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Urgent Help!

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  • Urgent Help!

    Basically I am 19 and I have been left a house by my Nan. Its down in Brighton it's worth about £300k and in all honesty I have no idea what to do with it. I know rental is around £1,800 a month around the area which is great but I would really love to develop a career out of this fortunate position. So what would you do? I would love to own lots of property one day so how would I go about doing this? Do I just rent it out for years whilst working in a decent job and never touch the rental money untill I can afford to buy a second house, but that seems a slow process. So any experts there that have any help? It's a completely mortgage free house.

  • #2
    Re: Urgent Help!

    If you wish to build up a healthy property portfolio I would suggest that you take out a buy to let mortgage on the house of around 75%. This would enable you to release £225,000 in funds to buy more property. In the current climate invest this money in properties where people are looking to sell quickly at a good price. This can be done through local estate agents or through companies such as Choices or Broadgate Residential Investments. If you're in it for the long term you will find that you get better deals in other parts of the country which are struggling more at the moment. You will get a better rental return in these areas. I would advise that you buy several cheaper properties. Using this money to buy several properties you will be able to buy a portfolio worth over £1million (including the property you already have) and if you choose wisely you may be able to build a portfolio which generates you a healthy income stream. As prices increase in the future (you may have to wait a while!) you can then remortgage again and use the equity to buy more. Try not to mortgage over 80% to keep your risk down should the market fall and make sure you keep a contingency fund for void periods (where the properties are not let) and any maintenance issues.

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    • #3
      Re: Urgent Help!

      We buy properties all over the UK for a quick sale. We will give you a trade price for it which would be upto 75% of it`s value. This may or may not suit you but we always make sure it`s a win/win situation for both sides.
      If you do go down the BTL route and want to become an investor/landlord, drop me a line and I`ll give you as much advice as I can as there a few legal issues you need to know to let a property out.
      It`s a minefield out there in property investment and it`ll be a steep learning curve but if done properly it can give you a better quality of life in the fact that your work hours can be flexible and it`ll give you a passive income.
      If your looking to buy more we frequently have stock from banks and other landlords etc at discounts up to 30%.

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      • #4
        Re: Urgent Help!

        KUWTK_21, with the property market appearing more likely to fall, why do you think investing in property is therefore going to be a wise move at this point in time?

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        • #5
          Re: Urgent Help!

          Whatever you do, chose your tenants with care. Because you will not be local you will need an agent I would suggest and my experience of agents is not a happy one. The other route would be to look at converting the house into separate flats or units. The rental would almost definately be better, and any money raised on the building would be more. However it must be done properly, you need a good scheme, you need Planning and Building Regulation Approval and funds. I have done this myself in the past. Feel free to email me.

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