Newbie Landlord wanting thought’s and advice on my planMake Text Bigger
I’m picking the keys up to my first ever property today which is hopefully the first of many in my BTL portfolio.
I’m 23 and have just purchased a 3 bed recently refurbished terraced house near to where I live with my parents.
I have been wanting to start my portfolio for a few years. Whilst I have been saving up and I have read a lot of your website which I must say is amazing.
I have bought the property on an interest only mortgage after researching for quite a while. I think I’ve been as thorough as I can and also had a full buildings survey to highlight everything that possibly can before I bought it.
I don’t mean to run before I can walk but I’m already thinking about buying another, but obviously I’ll need to raise further funds.
Would your main advice for that be use my monthly savings + rental income + remortgage where possible to raise for capital to buy another property?
I want to raise around £40,000 before I buy another so that I’ll have a substantial amount behind me even after I buy another property with a 20% or 25% deposit.
Would you recommend saving and saving until I reach that figure to be safe or risk having slightly less behind me but have the 2nd property sooner?
Also I haven’t chosen an accountant yet and I’m not sure who to trust. I have read about your recommendations of the accountants in Norwich which sound good. I live in Derbyshire but I wouldnt mind travelling for the best accountant. Do you think I should try and find one closer to my home or one that I will have no recommendations?
Sorry if I sound like a Newbie! 🙂
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