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  • FIRST POST
    • KRFMoore
    • By KRFMoore 19th Mar 17, 7:33 PM
    • 1Posts
    • 0Thanks
    KRFMoore
    £30,000 sitting in my bank what do I do?
    • #1
    • 19th Mar 17, 7:33 PM
    £30,000 sitting in my bank what do I do? 19th Mar 17 at 7:33 PM
    Hi all,
    I have had £30,000 just sitting in my account for some time now and I want to buy a house. The reason for the delay is that I'm caught between two minds, do I invest the money into two small properties or do I just go for a big one?
    My end game is to have to many properties but I dont know where to start and I do not have have a mortgage this will be my first property/s,
    Thanks
Page 1
    • fishpond
    • By fishpond 19th Mar 17, 8:19 PM
    • 927 Posts
    • 502 Thanks
    fishpond
    • #2
    • 19th Mar 17, 8:19 PM
    • #2
    • 19th Mar 17, 8:19 PM
    Really depends on what is available where you want to buy, also returns you want on your investment.
    Buying 2 will end up with you paying extra stamp duty on 1 of them.
    I am a LandLord, so there!
    • ellie27
    • By ellie27 19th Mar 17, 8:31 PM
    • 1,064 Posts
    • 719 Thanks
    ellie27
    • #3
    • 19th Mar 17, 8:31 PM
    • #3
    • 19th Mar 17, 8:31 PM
    So is your own home bought outright and you are living mortgage-freenow? Is this extra savings on top of your own 'rainy-day' savings?

    I woudnt think that would be enough to consider 2 properties.
    • glasgowdan
    • By glasgowdan 19th Mar 17, 9:24 PM
    • 2,405 Posts
    • 2,690 Thanks
    glasgowdan
    • #4
    • 19th Mar 17, 9:24 PM
    • #4
    • 19th Mar 17, 9:24 PM
    I suspect the OP has dreams of being a property mogul with a veritable portfolio of money-makers. Well, many landlords have been selling up and getting out of the game because it's now much more costly to own and rent numerous properties. But if you've a vast bank of experience gained over many years I'm sure you'll know more than them and be able to play the game to your advantage.
    • Chanes
    • By Chanes 19th Mar 17, 10:46 PM
    • 841 Posts
    • 523 Thanks
    Chanes
    • #5
    • 19th Mar 17, 10:46 PM
    • #5
    • 19th Mar 17, 10:46 PM
    You think 30,000 is a large amount in the property world? The only tip I have is Location. Location. And Location.
    • leslieknope
    • By leslieknope 19th Mar 17, 11:56 PM
    • 248 Posts
    • 341 Thanks
    leslieknope
    • #6
    • 19th Mar 17, 11:56 PM
    • #6
    • 19th Mar 17, 11:56 PM
    did you miss a 0? because £30,000 wouldn't be enough for two properties.
    CCCC #33: £42/£240
    DFW: £4355/£4405
    • Cakeguts
    • By Cakeguts 19th Mar 17, 11:59 PM
    • 2,729 Posts
    • 3,728 Thanks
    Cakeguts
    • #7
    • 19th Mar 17, 11:59 PM
    • #7
    • 19th Mar 17, 11:59 PM
    It will be just enough to give you a deposit on one property. Buy one to start with and learn about paying a mortgage and how much it costs to keep a property in good repair. Then if you have saved enough money you can consider buying another.
    • Davesnave
    • By Davesnave 20th Mar 17, 7:46 AM
    • 23,115 Posts
    • 88,462 Thanks
    Davesnave
    • #8
    • 20th Mar 17, 7:46 AM
    • #8
    • 20th Mar 17, 7:46 AM
    No one is going to advance you the money to buy two run-down properties in a very duff area, which is all even an established investor might hope to achieve with an input of only £30k.

    So, there is no dilemma for you at this time. Have a good day.
    'A society grows great when old men plant trees whose shade they'll never sit in.'
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