13:47 PM, 10th February 2015, About 9 years ago 6
I’m new to the site and fairly new to property investment and with a wealth of knowledge and information on this excellent site I am looking for a bit of advice.
I have two properties (one that I live in and one on BTL) but I’m looking to purchase another within the next 24 months.
My plan is to move out of my current property once I have saved enough funds for a deposit, let it out and move into the new one. I’m just wondering if anybody has any better ideas about what to do or which direction is best to go into.
Property A is worth £82,000 with a £78,000 mortgage and rents at £450 PCM (bit of a turkey)!
Property B is worth around £118,000 with a mortgage of around £98,000 and would rent at around £550 PCM.
My personal finances are pretty good and I’m pretty confident of reaching my goal of £10,000 within the next 24 months to use as a deposit to purchase a further property.
Any advice would be greatly appreciated:-)