10:14 AM, 6th November 2015, About 7 years ago 10
I am 20 year old student with no prior experience in property. I know the very basics through reading some books. I am very keen to get into the buy to let business and my goal is to become a full time landlord when I am older.
My granddad owns several houses and has offered to sell one of them to my mother for £10,000 below market value. My mother would get an interest only mortgage and then give full responsibility of the house to me, as long as her mortgage repayments were being paid she does not want anything to do with it.
Hence I would have to deal with repairs, putting tenants in the house etc etc (I would also keep any profit being made on the rent) I have £4,000 in savings and would really like to take this project on board but my questions is, am I taking on too much responsibility for a 20 year old inexperienced student with only £4,000 capital?
Once I am old enough my mother will sign over the mortgage to me and I could either sell or pull my deposit out and purchase another house.
PS. I do not know the current state of the house until next week while I have a viewing also house prices in area sell for £45,000 – £60,000.
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