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Jordan Reid

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  1. I have looked at properties in crumpsall, manchester where i currently live, there is currently alot of 3 bedroom houses (Good Sizes) for around £80k asking price, most are in need of a new bathroom and kitchen (but the old ones work fine, just not that advertising) i think for around £10k-£15k providing thats all that needed doing and maybe re carpet and re decorate the 80K propety would then be worth at least £120k going off realised prices. This is what i would look to do, but i would have to do the renovations gradually as i would be aiming for around a 10-15% deposit and would like some spare cash on hand for if things go wrong, I'm Currently not working but got £2k saved, (its not alot- but its a start). Would a mortgage advisor be able to help me, even though im not currently in a possition to buy a house? or even working? The way i see it is everything is nearly everything is property related, for e.g. you buy 10 houses with that income money you buy a small hotel, then maybe you purchase a garage or other small business, i see property as a starting point for many great things, and at the end of the day we all need a property to live in so why not own it. I'm going to re-do my long term goals, with some great though, as I missed a few things. I will make a post in a few days when i have done my goals for anyone who is interested. and feedback is always appreitiated.
  2. This is correct with the prices, my problem is i didnt finish school im only trained in telesales and casino work (I don't like either). So any job i go for would be the bottom salary, but in a sales job you can get commisions which is what i would look to - too gain a higher wage but i think on the realistic safe side i would have around £1,300 a month after tax. I currently get £650 a month for me and my son, including the child maintinence i receive from his mum. I manage to save around £50-£100 a month but I don't pay rent (because of the bennefits). in september he will get 15 hours nursery free and my mother and nan can look after him on the days he isn't in nursery to cut down on costs. I'm not the type that gets a pay rise and starts splashing out on other things that cost more, i save as much as i can, i only got burnt from my past realtionship which used up all my saved money.
  3. Hello Everyone my name is Jordan, currently living in manchester., new to the forum and looking to learn. My question - simply, is... Should I buy my own home before I start buy to let? If so what to look for? Current needs or as a long term investment? I know mortgages on buy to lets usually requires you to own your own home, as security. Which I don't Have and Don't know anyone who could or even would be a guarantor, so thats out of the question. I think I will manage to earn around £18k or less a year before tax when I find work Again (Currently quit my job to look after my young son full time) I will be able to save and hope I would get a mortgage on this wage, however, I'm unsure, as I have read they like you to be earning £25k Plus a year. (Which with little qualifications seems unreasonable). Renting a room out or having someone living with me is out of the question because of my son. Just to note I don't have much money now, but My goals are medium to long term. E.G Deposit on my own house or flat within 3 Years. (£80k House or Flat) £15k Deposit + Around £5k For Fees. Seems doable after 3 years of working hard and saving all that I can. Also Flat vs House? As for me a mortgage on a flat would be more affordable going off an income of around £18k a year. I don't think I could afford bills and a mortgage on a house in this area. as per month its around £900 for mortgage and bills. A House is doable, But leaves very little room for error which I don't like. Where as I see a flat good for now but not so good to rent out in the future.
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