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"Alternative Careers: The Truth About Buy To Let Property Investing In The UK" by Dr Matthew Wickham

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Summary

In this on-demand teaching session, Dr. Matthew Wickham, a GP based in Glasgow with a background in property investing, shares his expertise and experiences in the field of buy-to-let property investing. The presentation aims to help attendees find the right properties in the right place with the right money, guide them in building up a property portfolio, and educate them on avoiding common pitfalls of managing multiple properties. He will also discuss how to run these investments efficiently, all while balancing a career in medicine. This session is perfect for medical professionals looking to diversify their income or explore alternative career paths, offering them the opportunity to learn from someone who's successfully balanced a career in medicine with property investment.

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Description

Are you a doctor seeking financial freedom and security?

Join Dr. Matthew Wickham, a seasoned GP and successful property investor, for a free webinar on Alternative Careers: Buy to Let Property Investing in the UK as a Doctor.

With over 14 years of experience in healthcare and property investment, Dr. Wickham has a proven track record of helping professionals achieve financial success.

In this insightful webinar, you'll learn:

  • The fundamentals of property investment: Understand the basics of property investment, including terminology, strategies, and risk management.
  • How to leverage your unique position as a doctor: Discover how to utilize your income, time, and knowledge to maximize your investment potential.
  • Practical tips for getting started: Learn how to find suitable properties, secure financing, and manage tenants effectively.
  • The benefits of property investment for doctors: Explore the tax advantages, diversification benefits, and long-term wealth-building potential of property investment.

Don't miss this opportunity to take control of your financial future.

Register now to secure your spot!

Dr. Wickham is a dedicated GP and entrepreneur with a passion for helping healthcare professionals achieve financial independence. With a successful property portfolio and a deep understanding of the challenges faced by doctors, he's uniquely positioned to provide valuable insights and practical advice.

Learning objectives

  1. By the end of the session, learners will understand the fundamentals of buy to let property investing in the UK.
  2. Learners will be able to identify suitable properties for investment, bearing in mind geographical location, property type, and potential for added value.
  3. Learners will gain strategies on how to recycle deposits, allowing them to grow their property portfolio using the same investment repeatedly.
  4. Participants will learn efficient methods to manage a multiple property portfolio, distinguishing between tasks that can be delegated and those that need personal oversight.
  5. Learners will comprehend the benefits and risks associated with buy to let investing, and be able to assess the long-term viability of property investments for income generation.
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Computer generated transcript

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The following transcript was generated automatically from the content and has not been checked or corrected manually.

