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Hi, newbie here.  I'm currently in the stages of gaining knowledge, learning the pro's and con's of different strategies and trying to come up with what's best for me to start with.  I think short-term is to refurb the house I've just purchased (been renting for 11 years), then hopefully from that, get some equity from it to release and put down on a 2nd house to flip. I need capital to go forward and buy property to let out (maybe HMO's when I've learnt enough to know what I'm doing), to obtain an income, with the intention of giving up my current job in 4 years time and doing property on a full time basis.  Any advice and tips will be greatly received.

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  • 3 weeks later...

Hi @ginaw

Welcome to the forum! We're happy to have you here :)

Starting off with flipping sounds like a good shout as this is one of the best strategies for accruing quick wealth, and then that wealth will open you up to more opportunities!

HMOs can be quite a complex one to get right, would you ever consider doing BTLs first instead?

 

Mark Rocks
Community Builder and Content Writer

www.propertyhub.net

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Thanks @Mark Rocks,  I've been doing a lot of reading and studying to get a feel of the right strategy.   I think I need to flip initially to gain  capital.  After that I think BTL will be the best option for me until I get more experienced.  I've just bought my first home after having to rent for 10 years.  It's an older property.  I'm hoping to renovate it and get it revalued when done.  Hopefully, I can then draw on the equity of it to use for a deposit on a 2nd house to then flip.  Do a couple of flips and then get a BTL and take it from there.   It's all new to me, but want to do it right as ideally I'd like to give up my day job and do this full time when I've enough income coming in.

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