Jump to content

Pondering Property Investment


Recommended Posts

Hi all, 

 

great to fine such a fantastic resource at the tip of my fingers. It seems like there’s some excellent advice given. 

 

I’m pondering property investment as a place to put my savings and create a secondary income. Once on my feet I’d like to give more time to it and perhaps consider doing full time but for now it would be a side project. 

 

Current Situation

 

Both my partner and I have about 50k in saving and are currently renting in London. We’re considering what to do at the moment, we’re both keen to get on the ladder soon and don’t want to rent for much longer, I’m consious however that a lot of our additional money will go into our house once purchased. 

 

I’m pondering what to do. Do we buy a house toward the bottom end of our budget and get back to saving to put aside money to get a deposit together for our first buy-to-let? Do we stay where we are and invest our money in x2 buy to let’s? All whilst continuing to pay London rent.  

We currently can save about 25-30k p/a and still live comfortably.

 

Goal

 

I want to be in a postion of having created £3000 worth of passive income in the next five years, whilst continuing working full time. Once this is done I’d like to go into property full time and work on my portfolio. 

 

Is there anything anybody could suggest? Also on a side note, what are the constraints/risks to using residential mortgages on buy-to-let’s, both my partner and I are in a position whereby we can get x2 separate residential mortgages. I know this is obviously not the done thing but any guidance on this would be welcome. 

 

Thanks in advance,

 

Niall. 

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...