blonde poker forum
Welcome, Guest. Please login or register.
July 22, 2024, 02:28:17 PM

Login with username, password and session length
Search:     Advanced search
2273979 Posts in 66761 Topics by 16725 Members
Latest Member: rockethour
* Home Help Arcade Search Calendar Guidelines Login Register
  Show Posts
Pages: [1] 2
1  Poker Forums / Diaries and Blogs / Re: Transition from UK Poker Pro to Letting Agency on: June 07, 2016, 07:10:48 PM
So this week has started well, took on a new property in West Lothian (basically between Glasgow and Edinburgh). It is about 25 miles from my office and right on the boundary of how far I would be willing to manage, but its for an existing landlord and he's a good one. Also been looking into new software for managing the portfolio and did my first ever newsletter through Mailchimp, looking to keep these monthly, if anyone interested pop me a PM and il add to Mailing List.
2  Poker Forums / Diaries and Blogs / Re: Transition from UK Poker Pro to Letting Agency on: June 07, 2016, 07:07:06 PM
It's 125% of monthly payment.  Generally stressed at around 5%.

Although two big players in BTL sector recently went 145%.  So won't be long till they all fall into line it's basically self policing.  There are still 2 lenders for definite that will give you a BTL mortgage without you having to provide income proofs.

The difficulty poker players face is getting past the AML checks and showing where the money become they have came from. 

I am dealing with a case just now we're my client has £860k equity looking for an interest only loan of £266k can't place it anywhere.  So frustrating, finally thought I had managed it based on figures I took off him when I seen his payslips things took a turn for the worse.  Still affordable but no longer meets criteria.

Well mine isn't but I'll leave it with you.

My BTL mortgages are also done on 125% of what the interest payments would be.
Lenders are getting ridic tight on regulations though. Asking for min incomes and going through your bank statements/spending even though your rental income pisses the min requirements.

What if you go through a period of no rental income?  I'm not saying I agree with lenders but I understand the reasoning.  Too many people take out BTL mortgages with bad advice because tehir situation hasn't be assessed properly. 

I agree with lenders on this one too.  They were far too relaxed with their BTL lending criteria in the first place which contributed to alot of investors being in negative equity and led to repossessions.  The first every property I bought was for £100,000, I used a 5% deposit and self certified my mortgage by saying I was a professional sportsperson earning £120,000 a year! How things have changed.

Personally, the proposed changes from 125% of the mortgage payment to 140% won't affect me, the properties I have bought, looking to buy and suggesting to investors are all high yielding so the rental payments more than cover the proposed mortgage.  Interestingly enough, I was asked to write a rental valuation last week to Yorkshire Building Society for one of the landlords who was looking to purchase new property.
3  Poker Forums / Diaries and Blogs / Re: Transition from UK Poker Pro to Letting Agency on: May 31, 2016, 03:56:36 PM
can't believe i missed this really really interesting, defo post some more.

I've worked on a fair few decent commercial property deals and this has also really interested me, this never something you look at?

Thanks for feedback, appreciate it. Whats your experience in property?

Funny you should mention commercial property deals.  I am hoping this will be my next property purchase in the form of a shop for my letting agency.  At the moment I essentially rent a desk from an independent estate agent, which is terrific because it keeps my costs down, we can pass referrals to each other and advice.  However, the downside for me is no branding on the office, so I dont get any walk in customers.  At the moment as I am growly at a nice steady rate I am OK with that, but I plan to expand and keep growing the business so I will eventually want the right commercial property.  I am actively viewing, and while not being ready to move just yet, if the right one came along I would buy it.  I see it as a low risk investment as I will be paying the rent to myself!

Last month was really busy for the letting agency, took on 5 new landlords and 4 out the 5 of the properties are reserved/let out already.  The last one I just listed last week and think it may stick for a while at the price the landlord is hoping to achieve for it.
4  Poker Forums / Diaries and Blogs / Re: Transition from UK Poker Pro to Letting Agency on: May 31, 2016, 03:48:31 PM
Affordability isn't a major issue for BTL.  The loan is generally based on the rental income.  There are a few lenders who don't need evidence of a regular income to allow you to borrow. 

