Stan 24v
Established Member
Hi all
As above really, does anyone have any experience of it? I assume, judging by the amazing houses on this forum, that some of you will have, so it would be very much appreciated if I could pick your brains. Below is a post I submitted to the National landlords Association forum, please feel free to give any 'helpful' suggestions based on previous knowledge etc.
Thanks
Stan
Hi all
Not sure if this is the right place to post this, so if any mods want to remove then no worries.
My girlfriend and I currently live in a 3 bed terrace near Swansea. She bought it from family a few years ago and has circa £30k equity in the house. I am in the RAF and leave in just over 3 yrs, with a gratuity lump sum. We want to get into property development soon, with a long term plan of buying & selling and/or letting. We discussed waiting for my lump sum but then decided we should start earlier so that when I do get it, we're already on the way to realising our aims, which then means it will give us a nice financial boost when we do receive it.
So, we've had a look at properties in the area and there are plenty around, with good potential. I believe we could buy a house for £60-70k with a ceiling value £110-120k in the local vicinity. The advice we seek is how to go about releasing money to purchase and renovate one. Some options we've considered:
A) Sell the house outright, but and live in the new one whilst renovating.
B) Sell the house outright, buy a new one to live in and another to renovate.
C) Ask the mortgage provider / bank to release equity from the house therefore stay where we are but increase the mortgage.
D) Take out a loan - not sure if this is a good idea, or even allowable.
E) Form a consortium - two of us individually put money in then ask family members, we think we could possibly get 5 in total at circa £3k each.
We haven't sought any professional advice as yet, we're in the really early stages and as I've recently joined here (for another property) I thought some of you may be able to offer some helpful advice.
Thanks in advance Stan
As above really, does anyone have any experience of it? I assume, judging by the amazing houses on this forum, that some of you will have, so it would be very much appreciated if I could pick your brains. Below is a post I submitted to the National landlords Association forum, please feel free to give any 'helpful' suggestions based on previous knowledge etc.
Thanks
Stan
Hi all
Not sure if this is the right place to post this, so if any mods want to remove then no worries.
My girlfriend and I currently live in a 3 bed terrace near Swansea. She bought it from family a few years ago and has circa £30k equity in the house. I am in the RAF and leave in just over 3 yrs, with a gratuity lump sum. We want to get into property development soon, with a long term plan of buying & selling and/or letting. We discussed waiting for my lump sum but then decided we should start earlier so that when I do get it, we're already on the way to realising our aims, which then means it will give us a nice financial boost when we do receive it.
So, we've had a look at properties in the area and there are plenty around, with good potential. I believe we could buy a house for £60-70k with a ceiling value £110-120k in the local vicinity. The advice we seek is how to go about releasing money to purchase and renovate one. Some options we've considered:
A) Sell the house outright, but and live in the new one whilst renovating.
B) Sell the house outright, buy a new one to live in and another to renovate.
C) Ask the mortgage provider / bank to release equity from the house therefore stay where we are but increase the mortgage.
D) Take out a loan - not sure if this is a good idea, or even allowable.
E) Form a consortium - two of us individually put money in then ask family members, we think we could possibly get 5 in total at circa £3k each.
We haven't sought any professional advice as yet, we're in the really early stages and as I've recently joined here (for another property) I thought some of you may be able to offer some helpful advice.
Thanks in advance Stan