New to property investing Scotland.

[jordanskelly]

Hello everyone!

Let me introduce myself, my name is Jordan.

My brother and I have recently decided to get into property investing, creating a Ltd company called Best Step Property Ltd and buying our first buy to let. 

After both being made redundant in 2019 we decided to work on a plan together to help us put our future in our own hands, rather than someone else's.

We decided to step into property after around 6 months of researching, reading books, listening to podcasts and speaking to friends already on their property journey's.

After months of saving we are at a point where we can start investing properly. As I mentioned earlier, we have had an offer accepted on our first buy to let property and we are looking to add another 2 by the end of 2021. We live in Scotland and are looking to invest in Dundee and the surrounding areas.

We have put together a plan for 2021 and with hard work, dedication and advice from you guys we are hoping this can be achieved.

We are currently seeking advice from a dedicated mentor who has vast amounts of experience in property. Specifically, buy to let's. If anyone can help or point us in the right direction it would by greatly appreciated.

Looking forward to sharing our journey with you guys! 

Thanks.

[jordanskelly]

Hi everyone

 

I should probably add. Upto now we have managed to put a small team together including mortgage advisor, accountant, solicitor and estate agent. We also have close friends in construction and would like to take on flips in the near future. 

Something we are struggling with and I hope some of you may be able to help. 

What strategies are people using to pay back investors? 

We have an investor willing to put a good starting amount into our plans but we just cant seem to get the figures right to be able to pay them back in a reasonable amount of time.

The best we had was to use a buy renovate revalue remortgage and rent strategy (Paying back the investor when we revaulued). But we just couldn't guarantee the full amount back plus interest. How long would you recommend holding the investment before paying back etc 1..2..3..years? And what is the average interest people are paying back. We were working it out on roughly 10% per year.

If anyone has any other suggestions please let me know it would be greatly appreciated.

Regards 

Jordan