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Owned by Rick

Rick Gannon Voted "Property Influencer Of The Decade" invites you to join his free community to learn and grow in property.

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The Five Minute Investor

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35 contributions to Rick Gannon & New Era Property
First time buyer!
Good evening, looking for some general advice. This game is so overwhelming and you can fall down a rabbit hole of conflicting advice and fraudulent property gurus whilst trying to learn/research. Not looking for a get rich quick pyramid scheme business model! I have always been interested in the idea of property development. I’ve got a healthy deposit and a good salary to apply for my first mortgage. I’m currently renting, my rents not astronomical but it’s not cheap. Question is, do I buy my first home, do it up whilst living in the property and then sell? Or, do I continue to rent, buy a property to ‘flip’ and sell quickly? Paying rent and a mortgage and refurb seems impossible? How are people affording to do all this? Theres a lot of talk about refinancing and equity release but I don’t really understand how that works…I’ve been trying to research about it but all the information I can find states it as being financially risky and very negative and off putting. All the information about trying to buy a property at auction is the same, financially risky and negative again! On the plus side, I have a reliable and trustworthy builder in my family with a team of excellent traders. I’m aware this is a tough game and you need to be smart, work hard and put the effort in to learn! Can anyone point me in the right direction of a trustworthy source for advice and guidance so I can learn about these things. Books, seminars, networking, financial advisors etc. I’m southwest based. Would love to hear from you Rick, and anyone else with experience and advice. Thankyou for taking the time to read my post.
0 likes • 1h
Hi Emma, I understand the confusion - this is important that you are clear on your strategy before you take that plunge, I guess I would ned to know your reason why, what is it that you want to ultimately achieve? Is it month cashflow? Is it chunks of money? is it Capital Growth etc? Different strategies lend themselves to different reasons why - let me know what yours is so I can help guide you further
Cheeky offer
Just put a cheeky 90k offer on a house thats sat empty for a year via a note in door.... They just text and said thanks for the offer we are willing to except ha ha 3 bed house northeast best get my ducks in a row.... My offer was fair and i outlined to them their costs while its sitting empty is not in their best intrest. Win win
0 likes • 1h
Yay and this goes to show - you miss 100% of the shots that you don't take
First Buy to let- ( Help ) ...Please
Hello, After some advice please. We are looking at a remortgage on our current home to finance the investment on the BTL. The property is roughly £120000. Been advised by a morgage broker to take 63k out of our current morgage to fund this. I have also been advised to set up as a limited company? And buy through the limited company. Question i have is this correct? Am I missing anything? Any advice would be great! Thanks everyone. Bradley.
0 likes • 1h
Hi Brad, I think the advice you have been given is sound - but I would be wary of investing it into a BTL as the cash flow won't be very strong, What is the ROI on this deal please and how much money will be left in?
4 Week Mentoring With Me
I wanted to shout out to the new students that signed up last night onto my 4 week Mentoring program, if you want to join or want to find out more then please comment below and we will reach out to you
AirBNB Non Domestic Rates
Hi, I wonder if anyone can advise on a short-term let council tax / Non-domestic rate issue. My understanding is "In England, Airbnb properties(self-catering units) are liable for non-domestic rates (business rates) instead of council tax if they are available to let commercially for 140+ nights and actually let for 70+ nights within a 12-month period." Because of the size of most properties this means they no longer pay council tax and are zero rated for NDR saving thousands of pounds a year. A friend of mine has an AirBNB in Cirencester that meets the criteria but the local authority (Cotswold District Council) are fobbing him off and he is still paying circa £4k a year council tax. Any advice gratefully received or signposting to professional advice. Bill
1 like • 2d
That’s correct Bill I would encourage your friend to push back and challenge them and remember it is the VOA that decide business rates rather than the Council
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Rick Gannon

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