Hello, everyone. Um My name is, I am just one of the members of Mind Bleep's alternative careers team. Um We put on these webinars to essentially inspire doctors to do things differently. And so I'm very excited today to introduce Doctor Matthew Ham and I'll uh let him take it away. Thanks very much. Um Hello, everyone. I know you can see me and I can't see you and that's absolutely fine. Um I'm Matthew Wickham. I'm a uh a GP with a specialist interest in Ent and I'm based up in Glasgow. Um and have been for, oh, maybe 1415 years now. Um And yeah, I, I'm a property investor as well and just a bit of housekeeping before I start. Um, the slides that I'm gonna present are probably only gonna last about half the amount of time that we have. And I know that there will probably be quite a lot of questions and that's absolutely fine. Um So feel free to type in the Q and A section, um Any questions that you might have and then at the end, we can kind of go through them all. I hope in the time we have. Um So the presentation today is um the truth about buy to let property investing in the UK. Um Let me just make sure I can do this. There we go. So this is a very straightforward webinar. I want to basically help you find the right properties in the right place with the right money to be able to actually get on and do your investments. Um If you're a person who, you know, really wants to know how to do it and make a big portfolio, then we'll hopefully be able to go through how you can make this work for yourself. And if you really want to know how to do all this and avoid from, oh, there's a, er, avoid the, er, the pitfalls of how to manage multiple properties in a property portfolio. Cos it is actually creating an entirely separate job. If you make it a job, it is possible to set it up as an entirely separate business that runs in the background, um, runs while you, while you go and do whatever it is that you want to do, be a doctor, be it. Um, anything at all. So we're gonna go through the three big secrets, how to find the right buy to let property. If you can't find it, you can't buy it how to actually recycle deposits and allow you to build a portfolio without using the same, uh sorry, by using the same money over and over again, in other words, so you don't have to keep saving up each time and then actually how to run it efficiently so that you're not spending lots and lots of time actually managing your portfolio. There's some things you have to do yourself, but there's an awful lot you can ask other people to help you with. So why, why, why, why, why would you listen to me about any of this? Um Well, that's me. That's, that's my wife Sarah. That's, that's our dog, Teddy. He's now six and we have two kids. Uh, five and two and two boys. I live up in Glasgow. I started buying, buy to let properties back in 2013 when I was a first year surgical trainee and I didn't know where I was gonna live. So I bought a house randomly in Manchester, even though I didn't live in Manchester. I went to Liverpool University and uh I ended up renting it out, but I never even lived in it. And, and since then I've gone on to, to keep buying properties over the years and I've got portfolio about over 20 now, I think, and it takes long in the background. I've got them all over the country. I'll tell you a bit about them as they go along. Um, but it is possible to do all of that whilst I was doing this. I was trained as a ent registrar for a number of years. I did some research for a bit, I then locum in A&E for four years and just did a bit of property on the side of that. And then I did full time GP training after that, all of which I was doing whilst I was investing in property and there's, there's some serious upsides to it. Um when you, when you've been doing it for any length of time. So, as I said, I was, I was, I've never lived in Manchester when I bought a house in Manchester, but I needed something to do with the money that I had to buy a property. II couldn't rent forever. And I was a living landlord at university. So I'd kind of gotten the idea of how to be a landlord. Um, but I knew that if I didn't do something with it, it was just sitting in the bank doing nothing for me. So I ended up buying properties, renting them out. Eventually I ended up moving up to Glasgow and I bought a little flat and I renovated it. I still own the little flat. I'll tell you about it in a second, but I didn't know where I was gonna be living. So it didn't matter to me that I was just buying something as I was going along. Um, it was more and more straightforward, er, decision at that time and I would make exactly the same point today. It, you know, I'm talking back over 10 years ago. But it still counts today. Cos in 10 years time, you'll think. Oh, I should have brought that properties run out 10 years ago and that's because the cost of living continues to increase. So 10 years from now, the, the cost of buying a, any property today or the average price today will be, will seem cheap in 10 years time. It certainly seems the way looking back 10 years and over that time my rents have been increasing, house prices have gone up and down like Yo yos in uh in the last few years with COVID and, and everything that's gone on around that. But that always happens. The difference is, is that with property, it tends to have a trend which just continues to increase. That's been the case for a long, long time now. And sadly, the the gap between those who actually have assets such as property or investments and shares is getting bigger compared to people who don't, it's certainly a fast way to earn income relying on a government paycheck. I wish that wasn't true, but that is the case. So I moved up to Glasgow, I moved up to Glasgow for a course surgical training and I was renting a flat and then I found this little flat in Torres Dale Street so you can Google, they have Google Maps um and it was a rundown little flat and it's in what's called a tenement flat, er in Glasgow. Um These are like the equivalent to the, um, sort of streets of terraced houses that you'll find in most northern parts of the UK, um, thing, like Coronation Street, that kind of thing. Um, but this is, this is, this is the flat here. It was on the first floor. It needed everything done, it needed a new kitchen, a new bathroom, full decoration, new windows, the whole whole lot even even needed a boiler pudding in it. It didn't have any gas, central heating. I don't think it had a gas supply actually, if I remember rightly. So I did, I learned how to do everything. I, you know, I fitted that kitchen, I fitted that bathroom, I sanded that floor. You know, I learned how to do a lot by just buying this one flat and it took me about nine months or something to actually do it. And it was a long, long time and not something I would recommend doing sanding floors is back breaking work. But learning how to do it and getting sort of the experience of, of asking tradespeople and how to actually do something was really quite important. And this is why I did it because I could, and some people in other parts of the country will laugh that I bought a little flat for 35,000 lbs and I did back in 2015. So nearly 10 years ago now for this one and it cost me a fair bit. Of money to refurbish more than I would pay probably now to have done that job. Um And that's including the inflation. But as time has gone on, it has been revalued at a higher rate. It's