Looking at becoming a Landlord after successful business helped purchase main residenceMake Text Bigger
First of all I’m called Max and I have just become a member after reading a lot of the great advice that is available on this page. I am 27 years old and I bought my first property 3 years ago off the back end of a 3 year experience in setting up my first successful business in buying gold after having finished my business degree.
To cut a long story short I bought a ‘Home’ for me and my partner at the time and bought all the material stuff to make it comfy and full of all the gadgets a young man would aspire to have in his home. However the business came to an end as a response to the market, I am no longer with my partner, and I am working a job in insurance to pay my mortgage and everything has got a little mundane.
However my property is now worth around £210k and i owe £125k and I have 5k in the bank. So if I sold up, got rid of some of the luxuries I acquired whilst the going was slightly better I could be sitting on roughly 90k give or take. However, I realise I may have an early payment fee to pay if I cancel my current mortgage, and I’m not sure if I would benefit for waiting for the fixed term to lapse!?
Also I live in Bristol now but I am originally from the North, rental returns seam better in the north marginally, however property prices and rental demand seems much stronger down here, so do I favour a very strong rental market where I can pick and choose my tenants thus making life (hopefully) easier, or do I favour being in a cheaper market where I can build my portfolio faster but potentially not gain as much in property inflation in the long term.
I would like to work part time and ease my way into a full term career as a landlord and build a portfolio over the years, and I am prepared to live well below my means for a few years if it helps me get to where I need to be in the future.
I like to be my own boss and you don’t ever really earn money working for anybody else unless it involves selling your soul, so I would just like to get some advice and direction to give me the faith of developing the start of a strategy that is as close to fail safe as possible.
I am considering joining some Landlord clubs and speak to some of those old G&T drinkers and see how well my landlord osmosis skills are working, but I think at this point I am possibly the most Niave person in this situation and I figured boring you all with this post would be a great way to get the ball rolling!
Thanks for your time in reading this, any response would be greatly appreciated!
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