was also that of "It's cheap and affordable" we paid a combined rent of about 2k a month between 7 for a house that no matter how much we cleaned never came clean. Utilities werent included.

1200 is optimistic annually I pay more than that now for a 2 bed house in council tax alone. I know you say if you get students you dont pay this but what about those months not covered by the tenancy. (inc broadband, gas, elec, water, buildings insurance, contents or landlords for you probably to include rent loss, annual boiler policy for repairs and servicing) x4 properties.

Believe me when i say students do not all pay their rent. There are multiple posts online to evidence this from stitched up landlords.

Just because they get a grant doesnt mean it goes on housing.

Just because they are desperate doesnt mean poor standards are cheap landlord behaviours are acceptable.

Predominately most people's responses on expense relate to 1 property. Now you say 4 but you haven't really shown an understanding of LL responsibilities.

You paid £2k for 7 people living in a house combined this must have been in the 80s or 90s. As its much more expensive now.

£1200 is not optimistic for utilities its how much is covered in rental agreements where I'm looking. Internet = £17*12 = £204, Electricity, gas is no more than £100/month. Most students don't have tv's only use laptops, barely cook and drink most days. So little to no utilities expenses.

And there is no council tax, so anyone saying that council tax has to be paid is being an idiot. Students DO NOT PAY COUNCIL TAX! And the 2 months the students are not there someone else has usually signed a new tenancy agreement before the current tennants would leave

£28k is not a high amount of debt based on my current income.

My flat was sold for £550k, yes had to sell it because it was an unnecessary purchase if I had put that money into my business would have done much better. I spent my bonus on something I didn't need. But I was 23 years old at the time, I've learnt a lot from my mistakes early

Yalpsmol

If you have a high income why dont you pay off your debts and save up and buy some properties outright? Would make much more sense.

HampshireH

You paid £2k for 7 people living in a house combined this must have been in the 80s or 90s. As its much more expensive now.!

£1200 is not optimistic for utilities its how much is covered in rental agreements where I'm looking. Internet = £17*12 = £204, Electricity, gas is no more than £100/month. Most students don't have tv's only use laptops, barely cook and drink most days. So little to no utilities expenses.

And there is no council tax, so anyone saying that council tax has to be paid is being an idiot. Students DO NOT PAY COUNCIL TAX! And the 2 months the students are not there someone else has usually signed a new tenancy agreement before the current tennants would leave

£28k is not a high amount of debt based on my current income.

My flat was sold for £550k, yes had to sell it because it was an unnecessary purchase if I had put that money into my business would have done much better. I spent my bonus on something I didn't need. But I was 23 years old at the time, I've learnt a lot from my mistakes early

2005.

100 pm for electric and gas is already £1200 a year (unless my maths is failing me). Plus the £204 you mention for broadband is £1404 plus water (say £200 every 6 months is £400 a year but that's cheap) makes £1804 in basic utilities before you look at your insurance costs. A landlord and building insurance policy could be another £500 a year which wasn't factored into your initial post on expenses.

Will you issue full 12month tenancies or ones from sept to June when they are in uni?

It's great if you can get all that for £1200 a year. But if you don't budget for other costs like insurance the math is misleading when working out what you can afford.

Doozergirl

HampshireH wrote: »

2005.

100 pm for electric and gas is already £1200 a year (unless my maths is failing me). Plus the £204 you mention for broadband is £1404 plus water (say £200 every 6 months is £400 a year but that's cheap) makes £1804 in basic utilities before you look at your insurance costs. A landlord and building insurance policy could be another £500 a year which wasn't factored into your initial post on expenses.

Will you issue full 12month tenancies or ones from sept to June when they are in uni?

It's great if you can get all that for £1200 a year. But if you don't budget for other costs like insurance the math is misleading when working out what you can afford.

All good points, but never mind that lot, there's zero allocation for actually doing any work to the house itself. It's just going to be left to deteriorate, but never ever have a void period.

HampshireH

And its not just one property its up to 4.

OP would you seek to purchase them all at the same time?