8:11 AM, 31st May 2013, About 10 years ago 20
My property strategy is to purchase 2 bed terraced properties around £130-150K value but try to buy from motivated sellers for £125K where possible. I have made one offer to date on a property listed at £145K owned by a developer who took it as a part ex, but they have (expectedly) declined my offer of £120K.
I currently have one property that I own outright and is my main residence. I am in the process of mortgaging this to raise £140k and also have funds of £70K half of which is in a cash ISA. In the areas I am looking rental values are £550 to £600 per month for this type of property.
I plan to buy my first investment property outright, then each subsequent property with a 25% deposit and BTL mortgage. I also intend to keep cash reserves of £30K.
My long term goal is to eventually sell the properties in 25 years.
I’d be grateful for any advice or pointing out any holes in my plan.