nearly troubled in price. My rent has almost doubled and essentially this property has allowed me to refinance out nearly every penny that I put into it and it's continually paying me every month. So its reline investment is in, it doesn't cost me a lot of time. It basically just sits there and does its thing in the background. In fact, I recently refinanced this property took the money out and I'm buying another property with the money. So it is possible to let one set of deposit one bit of an income develop multiple, multiple times. So how are you gonna find these kind of properties? Cos this is this is the key, if you can find those kind of properties, you can buy them multiple, multiple times. And most people don't understand how to actually do that kind of model in their area. So how is it gonna work for you? Cos you can't necessarily do this somewhere, you don't know, it works really, really well in the area, you know, well, cos that's where you live, but not necessarily in every place. Are you gonna find properties that are the right price to be able to add that value? The reality is, is it is possible to find a place nearby or somewhere that's close to your area. It might be that you have to think of an entirely separate area. If you live in London and you, you can't afford the prices in London or the southeast, you might have to say, well, actually I'm gonna pick Liverpool or Hull or Sheffield or something, you know, somewhere else but then really focus in and learn on that area and then once you know that area, you can then find the right property to actually do it. And there are lots of ways that you can add value to properties and recycle the cash. This is an example um of not knowing the area. Um My wife is from Northern Ireland and Bangor is a place in northern Ireland just, just to the east of Belfast. Um It's also a place in Wales. I'm talking about the one in Northern Ireland and we went and lived over there for a small period of time temporarily and around now when my first son was born and we ended up um looking at a place to, to potentially buy and live in and invest in. And it took me 3.5 months to get to know the area from scratch and go to the, go to the place, pick, pick the place, pick the properties, go and do the viewings and actually speak to all the people that I needed to speak to local agents, local tradespeople, local investors and find out where the good streets were and what was a good buy. This was the end terrace treatment house we bought and at the time it was bright yellow, bright. Yeah, it was the ugliest ugliest house on the street and they're perfect. They're absolutely ripe for, for being able to, to add value to because you can instantly make it look better from the streets at a relatively low cost. Hence, lick of paint. Um In this case, we actually had, this was the original kitchen cabinets and carpentry. All we did was tile and put in some new worktops and paint the doors. So although it's a lovely big kitchen, it didn't cost the earth to do. And these are the kind of little tips and tricks that you can kind of learn about how to do to make your investments worthwhile and spotting where the value is before you actually buy the property. If you can spot the value before you've even bought the property, you will be able to recycle your deposit out. It's, it won't, it's not as easy as it is. Sorry, I'll say that again. It wasn't the case that it was easy 10 years ago and it's not the case that it's harder. Now. There are still these kind of properties available all the time. It is about knowing how to find them, what to look for because once you know what you're looking for, II found one the other day. Um That was just down the road from me. And once you know what, what you can see once you can see it, you can make your offers and you can build, build, build the value into it. There was a um a property I saw the other day that um actually had a granny annex built on the side of, of a, of a house and it was a horrible gran annex that they built on and it did not match the the style of the house. You can see the styles of these houses is very particular and imagine AAA larger end plot that had a horrible granny annex on and all it, all it needed was a bit of planning permission. You knock down the gran annex and you build the next house in the same style as the ones before and you bought one house, but you've had two for the value and knowing that you could do those kind of things and how to do those kind of things means that you even spot them before you even set foot out of your house to have a look. And once you can recycle your, you can do it again. So this is another tenement flat um just around the corner from Hampden Stadium, if you're familiar with uh uh the Scottish football team. Um I am not that familiar with them, but I just know that it's near Hampden Stadium and it's not the most glamorous flat as you can see from the pictures. It's a fairly straightforward bog standard one bed studio, studio slash one bed flat. And again, this was brought back just before George Osborne changed the rules for investors. And at that point, it was possible to buy another discount, add a little bit of investment money to it to make it look nice and basically refinance all the money back out within six months time. It was relatively straightforward. And that was, that was the figures then this is now worth double again in the 10 years. So again by your property now and sit and, and keep it going for time, you will reap the reward in the long run. It's not a quick garage scheme. But the thing is is that once you can refinance and at this point, I refinanced after six months, I bought in cash, I borrowed the cash from somebody who lent me the cash. I gave them their interest back and I refinanced it and then said, here's all your money back and they said, I don't want all my money back. I want you to do it again. So that's what we did. It's possible. The thing is is that once you start doing this and you start having multiples, you created yourself a job. So you've got to then effectively manage that portfolio. Because if you don't manage the portfolio, you're not gonna have any time and it's gonna come into disrepair and your tenants are gonna get annoyed with it or they don't pay rent. And that's the biggest thing. You want them to pay rent because you need them to pay the rent so that you can pay mortgages and give you an income. So a lot of people will tell me I don't want to pay money to have somebody else. Look after it. I hear this all the time. See it all the time on social media. Why do I pay for an agent when I could do this myself? Cos anytime there's anything wrong, the agent just gets in touch and it kind of misses the point. He misses the point because if I don't have time to actually deal with the complaints or deal with any concerns that that tenant has, I can give you an very exact exact example from the last week when a boiler needed to go into the time of the year for new boilers. That's how it goes as soon as the weather cools down. And as soon as that tenant had the need for a boiler, they had to pick up the phone and ring the agent. They didn't ring me and everything gets built through the agent so I can get the agent to get me quotes for a new boil that they can get the the trades person to go out and, and give, give me quotes. All them just comes back to me and I just made the decision that cost me