Allow Landlords to evict tenants where there are 14 days rent arrears14:34 PM, 1st October 2020
About 4 weeks ago 97
I recently came across Property 118. Kudos to Mark et al. for creating an amazing resource and community for like mind people!
I am what you would consider a newbie in the property investment scene. I am freelance IT consultant living in the UK for the last 15 years. I was lucky enough in 2001 to purchase a 2 bedroom flat in central London that has since increased in value 4-5 times. I am mortgage free and also have personal savings I am able to invest. All in all, a good position to be in I think.
My partner and I intend on immigrating back home to Australia in the 6-7 years time and would like to have sufficient funds to be able to buy a reasonable property back home when we get there close to our families. Would it be possible to establish a property portfolio in the next few years that would allow me to do this?
The other point to note is that properties back home aren’t cheap. They have increased dramatically in the last decade. A 3-4 bedroom house with a yard in the eastern suburbs where our families live could cost £1m+. I would want to raise as much of this as possible so that I am able to comfortably service the loan and also have some equity in the property that I can use to eventually extend my portfolio there.
From all the reading so far I understand that property investment is a long term game. If I buy properties at low end end of the property cycle, my assets would appreciate in value when the market recovers. I could then release equity to fund a deposit for a property back come. Well that’s the theory anyway but I’m sure there are other ways.
My concern though is we have already past this point and are now at a point in the cycle where property prices are on the rise again. Am I being unrealistic? Is there any way I can still achieve my goal in 6-7 years or should I just continue as we are until we move back home and start there?
Your views are greatly appreciated.
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