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Hi, I'm new to property investing and would appreciate some advice, accidentally fell into property 9 years ago not knowing anything, I have two joint mortgages (1 btl and 1 residential which my mum resides in, mortgage term ends in 6years). Sold another property in 2013 (didn't reinvest).

 

I am currently renting where I live now in London (2 bed maisonette) and in Sept would renew the rental contract, I approached the managing agent to ask if the landlord would be interested in selling or proposed a rent to buy option over the next 1-2 years. The next day the agent called and came over to do a valuation of the property, so it would seem the landlord is interested in selling. I'm currently waiting for the valuation (agent came this evening). A property Sold on this road in Feb for 350k, it was much more modernised, this one needs some work. The Landlady bought in 1999 for 70k, she has a current court dispute with my neighbour prior to me moving in last year, so I think she would be keen to sell, especially as her response was so quick. (I have no issues with said neighbour). 

 

So my situation is that I don't yet have a deposit, but would definitely like to buy this place. My aim is to buy BMV and make a 3rd bedroom, new kitchen and new bathroom, there is also scope for an extension at the back. I would like to reside here as my children are happy here, but if necessary I would let it (current rental 1500 for 3 bed).

 

The options I have considered are:

 

1) remortgage my property with my mum to release equity (159,000) and use what I need as deposit as well as to invest in buy to sell out of London in ltd company

 

 

2) My aunt has sold her SE London property a few months ago and has money in the bank (unknown amount gaining little interest), do I approach her to invest so I can buy? And how do I get all the money back out of the property once revalued, so she gets her ROI and I can continue to invest? I'd still be remortgage above property with my mum.

 

 

3) find an investor/s to buy property in cash BMV? Then mortgage it to get ROI?? (Is that what I would need to do?)

 

 

4) rent to buy contract if I am unable to get the deposit, remortgage home with my mum and invest in order to raise deposit in the next year or 2.

 

 

 

Am I on the right track on my thinking? Which strategy is the most viable? Are there other options you would decided to do?

 

Just to add I'm buying on my own, I am self employed and have 2 years of accounts. I'm reading as much as I can, and have listened to all rob and rob podcasts, and others and  I am going to meet ups. I want to invest full time and leave my day job. The getting started bit is overwhelming.

 

 

Any advice would be much appreciated.

 

Thanks, Carmelle

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