about three males of my time. Not a huge amount of time. Certainly no stress and nobody emotionally saying down the phone that they didn't have their boiler working for a couple of days because it takes a couple of days to get things sorted. At the same time, the agent can provide heaters and I didn't have to actually lift a finger to do any of that. I'm sorry, my voice is going. So once you start creating more than one property in your portfolio, you have created another stream of work that effectively you're on call for 24 hours a day unless you offset that to someone and every time that you need to change your tenancy, that is taking time to do viewings and vetting and make sure you've got the right to rent all the legislation sorted out. I spoke to my agent the other day. It's about 20 plus hours to change a tenancy roughly and work that 20 hours of my time is worth way more than 20 hours of my letting agents time. So I'd rather pay and let them deal with the headache and find me a good tenant. I let them use a full management service because the full management service means that they have a vested interest in picking a tenant that is going to give them the least amount of hassle as possible. I pay their rent on time. My end of the deal with the agent is to make sure the property is as good a standard as it can be so that they don't get so many questions as well. And ultimately, if you're buying properties in a place where you don't live, for example, I have one in northern Ireland. I don't live in northern Ireland. I want to know that somebody's there on hand with the ability to talk to them, pay, talk to the town and deal with any problems that as they arise, letting agents are also really good at making sure your property is in keeping up with rents so that your property is constantly up to date with market rent so that you don't end up in a situation where your rent has fallen behind and just cos you thought you had a good tenant, five years can go by and the rents have all shot up in the last five years as, as uh anybody who's been renting recently will, will testify to. There's also a load of regulations. I think there's over 300 pieces of regulations and there's more regulations coming in all the time about how landlords operate with their tenants and what the tenant's rights are and what the landlord's rights are and how you gain property access and these kind of things. So there are things that you need to be up to date with and by using an agent, a reputable and good agent that tends to be a, a nice way of managing that situation. I also find that having one agent that deals with multiple properties is much easier than trying to deal with multiple properties myself. And in reality, if my agents don't call me, I'm really happy. I see it like flying a plane on autopilot. You know, they're there for when things aren't going well. So if their rent is, if they, they've done it well and they've done their job, well, there should just be no problem. So I don't mind paying somebody 10% of the rent or 12% of the rent because they're doing it right. And I don't have a headache and in the last, um, what was it first started investing property? I've only ever actually served an eviction notice to two times in the entire time. So most of these things can be resolved. And that's, I'm talking, you know, well, over 100 tenancies. So, you know, a very low margin of nonpayment of rent, which makes a big difference. I can see that. Carol has already asked the question, what do I mean by recycling deposits? So I'll go, I'll circle back to that in the, in the question section in a minute. Um, finding the right price, like probably find it in the area, you know, well know your numbers, you need to know what the cost of it is, what the cost of any renovation work is and what the likely rent is gonna be, you can find all that information out in a couple of clicks of a button on right. Move just search the same area for sole prices, search the same area for rental prices and you can just edit whether or not it's a one bed, two bed, three bed flat or house. So you can get that kind of information very straightforward. You can add value to properties and recycle your deposits. You can, once you've got numbers, start to manage it with your agents, I would recommend starting at the start because they're more likely to build that relationship with you. Most of what property investing really is, it comes down to being able to talk to people and manage the risk. The risk is essentially the thing that is going to be whether or not that you get the right property for the right tenants at the right price. If you can figure out the answer to those, you'll have no problems, your tenants will pay and your property will be looked after and you will see the value increase over time being able to communicate easily with the investors to ask for money to be able to then increase our portfolio size is a is an added skill, but actually just knowing how to speak to letting agents and agents, estate agents that are selling properties, then you will effectively learn from them and be able to keep on recycling and going again, if you don't know how to ask the right question to the right person, then I am available. I can help people to look after their properties to learn how to do this. It is something that I I've done for years. Um I'm gonna be taking some questions in a minute. I'm just gonna have a quick pause for a second just so I can get some water. Apologies to everyone for my voice today. It just left me this morning. Yeah, thank you. Um As I, as I said, I've been doing this for a long time and a lot of people ask me how to do things and kind of help them do things. So I've actually set up a little website that you can have a look at. It's called Dog support.co.uk. Um It can certainly help um with private healthcare, setting up your own private clinic if you're a doctor that's interested in doing that. But I also can help you with um mentorship programs and things to help you invest in property if that is something that you're interested in or even just you want to have a 1 to 1 discussion. You don't want to ask specific questions on the Q and A more than happy for you to have a look at that. It's, it's at do support.co. You can, you can get in touch with me directly through that. Um My email address and contact details of that. I'm sorry my voice is cutting out. Uh Right. So let's go back to the questions and answer. So, Corilla, um I'm sorry if I didn't clarify what, what the recycling the deposit means. So for example, if I go back to the um bear with me, I'll go back to the example in Bolton Drive cos that was the easiest one and it's closest here. So the asking price was 50,000 lbs. That's what the, the surveyor, the Royal Charter surveyor's home report value was. Um I negotiated with the seller and we paid 40,000 lbs for the property, but it was still valued at 15, the day I bought it, I spent a few 1000 lbs just making it fresher. And then at six months later, I got the valuer to come back out and revalue the property. Now, when we revalued the property, he said, actually, it's still worth 50,000 lbs. That didn't really matter to me and then went along to a bank. I asked them for a loan, they gave me 75% of the value of 50,000 lbs, which was 37,500 lbs back in my pocket in the six months that had been owning the property and then rented it out relatively quickly. And I