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Showing results for tags 'recycle deposit'.
Hi all. I currently have 2 BTL both tenanted and doing OK. I've recently been extremely lucky to get a windfall of 129k I was working freelance but I've stopped that ATM to focus on a property strategy. I have two in mind I live up North so my goal is to initially replace an income 1600/2k will be enough for me then in 5/8 years assess any equity for refinance etc. The two strategies I'm thinking is 1) buy cash 80k ish refurb, refinance and pull as much as possible 2) buy 3 off the peg ready to rent and get the cash coming in. I know the pros to recycling cash but with the current Covid' situation, lenders, surveyors all playing different games and me not actually working would I be better trying to get 3 now which would help me get the 1600 mark income. I'm 48, not saying I'll never work again but would like to give this a good shot now. Thanks all
Hello everyone, I'm getting closer to buying my first BTL property. I have done lots of research and read thepropertyhub blog, listened to podcasts. There is a lot of advice to buy a property with potential to add value (renovating, adding extensions), so that you can remortgage and get your deposit back. My question is, if I'm buying away from where I live and I don't have a lot of experience with refurbishing properties, is this still a good strategy? I would have to find a construction company, trust that they do the right job, won't charge me a fortune, the refurb will not take too long so I can let the property. Or should I buy a property that perhaps requires only cosmetic changes (new paint, new carpet etc) But then I would not be able to get my deposit back with remortgaging. Thank you for any advice! Ewa