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    Over the last 5 yrs I have managed to buy 4 buy to let properties which are now ticking over nicely. They cover the rent, insurance, repairs etc. and I have built up equity in them of over £100K but they are a very long term thing and do not give an immediate income.
    I work full time and my partner is a handyman so he has done a lot of the work on the houses for me.
    I would like to build up a larger portfolio but don't want to bite off more than I can chew - I am always concerned in case several should become empty at once and having enough reserves to meet the mortgages! This has never happened yet but is always at the back of my mind.

    I have decided that I would like to buy a house , renovate and sell. Perhaps a couple of times so we have some capital behind us. My partner would carry out the bulk of the work with the exception of gas and electrics. Our plan is that he could then continue this development business as a full time occupation and I would have the security of a bit of capital behind us to buy more buy to lets.

    My concerns are

    1. given the current climate is this really a good time to do development to sell?

    2. Where do we buy? We want to start off small and only spend say upto £90K at most.
    Do we buy something local say a terrace at £80K, spend say £10K and sell for £100K - we would need to turn it over quick and sell quick or the interest payments would eat up the profit.
    OR
    Do we buy something in the middle of nowhere - 300 miles from our home, a very basic shell for say £60K and spend £40K on it hoping to sell for £140K - my partner would have to live on site in our caravan and oversee this!!

    Any advice on which route to go would be very much appreciated. I already have my own gut feeling but would like to get independent opinions or thoughts.

    Thanks

  • #2
    First things first! Great time to buy, vendors are more susceptible to offers; bargains could be picked up over the Christmas period.

    Answers to the above;

    Climate depends on how realistic you are on the final value. Saving on the labour is going to work in your favour.

    Area to buy depends on if you would consider living in a development while renovating it. It maybe worth looking at renting your own property while renovating the project, this way you may save on Capital Gains, maximise your return and your own mortgage is paid!!!!

    Anymore information feel free to ask
    Regards

    bonettipropertyconsultants.co.uk

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    • #3
      i would rather buy dog**** than UK property. honestly, just give up NOW for your own sake.

      suicide job.

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