earned, earned the income from the rent that income from the rent was then added to the 37,500. And I was able to offer to pay the money back, I think within a month or two after that. So including all the interest. So basically what happened there is I was able to actually buy and own a property with zero money. So cos I bought it at a good price, effectively, 80% of the value I was able to then utilize that value and refinance the money back out. So eventually we started with 40,000 lbs and seven months later, we had 40,000 lbs back in our bank account. That's how you recycle your deposits, recycling the cash, you can do that with bigger numbers. It doesn't, it doesn't matter on the exact asking price or purchase prices. It's the relative difference between them. So if you can buy something at a, at a discount or add the value to it. So this one I bought at a discount, the one before in Torres Street, I actually bought it at a low price, but I added a load of value to it and then refinanced it and took my money back out. So that's what I mean by recycling cash, recycling deposits and using price to let mortgages. Um you could do a whole talk just not pay to their mortgages, to be honest, be honest with you, but they are relatively straight forward to use. You can do them as interest only. So you don't have to risk as much of your um your, your own capital. Um But you're only ever gonna get up to 75% of the value of the property at any given point in time. I hope that answers your question currently. If not, please just update, uh, in the Q and A and I will happily circle back to you. Um, Wasim. Hello. Good evening. Um, have I had any experiences with bad management agencies? Yes. Yes, absolutely. Um, you gotta kiss a few bad frogs, I guess to find the right ones. Um, knowing what I know now about good agents, I'm much more picky about who I choose. Um, but I still have one tenant who is a remnant of a bad agent who I've yet to managed to ask to move on. Um, so there is, there is, yeah, there is some things that you can't just immediately deal with. Um, but yeah, bad experiences. You, you, you know, a bad tenant is a bad tenant. A bad agent is a real bad problem for you if you've got multiple properties with a bad agent. Well, one of the things that, um, often surprises me and surprises me when I talk to them about this is that actually it's, it's far safer having two or three or four properties than it is just having one single property is a bit to let because with one, if they don't pay the rent, you are 100% responsible for paying any fees or costs associated with that property because as soon as you have multiples you have some rent and the likelihood, the mathematical likelihood of everyone stopping paying rent becomes less. For example, the the mathematical likelihood of 20 properties or not paying rent in the same month is far lower than one property not paying rent in one month. So if you think about bad experiences and, and good experiences with management agents, I would always the the tip to finding them is basically speak to investors in that area and find out who they use. Because what you'll often find is there's somebody who is an agent who is also an investor themselves and they're the kind of people that will have an interest in making sure that your property is well looked after and well maintained as opposed to a national letting agent chain in my experience, hope that helps w er er again update me if, if you need. Hello. Hello, good evening. Does investing or renting properties affect your taxes adversely while working in the N HSI? Am not an accountant panel? I can tell you what I know, but the best answer is always going to be if you're thinking of doing this yourself, be wise to speak to your own accountant before you start, they'll probably have something to say about how you set it up. It also depends on what you, what you do with your own personal income and how that works. So the short generic answer that I can give or the informative generic answer that I can give is if you are a high rate taxpayer, which most doctors r will be very quickly, then there's not a huge amount of advantage in, buy to let property investing or property investing in general in your own name. Because any rent is then classified as personal income and you will be taxed, taxed at your higher rate on the gross amount that you earn. In other words, you can't deduct things like mortgage interest and you get a pitiful, um, 20% rebate um, of any interest you are paying it is it is not financially worthwhile if you're thinking of building up a number of properties, having said that if your intention is only ever to have one other property and you just, the idea is just to pay the mortgage down over a period of time and just have it sitting there as a, as an insurance policy. Fine. Do one property, do it in your own name. Take the hit on the income tax because you're gonna pay tax, whichever way you look at this, you can pay less tax if you incorporate as a limited company. And once you incorporate a limited company, you then have to pay higher, higher accountancy fees. So the benefit of earning it per earning it personally and not having to pay those accountancy fees is kind of negligible compared to opening a company and then having one property in it and paying the accountancy fees. So you might as well just open it personally. If you're gonna go 234 properties, then having an investment company um would make much more sense. There are some nuances with companies if you then start flipping properties, are you buying them, doing them up and selling them that's considered a trading company rather than a an investing company. And you will have to have a separate limited company for that. And then you get into holding company structures. It, as I say, it can be done, it can be done personally, it can be done in a limited company. It does depend on your personal tax affairs and that's why I say always speak to a good accountant who understands what property investment and NHS income looks like would be my advice. Um Jonathan, thank you for, you're very welcome. Thank you for coming. Um Any thoughts on deal sourcing rents for rents B RR versus pets. So, what I've described actually is br ri rent refurbish. Um You can add another one remortgage. Um BR RR. Um You'll see fancy people selling courses for thousands of pounds telling you how to do that. Um It doesn't really matter. Um which way you want to look at this, owning the property and having a stake in it is the way that you will gain genuine a wealth, a accumulation um rent to rent. I've, I've done rent to rent. Um I don't rent to rent anymore. Um I did some rent to rent. I did rent to service accommodation, I A horse accommodation business for about five years before COVID hit. Um Ultimately, that is like creating houses, multiple occupancy on steroids and you have to have a lot of time to deal with it. Rent to rent are big risks. And I think that people are often led to believe that it's a, a shiny penny and a quick way to earn money through property. If you have a job, it is not a, a quick and easy way to do it, it is a time consuming way to do it massively time consuming. Um And potentially you end up having to pay a lot of rent co to, to get rent to rent to really work bigger properties, which means you're paying bigger rents. So the risk to you as a as an operator doing that is that you've then got to find