Ticha:
Using our latest family home purchase as an example - we bought a 5 bedroom, 1 bathroom, 1 garage semi-detached in 2017 for £225k. We put down a 15% (£35k)deposit as we were buying as a family home. Interest was 2.18% so monthly payments just under £700pcm.

We then spent £55k (cash reserves) on the renovations. It included taking it back to brick internally, putting new windows (was single glazed), central heating, kitchen, re-wiring, created a 2nd bathroom by splitting the garage, carpeted it throughout. It took 5 weeks because we know people in the industry and also had somewhere else to stay so weren't living in a building site. Remember we have 3 children (they were 3, 1.5 and 1.5 then) so we're a family of 5.

All completed - we had spent £90k cash to include the deposit upfront luckily the money came from the sale of our previous family home. Let's imagine that we did it on a budget we would have needed at least a 10% deposit (£22.5k) and another £15k min for a cosmetic renovation (central heating, double glazing, new bathroom, and kitchen) and if we were living in it then it'd be a room by room reno - taking longer and most likely costing more. That's by the by. Our total expectation was that the value would be at least £300k. As it's now a 5 bedroom, 2 bathroom house. If we had taken a bridging loan for the £55k for 6 weeks, interest wold be around 8%, application fees about £1,500, broker fees around £500.

We then left the UK, asked for consent to let and put it in Airbnb for 1 year and did make quite a substantial amount of money from that because it can sleep upto 12 people. CTL was granted for the duration of the rest of our fixed period so 5 years and we were expressly told at the end of that, we would have to revert to a BTL mortgage. CTL cost £199 and we have to re-apply annually.

In 2019, we broke the fix and refixed it for 2 years at 1.8%. The bank did a valuation and the value came back at £265k. Remember adding all our costs means we need it to be £315k to break even. Anyway refixed and rented it out properly. Tenant was paying £980pcm. Mortgage was now just over £600 a month but a repayment mortgage. Meant we could square away £280 ish a month (agent fees and commission is 10%) Luckily, we're not working in the UK now so no tax but if we were working in the UK then £980 - expenses = whatever is left is liable for tax.
That tenant left Dec 2020 and we spent about £5k tarting it up for the new tenant. New tenant is now paying £1250pcm. The mortgage is still just over £600 pcm and it's repayment.

Now 2021 - we have overpaid that we now owe about £150k on the house. So have equity of about £100k. We are remortaging to refix again and take some money out to buy a house in Glasgow. First and foremost, we have to come off the CTL cos we want to leverage the existing equity. It means higher interest rates however it also means lower payments because we will move to an interest only mortgage.

The house is now valued at £290k 4 years later. We must leave a 25% equity in it and have a 25% deposit for the Glasgow house (Looking at max £80k (£20k deposit). It means we need £75k as deposit for the existing house and £20k for Glasgow. The equity just about covers it. Mainly because it's a cheaper house. Much more cheaper. Then we need solicitors fees, stamp duty (2nd home so 3% of purchase price), survey fees, application fees (all BTLs charge it) and the house must be in walk in condition otherwise we need reno costs so maybe another £5k/6k ish. Our new re-fix is for 5 years at 1.3% and interest only so our payments will around £360 ish a month. Remember the rent is £1250pcm. Then iya Charlie takes her cut re tax.

Now compare that to the very first house we bought in the UK in 2010. 2 bedroom leasehold flat - paid £105k in Bristol. It's now worth almost £300k. When we rented it out in 2012, the tenant was paying £280pcm. The current tenant is paying £650pcm and we've almost paid off that mortgage. 11 years. property is a long game.

Recycling cash out of property is the way to go however it pays to know exactly what you're letting yourself in for. Buy right and hold. Property is a long term game. You buy and sit on it and you make the gains. We haven't had to front up a cash deposit in a long time.

You want to go into property? Ignore all those property gurus on YouTube.
Do not pay for any training courses! Join a PIN (Property Investor Network) group in your area - they usually meet monthly and network.
Join Property Tribes.
There are some useful UK property groups on FB.
Get clued up on financing property.
Find a very good broker and lastly, have a source of income no matter how little.

