Jump to content

Where Do I Start From


Recommended Posts

I am new here and will need some guidance from the experienced ones.

I am on the verge of quitting my job due to certain issues at work and do not intend to work for anyone again but rather be my own boss.

I have a saving of about 150k to 200k (this amount might increase if I am able to sell certain properties I have abroad) and I am considering investing this into properties. If I go the property route I will be more interested in cash flow rather than capital growth.

I have been working as an expat in Africa for the past 6 years and do not own a house in the UK. A family member owns a business in the UK and he has my name on his payroll because I do his accounting stuff for him as I am a Chartered Accountant. Currently he pays me 1.5k a month but from next month I want him to increase to 2.5k which will enable me qualify for higher mortgage. My partner too is about starting a role and will be on a salary of 30k pa. 

I have a very good credit score which will assist in my mortgage application.

My goal is to earn 24k a year on BTL and a minimum of 40k a year on flips in the my first year and improve on this numbers as the years go by.

I would like to know from members how I can achieve these targets focusing on areas I should look at, whether I should buy the BTLs cash and refinance or mortgage, how I can build a trade team, the pitfalls I should watch out etc.

Thanks in advance.

Link to post

I think your goal is ambitious and probably unrealistic - particularly in light of the coronavirus outbreak.

You may find having been working outside the country impacts on your ability to get a mortgage and your lack of experience as a LL may also have a negative impact. (This becomes easier once you have been a LL for a while)

My advice would be to start slowly and build up your portfolio and income over a few years. BTL is not a get rich quick scheme and flipping may be very tough in the current climate.

Good luck

Link to post

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
×
×
  • Create New...