the rent if you have rented out property in another way. Um There's also some legislations you need to be aware of with rent to rent in that. If the person who the landlord who's renting you, the property has a mortgage on the property, it's probably something that's in violation of their to let mortgage or whichever mortgage uh product they are using. So I think there's a lot of um issues with that. Now, if they don't have a mortgage, that's fine. Um But if you're talking about high rise blocks flat. There may well be, um, terms in the leasehold, um, that stay, the property can't be used for subletting and various different things. So there are quick ways to end up in hot water with rent to rent and it's not the um, big shiny penny that I think people will try and make you believe, deal sourcing again. It's, it's about time. So most of the things with property investment boil down to time knowledge and cash. If you don't have cash, then you can have to put in more time or have more knowledge than someone else. If you don't have time, then hopefully you've got a bit of cash and you can ask someone to help you do it, do it for you. Um, deal sourcing is probably the biggest one for time. You're gonna need to spend a lot of time understanding and, and finding those deals and I don't just be sitting on a computer and asking someone in the Philippines to find them for you, which is what a lot of people do and most of the things that they try and sell, er, often end up on social media and they're not a deal. Um, there's also a lot of regulation with anti money, anti money laundering, er, or a ML, um, that you have to go through and you have to register as a, as a service. Um, that says that you're not, you're checking whose, whose money is from where? So again, yeah. Are you compliant with all of the things would be my biggest thing. There's, um, there's some really good books actually about, um, deal sourcing and the, the legislation that I can redirect you to, um, uh, if you want to send me an email, I can't remember the off to me. I'll have to go and look them up. Um, uh, Ally. Hello. Um, how have I used? creative financing like vendor finance or lease lease options in Scotland. Lease options aren't a thing just due to Scottish law. Um but you can use lease options down in uh the rest of the UK um Lease options basically for anyone who doesn't know, works along the line of um you agree with the seller to buy the property at a certain point in time and um you agree that purchase price then and until then you basically take an option on the, on that property and you, you could say you cover their mortgage or, or whatever it is that you're doing, that's fine as long as you're happy that you know what the end product is going to be. I think there's a lot of people who have been caught out by this um in the recent years because as those mortgages have hiked up in price, they may become unstuck with how to rent the property out appropriately. So, lease options again, you don't need a huge amount of money to start with, but you do have to have a fair amount of knowledge on how to do them. So learning how to do them properly. Um again, is a good idea. They often work well with higher value properties, but again, higher value properties have higher mortgages, higher risks if the price of mortgages all suddenly shot up, which they have. So no one really mentioned that that was a possible problem with lease options. Um Five years ago when people were selling lots of courses saying aren't these options great. I've yet to find anybody who is truly a a long term investor who just does these options and doesn't end up owning things themselves because the wealth is created when you own the property rather than the option to buy the property. Cos you might end up optioning out and having made no money but spent a lot of time and effort over the time waiting for that option to accrue uh vendor finance is where basically the person who's selling the property um has an agreement with you and that they give you the money to buy the property and then you give them it back. Banks don't like it, banks really, really don't like it. So if you're ever gonna use mainstream lending, um and as a doctor, it's really easy to use mainstream lending cos you're always gonna pass the credit checks um because you have a good job. So I would say that you don't need to necessarily use vendor financing. It's, it's adding additional risk that you don't necessarily need to start. Um, that's, that's something that I would definitely look into with a legal advisor before you even go down that route. Shaz. Good evening. Hello. Um, some people to, to religious regions are hesitant in taking mortgages or engaging in activities related to interest. Is it still possible to pursue property investment without engaging in interest? Well, that's a good question. Um I don't know if I can really answer that because I guess it depends on the religious reason um that your justifying not pursuing a property with interest because if you're investing in property, you do have an interest in it, in that you're making money, even if it's not necessarily taking money uh directly, you are accruing wealth and capital growth over time. So even if you bought a property, say for example, today at 100,000 lbs and then didn't make any money rented, it kept it going and just kept everything. I assume this is what you mean as an example, you make no money even still in 10 years time, it's probably gonna be worth 50 maybe even 100,000 lbs more just because of time inflation and capital growth. So I don't know enough about the religious reasons that you're speaking about, but you're going to make money. And so I'm not entirely sure how that's any different to paying some interest to a lender. Maybe there could be a lender in the same religious thing. There's religious banks, I believe. Um, that you could ask. II don't know because it's not something I've ever had to, um, go down that line. Um, feel free to tell me how that works. Um, maybe put a bit more detail into what the engaging in interest means specifically. Um, good evening. Um, have you use bridging loans if not? Why? So, bridging loans are great. Um They, they offer you quick access to cash and capital. Um, they come with the hefty interests and heftier application fees, but you get the speed of funds. So if you're looking to get cash to maybe buy a property at auction, then most people when they're buying at auction, either buying cash or use bridging finance because a typical mortgage will take even apply to that mortgage would probably take you three or four months to complete. If you're completing an auction, it's gonna be 28 days to purchase. So make sure you've done all your checks on the property and things before you let the hammer come down. Um, but yeah, bridging works and it gives you the money relatively quickly. There's quite a lot of products where you can, um, get a bridge to let. So you start off on the bridging payment and at the same time as as paying the interest on the bridge, you then also do the work uh to the property. So bridging works really well if you're going to have to buy a property and completely gut it and then redo it all. Um, my stipulation now with buy to let properties is that it should be rentable from the day, day one that you buy it. Um, so if you're using bridging, you can get a product where you bridge the letter and you pay the bridging