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claire-t

First buy-to-let in Nottingham

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Hi everyone

I'm Claire and I found the Property Hub through reading Property Magic.  I've learned tons already and find the information on this site and the podcasts invaluable.  I've been doing the courses and feel well informed, knowing there's so much more to learn.

I wanted to become a property investor 20 years ago after reading Rich Dad Poor Dad, but was somehow talked out of it by my family.  I went on to buy a two-bed flat in Nottingham for myself in 2001 which has now more than doubled in value.  I have a young daughter now so I put the flat on the market with the intention of buying a house for us.  However, my buyer pulled out at the last minute and the estate agent recommended I rent my flat out until it sells.  I've borrowed 75% of the equity and put it down on the new house.  

Now I don't want to sell it though, and from what I've been learning, I'd probably have to pay capital gains if I did.  So I'd rather use the rental income as cash flow to help fund the mortgage on my new house (also in Nottingham).  Once my daughter is grown I'd like to remortgage that house, leave it as a buy-to-let, and downsize into something for myself.  

I work part-time and love my job, so my goal is to achieve the monthly income I currently have now, into my retirement.  

Depending on how the property market performs over the next ten years, I would be really keen to remortgage the flat and house in time, and to buy another buy-to-let and see where it goes from there.  The idea is to have a good bit of cash flow into retirement and pass the beginnings of a portfolio onto my daughter for her to develop if she wishes.

Looking forward to reading more posts.

Kind regards

Claire

 

 

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