Property goes through lean and good times. In 2015, 2 of ours were empty at the same time, one with extensive pet damage. It's also incredibly hard to remove a tenant. You have to go through the courts and in the meantime, they can stop paying rent. It currently takes at least 14 months to remove a tenant through the court system.

But it is by far the best investments we have done. So my advice? Do it but with eyes wide open.

cuteguy201:
Hello Everyone,
Please who can help with the email addresses of CPC Ottawa and Accra?
Thanks in advance.

Abini2012:
My walk took me around the Usher Hall, I decided to get a close up pictures...

Stone was laid in July 19, 1911

seyemon:


@slimbless, kindly let us know the name of this bank, when they intend to launch operations and other relevant info.
Thanks

kukusdot:
Why una like to create thread so? Haba! So many threads on NL run into hundreds of pages, but this one never gets pass 700 at any time before una rush create anoda one.

hardedhoyin:
To whom it may concern

chigrad:
Tobidam is a very good learning institute that gives you value for your money, with their quality and detailed training approach and guidance in addition to your own efforts, you can acquire your desired scores.

rotormast:
Asking for a friend.


I'm yet to do my biometrics enrollment. Made booking but no acknowledgement. Do I need to go to their office?

The person is based in Lagos



Thank you in advance

EMEKUSBOY9:
Good day ladies/ gentlemen, am a nigerian guy who went to ivory coast in 2016 but came back to Nigeria 2018 . I had some sweet memories that really look sweet and adventure to me.

" SAMEDI SUA" is Saturdays in ivory coast, and is my best days in ivory coast. Am not sure if i got the spellings correctly.., this days mother dnt have right over any woman no matter her age and they are allow to pass a night at their boy friends place .

dyce101:


Damn you guys aren’t giving me the answer I want leave me and the agent I am asking u if Anyone received sane mail with me

Lexusgs430:




Bros, show me your's & i'll show you mine.......

Lexusgs430:



XXXXXXXL - For pants.......

Goodnigga:
ask around or google. TEF prep classes need to be handled by an entrusted language school who knows the in & out of TEF and not just FRENCH ( very important). However, if you are like me who is working and can't find a close school near by, I would recommend www.tobidam.com .It is an online classes if you want, but the teaching materials are TEF based and they have TEF past questions for preparation.

teamoneline:
The link is opening on phone. can you imagine?
i logged in but they are saying : no startable content found.

the thing fly me be that. No Job, No Money. Life Taya me abeg

nikkyejike1:


Lmao same here. I didn't even solve any thing

etrange:


Bien sur, je vais essayer d'y etre. Je voulais juste savoir s'il y a d'autres personnes ici qui ont l'intention d'assister. Je ne voudrais pas etre tout seul la bas.

ayandee:
what worked for me as regard speaking:
1. I had a lot of practice sessions in class. The classes were small, usually 4 or 5 persons and we took turns to speak on different subjects contained in the study texts. The classes were very conversational. You can't hide. We also did audio-miming on several occasions.
2. I went on speaky app and was fortunate to get a wonderful Tunisian guy. He calls me for one hour each day. That gave me the opportunity to practice outside the classroom too. I have never experienced such magnitude of dedication from someone I have never met. In exchange I'm teaching him English now.
3. Before meeting the Tunisian guy, every saturday I had one hour conversation classes with one guy. I used to pay him per session. That lasted for 6weeks. It wasn't intensive enough.
4. While preparing for the exams, my teacher simulated different TEF EO situations, condemned my responses on several occasions. He pressed on till I was able to speak with some level of spontaneity. That's important.
5. I joined the duolingo Lagos french club. I attended the monthly meetings. In short, I was in for anything french outside of the classroom. If it was a french event and I was aware, I must attend.
6. Songs also. My teacher encourages this and gives us french songs from time to time.

Zanotee:


Congrats man.

Kindly Help me with his number and how much is their weekend classes.

Alkidam:
Hello house, my BVL just dropped now. Thats outright refusal right?

Ymcmbbb:

Hopefully we all make it through

Preshnificient:


One of the guys said within the week. He however said they'll only send feedback to the successful ones.