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Advice needed - 1st time developers

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  • Advice needed - 1st time developers

    Hi
    I am new to forums so bear with me
    I am looking for advice regarding property developing and mortgages please.
    My wife and I are selling our property in Surrey and moving back to the North West. We have done our homework and we know the area well - Property prices rents demand etc.
    Selling our current home for 240 K
    Our outstanding mortgage 130 K
    After costs etc we should have 100 K cash. To invest
    OUR PLAN
    Buy a property for 130 K (Port existing mortgage as it's a good rate)
    Move in and renovate with ie. 10 K cash
    Either sell for a profit if good enough or continue living here
    By second property with a buy to let mortgage? & cash deposit
    Renovate with ie. 10 k cash
    Sell for profit and repeat the process- Simples !!!

    I have heard it is hard to get buy to let mortgages unless you are An experienced landlord or loaded ?

    Any advice would be greatly appreciated

    Stu

  • #2
    Re: Advice needed - 1st time developers

    Stu,

    Sounds like you and the wife have a busy year planned!

    You don't need to be experienced as a Landlord or loaded for that matter but there is a lot of responsibility looking after a property which someone calls home.

    First Time developers will always find their first project challenging (and indeed many after) but once you've done it the once you know you can do it again.

    A good broker will put you on the right track.

    Best of luck!

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    • #3
      Re: Advice needed - 1st time developers

      Move in and renovate with ie. 10 K cash
      Either sell for a profit if good enough or continue living here
      STU, I think you're missing a trick here - the aim is to treat it as a business, not as somewhere for yourself to live. You need to be objective about what you're doing and why, and not fuzz the distinction between a business project and a home.

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      • #4
        Re: Advice needed - 1st time developers

        I recommend you don't move into a house your renovating it can cause a nightmare for builders and electricians ect... It does complicate things and it's not an ideal environment especially if STS's have to be used then dust is an issue.

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