Looking for your opinion!

[Benjiproperty]

Hi all, 

 

I'am Ben 28 year old builder from Leeds. I've been in to property as long as I can remember And always wanted to develop property and rent them must have been all the grand designs and homes under the hammer I watched as a kid!! 

I'm looking for some opinions on what my next move should be as the time has come we need to move house to something bigger for are growing family. 

 

I bought my first 2 bed house that I payed 75,000 for and renovated for 25,000. I've just had it revalued at 140,000. 

 

So this Is my dilemma rent for the passive income as I could get 600 pm, plus the Morgage is payed off in 8 years.

Down side will have to put off moveing for another 6 months to save more deposit. 

 

Or 

 

sell the the property to free up funds for the move plus invest in other propertys and a possible opportunity to buy some land to develop. 

 

Meny thanks in advance to every one at property hub for all the amazing podcasts and advice.

 

thanks 

Ben 

 

 

 

 

[Carl Matthews]

Hi Ben,

Interesting post.. some thoughts for you to consider.

1. keep the property, re-mortgage to BTL type, or with integral "consent to let", max out the equity release,

2. rent out current property to achieve regular income,

3. use the combined (saving & equity release) funds to secure & refurb (R2R or LPOA) a 6 or more bedroom mansion,

4. divide off 3-bed living accommodation for yourselves, rent out other bedrooms,

5. rebuild your fluid cash/capital,

6. rinse and repeat step 3.

7. build portfolio and capital in parallel.

8. have a fantastic holiday you would never have afforded by clinging to the rat race...

..just a thought !?

[James McLoughlin]

Hi Ben, 

 

Do you operate around the Wakefield area as a builder? If so please send me a pm. 

 

Many thanks, 

[tigers]

Hi Ben, 

 

Just come across this post and interested to know what you decided to do? 

Cheers

 

Paul