Spot on with what you are saying. As far as I am aware for major lenders the minimum income for a BTL mortgage is £25,000.  Another bit of lending criteria is that you allude to is the rental income being 125% more that the mortgage repayments (which it should be if you are buying a decent yielding property), there is discussion that this figure may be rising to 140%.
5  Poker Forums / Diaries and Blogs / Re: Transition from UK Poker Pro to Letting Agency on: May 10, 2016, 10:52:24 AM
I recently did an interview for a podcast with Mike Michael Stenhouse over at Inside Property Investing and it has been released if anyone is interested in listening. Its about how I got started in property, what I am up to now and where I am looking to go.

You can download it on Itunes searching "Inside Property Investing 115" or
6  Poker Forums / Diaries and Blogs / Re: Transition from UK Poker Pro to Letting Agency on: May 06, 2016, 04:48:31 PM
Solid enough week, two new landlords and listings (you can see them on Shanta Letting Facebook page) both in popular areas, imagine they will rent out very quickly.  Also had meeting today with some property acquisition and sales company who have acquired a few large portfolios and looking to sell on individually, hopefully source one or two for next investment or for the landlords who are looking to buy.
7  Poker Forums / Diaries and Blogs / Re: Transition from UK Poker Pro to Letting Agency on: April 29, 2016, 04:39:16 PM


Hey buddy, I actually just posted it on my blog (also in this section) if you get time would be cool to get some feedback.

Yes I was a full time poker player, trying to delve more into entrepreneurship as of late though. I live in Budapest (where the business would be located)

Hi Pleno, I had a good read of your business plan. Congrats to you for thinking about it and I hope it works for you.  It certainly is an interesting concept.  My thoughts/advice would be to take it slow, instead of hiring staff and an office start it from your home office and keep the costs and expenses down, this way your overheads are basically 0 and you can go out and do all the networking/meetings/show anyone who will listen your business plan and service you will offer.  As long as you manage the properties well for your clients they dont care how big you are or how flashy your office is.  In fact most landlords actually prefer just having one person to speak to directly and is accountable for them.  After you start to builld you portfolio then you add staff.  I dont want to be negative either but 1 property per week to take on seems really high to me for a start up company.  I know letting agents in Glasgow with 1000s of managed flats are targeted on 1 property per week.

Hope this helps...........Go get it!
8  Poker Forums / Diaries and Blogs / Re: Transition from UK Poker Pro to Letting Agency on: April 28, 2016, 10:50:10 PM
Arboy- name was Bert Logan
9  Poker Forums / Diaries and Blogs / Re: Transition from UK Poker Pro to Letting Agency on: April 28, 2016, 10:49:04 PM
I just wrote a business plan for a letting agency company, will link it in here once it's fully done and see what you think.


Interesting Pleno....what's your background? Do you have experience in property? I take it you are full time poker player?
10  Poker Forums / Diaries and Blogs / Re: Transition from UK Poker Pro to Letting Agency on: April 28, 2016, 10:47:09 PM
Quite interesting in following this as i try to branch out into other revenue streams aswell. As someone who is potentially looking into getting a buy to let it seems tricky if you are a poker player. I have bought my own flat outright with no mortgage, but as far as I'm aware I'm unable to get a mortgage even if i put say a 40% deposit down on a buy to let. Am i right in thinking this? if so is there anyway around it?

Yes, you won't get a BTL mortgage as a poker player no matter what the size of your deposit. All of my houses are in a joint name with my wife who has a job so the in affordability is based off her earnings. It wasn't always like this my first ever mortgage I was able to self certify my earnings as a pro poker player! Lending criteria has changed a lot since then. hope this helps.
11  Poker Forums / Diaries and Blogs / Re: Transition from UK Poker Pro to Letting Agency on: April 27, 2016, 07:06:35 PM
Goosey and Well Chief were very much 2 of the better 2.5/5, 5/10 6 max players back in the day.  Wish I'd realised who Well Chief was when he was running deep in the WSOP. 

My favourite player back then was Tattoo.  I won twice as much from him than I did from anyone else.  I don't think I ever played ymerch.  Must have moved on to MTTS by then?  I did have one nemesis back then.  I can't remember his name, but he was Italian and just ran golden against me.  Never missed a river.  My poker tracker had him losing tens of thousands vs everyone else at the table, but he was well up vs me when he disappeared. 

