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Is Birmingham THE place to be?!


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Hi all

 

I'm delighted to have found Rob & Rob - like many others, in a round about way, 'Rich Dad, Poor Dad' lead me here...

 

I'd like to quickly brief you on where my wife and I are at...

 

We fell upon our first buy-to-let after remortgaging our flat in Edgbaston and using the equity to put a deposit on a house. We bought the house in Moseley for £271k and have put another £60k into renovating it by remortgaging the flat and the house together after the 2 year fixed periods. We are now selling the house for £475k so have £215k to invest after we have paid off the current £265k mortgage owed (plus a few debts). I'm dead excited and am scouring up-and-coming areas in Birmingham for buy-to-lets or to flip.

 

We have been given a heads up about two properties we know we can make good money from. These are both in the region of £260k, we would like to spend up to £50k (total) on the renovation of both - aiming for high-end tenants/buyers. But both will be available at roughly the same time. One I would (probably) like to flip, the other I would like to turn into a three/four bed HMO. In the meantime we will rent (using our own incomes). This gives us the option to live in the one we will (probably) flip if we love it after its been renovated!! 

 

Although I have spent a lot of time with the podcasts and researching, I still have a few questions that I feel haven't been fully answered:

  • is it possible that I can get both of these mortgages at the same time? 
  • In Layman's terms, what would you say is the process of the most feasible/cost effective way of purchasing a property to flip, add value to it and remortgage?
  • Does anyone else invest in Birmingham?

 

This is the house we have just agreed to sell - so this isn't advertising, its now off the market ;) But it gives you a taste of what we will look to do to the new properties.

 

http://www.rightmove.co.uk/property-for-sale/property-53145381.html

 

Thank you for any help you might be able to provide. 

 

All the best,

 

Dave (Pezza832)

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