Buy to let portfolio – help me see the bigger pictureMake Text Bigger
I have just cleaned up my act, paid my debts and now got 2 jobs earning avg £2500 a month and living with my mum!
Now – I want to get into property development. Build my own buy to let portfolio! I can only save £10, 000 a year.
looking at the figures, in order to start small – say for eg buying 1 bed apartments at average of £50,000. I would need £10k (20% deposit) plus costs. Rental value will be £400 a month and repayments over 25 years will be £150 – profit generated per month will average £250.00
Then it will take me another 12 months to save another £10, 000! At this rate I can only afford to buy 1 property per year. However, by the looks of it, some people are boasting buying 3 to 5 properties per year!! Now can someone give me a bit of inspiration as to how I can achieve to buy more properties per year. I need a bit of an eye opener to further my vision and my dream to become a millionaire (one day..!)
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