Good luck to you

Thanks Doobs, I remember you too played loads together you still play? I actually met Tatooo at Ayr races he is a bookie and he cleaned me out for once that day. Player you thinking of GUIDOCH OR Roma?

Wellchief was always better than me, played higher too, we never sat at same tables as good pals. His main event run this year was so sick, if I was still playing I would of defo had a piece hahah!
12  Poker Forums / Diaries and Blogs / Re: Transition from UK Poker Pro to Letting Agency on: April 27, 2016, 07:02:28 PM
Should be interesting.

I'll get the important questions out the way.

Celtic or Rangers?

What do you have at nandos?

Sorry mate I was at the game and very happy with result! Like a hot half chicken and chip 😌
13  Poker Forums / Diaries and Blogs / Re: Transition from UK Poker Pro to Letting Agency on: April 27, 2016, 07:01:21 PM
Amazing story.  You ever play stts on betfair over the years?  Just cash?  I played identical years as you on all the betfair sites but was the stt rake machine and never played cash.  Assume you were the total opposite?

Not worried about interest rates rising/house prices correcting?  Assume this is a huge part of your net worth.

Thanks mate, never played any Stts unless I saw the Donk Roma sitting there waiting! I remember you always would win the points race along with Lee (can't remember screenname).

My portfolio is stress tested at 6% interest rates to still be positively cash flowing while paying the capital back. I guess if it goes any higher than that we are all in bother. As for house prices I am not too concerned as my investments are all made for long term over the course of rest of my life, fundamentally I believe house prices double every 15 years so I plan to ride out any short term variance!
14  Poker Forums / Diaries and Blogs / Re: Transition from UK Poker Pro to Letting Agency on: April 27, 2016, 06:09:04 PM
Yeh gross yields are really high in Glasgow. 3 unis, 16 colleges push the demand through the roof. Latest one I did for a landlord was bought for £55,000 we had 20 enquiries on it and 4 applications from first 5 viewers at £500pcm. Gross on that is roughly 11% and clearly could of squeezed more out of it! Net yield will be significantly lower after management,factors fees, maintenance,compliance with legislation though but still over the course of investment will provide an excellent return.
15  Poker Forums / Diaries and Blogs / Re: Transition from UK Poker Pro to Letting Agency on: April 27, 2016, 04:40:10 PM
The buy to let market is something that I'm just moving in to myself having finally bought my first 12 full hours before the extra 3% stamp duty kicked in Smiley

The problem I have is that my local area isn't great on the roi front so I really need to look further afield for purchases and then obviously have someone like yourself manage it. Don't think I'd stray as far as Scotland though but I understand there's decent returns in the Manchester area which is only an hour from me.

How are the new tax rules going to affect you over the next few years? I assume it's a major kick in the teeth but at least you have a decent buffer before you hit the 40% bracket with your other income being from poker. I know for me it makes any house with a return of less than 5% pretty much pointless unless you can find a minimum 40% deposit. Saying that are you actually buying them cash so it doesn't matter?

Interesting stuff..... For me at least Cheesy

The stamp duty doesnt really affect me much for future investments, going forward most of the properties I am looking at are £70k-£100k, so the extra £2-£3k is just another expense I need to factor into my calculations.  The new tax rules are alot more concerning, but you are absolutely spot on, it doesnt really affect me at the moment as I am not a higher rate tax payer.  I own one in cash but all of my others have mortgages (using joint names with wife+ based off her salary) and they are Capital and Interest over 15-20years and I bought in a a good market so I am actually quite lowly geared, so again the tax changes wont have a great affect on me.  My advice to you would be to look for a minumum gross yield of 10%, which is available in Glasgow.  I am absolutely certain returns like that will be available in areas closer to you like Manchester, it is all about doing the research and homework on it.
Pages: [1] 2
Powered by MySQL Powered by PHP Powered by SMF 1.1.21 | SMF © 2015, Simple Machines Valid XHTML 1.0! Valid CSS!
Page created in 0.183 seconds with 19 queries.