Search the Community

Morning all Just wanted to ask for some advice off anyone who is a few steps in front of me or is where I want to be. I am a 20 year old electrician and have been studying about property investment/ development for about a year or two simply just reading books, articles, forums you tube videos etc... My best pal and I (who is also and electrician) have decided to partner up on our property investment journey as we both have very similar if not the same goals relating to where we want to be and also feel that we would work very well with each other. We both live in Caterham surrey and between us both have managed to save up around £25,000 and also can get loans if needed. We have been viewing properties in areas such as Crawley/ East Grinstead about a 20 minute drive from our homes. Our strategy is for the first three properties we buy we will sell two and hold one for rent in the hope that we would have made enough capital to afford a BTL investment. Our goals aren't for short term cashflow it is for long term wealth as we both know you cant get rich quick. We have agreed that we will live off our current wages and any money made from the property business will be reinvested back into it in the hope that over a 10/15 year period we would have large property portfolio and leave our jobs as sparkies and become full time property developers as it has always been our dream. I know I have only touched on our goals/ game plan briefly in this paragraph but have one written up going into the depth about where we will be in the future if anyone is interested. Hope you all have a good day and look forward to reading any replies as I think we would both benefit massively from it. Kind regards Will.

Hi my name is Paul and I am 26 living in Sheffield. My interest in property started after reading 'Money for nothing and my property for free' about 4 years ago. Since then I have been working on securing a decent reliable income so that I can lend money to buy (previously survived on money made from poker which the banks obviously don't like). It's been a long slow process but I am now a qualified mental health nurse eager to get started. I was recommended the property hub about 5 months ago (weirdly whilst playing poker lol) and have been listening to the podcasts regularly ever since. I am aware that the book that sparked my interest is probably dated but the buy and hold strategy is still the way I want to go. I am basically on this to get advice from knowledgeable people (rather than the usual people who have bought a house and suddenly now experts - or a financial adviser who isn't financially secure himself ) and stay update with the latest strategies people are using. I am not interested in selling or flipping properties any properties that need work doing to them will be done by the professionals. I am currently in the process of buying my first house which is where my first question has come from: Should I go for a 90% mortgage or a 95% mortgage? (Money is not a problem purely strategy) 25 years? or 35 years?. This will be my base for 2-3 years. All advice given to me at this point is.... 'if you can afford go with 90 percent and 25 years' because you pay less in the long run. However my instinct is telling me that because I will never be selling the property (and never paying off the mortgage) and i intend to rent it out within 2-4 years I should be putting down as little as possible to maintain cash flow and reducing the time for me to be able to buy another. Or because this one will be mine to live in would it be better to put a bigger deposit down just for this one? Thanks, Paul

I am new to investing and still waiting to start my journey. I am currently doing all the learning and research I can before taking the leap (whilst I build enough capital) my intention is to buy and hold forever as I see property as an asset and my pension. BUT my question is what is the most effective strategy? Do I take out interest only mortgages and keep refinancing over the years? Or do I take out interest and capital mortgages and work to pay off my debt with rental income? Any help or advice would be appreciated!