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Found 4 results

  1. Hi all. We are currently completing on our 4th and 5th btl, it's been a struggle and our goal is 2 more before 2022. 7 in total (not via ltd company) I've been contracting for some years but closed the business now as the plan is for me and my partner to enjoy some time off, she's stopping work next summer. My BIG concern is remortaging the properties if neither of us are employed. We won't be owner occupiers and might only have a few years proof of rental income to use. They'll all be due in 4/5 years We're both 50. We will be renting ourselves although we could take one of our rentals on and live in it (put in on a residential mortgage if this would help) Has anyone else had a similar scenario Was it (will it be) a nightmare to remortage if neither of us are working Is there something we should be doing now to help us down the line when it comes to remortgaging the rentals. We don't want to roll on to the SVRs if possible and after a few years away from work I doubt we'll want to jump back in to a job. We also have a healthy savings account of around 40k should we be saving this for help remortgaging or will it be little use. So confused. Thanks anyone in advance, any help welcomed.
  2. 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.
  3. Hi guys, My partner and I live in London and we don't have a residential property yet, we are still renting out. We want to get into property investment and we are wondering if any of you has done it while still being a tenant. As far as we understand, one of the lender's requisites for a BTL mortgage is to own a residential property first; is this bound to be much of an issue if not the case? We see two options: Buy a residential property first (so expensive in London) and then start with BTL as a second step, challenge of this is that it may take much longer to save due to property pricing in the capital. Going directly to BTL while being a tenant (if it makes sense). Thanks so much in advance. Diego & Ana
  4. Hi guys, I recently moved back from New Zealand, and I’m just starting to build my portfolio in Scotland. I would greatly appreciate someone reviewing my plan and poking holes in it. My strategy is to buy at a discount, renovate, and then refinance after 6 months (pulling most of my cash out). My goal is to reach £2000 in passive income in 2 years. I drew a picture of my plan as it probably provides a better explanation than my ramblings below. I have a starting pot of £160k from the profit of selling my BTL portfolio I built in New Zealand. I will be purchasing property in Scotland, and on average I’ll need £30k for each property purchase (25% deposit, refurb, legal fees, stamp duty). I just picked up my first property today that leaves £9,810 in the deal and produces £223.78 / month after refinancing – I’m not a maths whizz, but I’m handy with a spreadsheet. I reckon I can find plenty more properties that only leave a max of £10k in the deal and would produce £200 / month after all expenses. So, unless I’m missing something hugely obvious, simple maths states that I will need another 9 of these types of properties to achieve my goal. My strategy seems way too simple, and I’m wondering if I’m missing anything out? Can any experienced investors reveal what I’m not considering or any roadblocks I’ll encounter, or is building a 10 property portfolio producing £2000 / month really this easy? Cheers, Jamie
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