10:50 AM, 29th January 2014, About 8 years ago 3
I’m a buy-to-let landlord of one property (should be two in a couple of weeks). My wife came across another potential investment online yesterday. The property is a 3 bed detached house set back from a main road which comes with a commercial property (car repair workshop). The property is priced at £160k, both the house and workshop are tenanted currently at £1000 PCM. It does not specify, but I imagine this to be a near 50/50 split.
Anybody who read my last readers question may remember that I currently live in Australia and will be moving back in a couple of years. This is a different investment than I usually look for, we came across it accidentally. The reason this interests us is I’m a mechanic by trade and currently work in the industry in Australia. We are happy to keep the tenants in place and would look to live in the property when we return with myself running a small car repair workshop.
My dream is to be financially independant. I believe I can make a lot more money for property investment this way than working for somebody else and paying a normal mortgage.
It is advertised as an investment property, I know as a general rule 25% would be required for a deposit. Assuming I could raise this amount of money for the purchase I have the complication of living overseas for finance purposes which was difficult enough for my first two properties.
Would it be possible for me to finance this even if I lived in the UK?
Does it require a specialist lender?
How would the tenancy of the garage be set up?
Could they be in there for years with me not having the right to get them out within 12 months of deciding we’re moving home?
How is this likely to work with council tax and business rates?
The house itself has a number and the address of the garage is the same number with an “a” added to the end if that makes any difference?
Any and all opinions, advice and things to look out for a greatly appreciated.
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