fees and then you sum it all up and then you switch on to a buy to that product at the end. So you don't have to pay such high interest rates. So, yeah, they are good. They are effective. You can use them. Um, but factor in the cost of fees into the deal. That's, that's, that's the way it goes. Um, it's not something that I personally use a lot of, um, because I just recycle the capital that I've got. So I can just refinance on a buy to let loan release the equity and go again when I've got the capital there, just let the rent pile up and keep, go again. Um, I should say I'm doing this in investment companies and personally just to build deposits to keep going for the next one. I don't actually take a wage cos I have a job. Um, so good evening sed. Um, oh, we've gone medical. Uh, what made you swap from ent surgical training to GP? Um, I realized I didn't want to be a consultant. Ent surgeon. It was an ST six. It was a very informed choice. Um and I could see where it was going and what my life was gonna look like in a hospital for the next 30 years. And I thought, no, no, thank you. Um I, yeah, II swapped and changed and middle grade locum for a while and then decided to get Act and GP. Um because I can do a bit of both GP with ENT. Um I like Ent, I just don't need to do it all the time. My actual working week now is um one NH SGP and four private clinics that I do as a GP with ENT. Um I have an entirely separate webinar where I talk about a private clinic. It's on the website. Um You're more than welcome to join and hear me talk a bit more about that. Um She uh what's the best way to get in contact with fellow investors? Hi, Sh, I'm a fellow investor. I know loads of people. Um So, yeah, get in touch. Um Honestly telling people that you're looking at doing it, put it on linkedin, put it on your social media. Some people don't like it. Some people will um no, any benefit slash concerned with a doctor being a landlord, any risks of GMC referrals. Um So again, it comes back to, you know, make sure you're doing things properly and above board and legally. Um One of the major pieces of legislation that came in over the last few years was the right to rent and making sure that, that basically that the tenant had the actual legal status to be in the country, um, that can quickly get you fined and imprisoned if you're really doing it wrong. So, um, yes, there are potential risks and if you're not doing things, if you're treating people, um your tenants badly and I don't think you should be a landlord. Um It's questionable whether or not it should be a doctor, I suppose at that point as well. So yes, um there is possibility, I can't think of any cases where somebody's been taken in front of the GMC for being a bad landlord. Um But it only takes one in terms of the sort of concern side of things, I'd, I'd really just think about how much time you're going to spend doing it and make sure you find a good letting agent. Um the benefits, massive benefits. I have an entirely separate income stream. Um uh We were talking before the, the webinar. Um I use um personal assistance and virtual assistance and um various other people to help me with my day to day activities. Uh All of which is tax deductible, um expenses deductible through my company, which is paid for through rent from property. So, yeah, huge benefits. Um I've refinanced a couple of properties and we're doing our kitchen extension essentially for free, um or effectively for free. I haven't had to work harder for that money. That money has appeared. It's been created over time. So yeah, there's, there's definite benefits. Um The sooner you start you can accrue cumulative growth over time. Hope that helps. Um Jonathan I'm conscious of time here, so I'm just trying to get through as many of these questions as I can. Um Thanks any suggestion for best first property types with a low initial deposit, one slash two beds or HMO S. Um I'll answer that question first. Uh Jonathan cos you've written on another one. So it depends how low deposit you're talking. Um But finding the sort of right property in the right place. So that might be a lower deposit, might dictate that you have to get a lower value property, but try and get the best kind of property area you can in that price bracket. And what I mean by that is, is find the Yellow House or the Yellow building or do you know what I mean? Find something that, that you can relatively efficiently up value? Um So with a lower deposit, you're talking sort of sub 50 K deposit, uh I presume I would look for maybe one or two bed. Um you could even look for a little 10 terraced house um and try and avoid a flat if you can. Um because a flat will come with um added insurance and maintenance fees, you know, communal maintenance fees. Um, there are other risks if it's a newer build in terms of cladding, which I would be mindful of, but something, you know, something that's, you know, more than 50 years old, well built, um, and not going anywhere anytime soon. Um, if you can find a two bed and convert it into a three bed or find a one bed and convert it into a two bed, you might be able to get a bit more bang for your buck. Um There are lots of different strategies. It does depend on where you're looking and what prices you're looking at more than happy to chat to you directly about that if you want. Um How do I find, how do you find managing properties with a clinical job? Um relatively straightforward because my agents do it for me. I just answer a few emails. Um Nothing is ever urgent. Um Genuinely, nothing is ever urgent unless you stop breathing or your heart beating. So most of these things with properties are not urgent, you've got days to sort them out. Um, emails can be sent, you can reply to them when you've got time. Um Any tips to find best areas nearby for return on income, er, investment, er, in the south. Yeah, I mean the thing is, is that I'm not in the south. So anything I say about the south of England is frankly just conjecture. Um I don't live there. Um I can tell you about where I know um, in and around the west of Scotland very, very well. Um, parts of northern England and bits of northern Ireland I know very well. Um But the, the best area is going to depend on your price point as I was just saying. So what is the best area for you might be best area? It would be different for someone else. Honestly, it's about looking and about taking a bit of time to figure that out, like chatting to other investors because if you chat to other investors, then they'll be able to point you in the right direction as well. If the, if the nice people, if they're not nice to word um Corilla, I would come back to Corona. Uh You're very welcome. Uh Do I have any experience with London? Uh where of course the value the house is higher? Yeah, so the thing about, no, I don't personally invest in London. And the examples I'm showing are not in London. Um One of the things that you often fall um down on with higher value properties is what's called the calculation for um the rental income versus a loan lending you and you have to have that calculation in the in the positive to let them lend more money to you, you know, they want, they want to lend based on how much the rent is. So if you've got a, a high value property, even though you'll be getting thousands of pounds of rent, it might only mean you can borrow up to 50 or 60% of the value of the property because the rent calculation doesn't cover enough on the interest of the mortgage. Mhm. Whereas you could take that same pot of money and look further further afield and get a much better return initially without taking that huge risk. Again. Think of it this way if it's your first one and you've got to pay a really big mortgage and they don't pay the rent or you've got void periods and you have to pay the rent, you've got to cover that short fall. So you're just taking more risk upfront. That's, that's all that, that really happens as soon as the values go up at the start, I should say in my portfolio, I don't just have relatively cheap properties. I have some which are 2, 200 plus and you balance of capital growth and rental return. It's about finding that balance and it's difficult when you're just starting out with number one. But there are gonna be areas of London that you can invest in that don't cost noodles and noodles of money. So find those areas that are gonna be a bit further out. But I know that they're building lines all the time. So I'm sure that there are places that you can look at that that are nearby infrastructure that's being built Yeah, if you really want to, um, er, know about London. There are, there are lots of investors who are also doctors in London. Um, again, I can point you in the direction of them if you want to get in touch with me. Um, but I recommend flats or small houses in student areas near a uni is an initial investment. Yeah, I would, they're good, they're good properties. Um, I have a student house in Manchester. Uh it was a 22 bed, you know, two up two down it rents to three students really nicely. And um the rent has more than doubled over the time I've owned it. Um There's a bit more wear and tear but it works very well. Good agent works great. Can definitely recommend a good agent in Manchester if anyone's looking for that. Um Again, I've mentioned this before but flats come with increased fees. Um So that's something to look out for. Um interestingly as I mentioned, the tenement flats in Glasgow don't tend to come with such high fees. Um Hi. Um how do I see the future of smaller landlords in the future of the UK? Yeah, the government is trying to push them out. Um for large companies basically they don't want, they don't want people having one property, they just don't want it. They've made it very, very difficult for you to have just one. Um They want you to be a professional landlord. They want you to do things properly and look after your tenants. It's easier to regulate a fewer number of large companies than it is to regulate millions of people who all have one. So yeah, Lloyds and I think John Lewis, you know, big company is becoming landlords. Um So yeah, it it, it the tide is definitely against um trying to make it easy, but there are ways around it. There are honestly once you get into company structures, um there, there's ways that you can buy property, which mean that you don't actually have to pay excess fees. For example, there's a lot of chat about the additional stamp duty that you have to pay as an investor or as soon as you buy six properties or more, that stamp duty disappears because there's a benefit to being a larger investor. So if you can buy six properties on the same day, all of with a, with an average value of say 100 K or in my case up to 100 and 45 100 and 25 in, in uh in England, then you will actually pay zero stamp duty on the whole lot. Um If you buy something that's commercial or has mixed commercial and residential views, then you don't pay the additional stamp duty. You will pay commercial rates, which is um zero up to 200,000 lbs. I think anything above that, you start paying two percent on not six or eight. So yeah, there's loads and loads of different ways that you can do this to minimize the costs that the government is trying to push on to people to stop them doing it. Um So yeah, there are ways but if you're just doing it for one, maybe think about investing in something else or actually looking at teaming up with somebody and maybe just being the financial investor rather than having to do the actual heavy lifting you, you could just be AAA loan, an agent who loans the money and that, that's just an equally evaluated, a way of investing if you don't have the knowledge or the time or the inclination to actually deal with the stress and get your return, you know, seven or 8% as a private investor. Just something to think about uh Vinny. Oh, thanks for joining us. Um Any ways of a Oh yeah, we've just answered that question. Any ways of avoiding the additional 5% purchase er stamp duty on a purchase of a second. Yes, you just have to buy more than one at a time. You have to buy six uh in one go. So the the value is there if you can do it um buying multiple properties in one go that obviously requires you to have a slightly larger capital deposit to start with. But there are lenders out there who can lend based on different criteria. So I work with one lender who will lend you the money based on the surveyors evaluation. So if you get the price down, they will take into account however much you've negotiate it. So if you can negotiate 25% under the pura under the actual value, which is possible, um, then you might actually be able to borrow nearly all of the money upfront without actually having to put any money in because you found and purchased a good deal. So there's a way of avoiding, um, paying a huge deposit. Yes, you might have to pay some stamp duty fees and things. But yeah, that's possibly um uh doable. Um I'm conscious of the time. So this will be the last question. I hope that's ok. Um With the moderators. Um So that hi um completely separate question. Is it possible to be a consultant, ent surgeon then transition into purely private ent clinic work? Um, like yourself? Yes. As long as you've got a CT, you can be a private um consultant in anything. Um, or if you're a GP, if you have a GP, um you've asked, yeah, the very important question. Can you do that as an ent reg? No, you cannot. So as a, as a trainee or as a non um specialist registered doctor, then you are not, you're not advised able to, yeah, you won't get CC registration, you won't get insurance. Um, you, you're not gonna get that. So you have to work under the supervision of an independent specialist. So be that a consultant. GP I hope that helps. Um I'm gonna stop talking before my voice completely loses me. Um I'm gonna remind people that if you wanna get in touch with me, um you can have a look through the website at.co dot CO UK. And if you have any specific questions or personal questions that I didn't go through that you wanted to ask, I understand that if you don't want to ask in a webinar, please just email me. Um It's uh Matthew at Do support.co.uk. I hope that's ok. Um I'll go back to uh mo, are you still there mo what happens at the end here? Yeah, I think we just say thank you to you really for doing this. Um Thanks a lot for uh for um for doing it, really. Um I really appreciate it. Um I thought it was fantastic. Um And I really hope that you can do something else for the for the New Year. Um whether it's to do with private clinics. I'm sure there's a big interest in, in that. Um And yeah, we'll go from there. Absolutely. I'm sure we can, we can think of some topics to talk about. Thank you, everyone for joining, by the way, really appreciate your time. Thank you to everyone who's saying thank you. It's very kind