Advice for moving up the property ladder

Lapinette

Hi all!

I'm looking for some advice buying an additional rental property.

Here is my situation:

I have 4 rental properties, one of which is paid for in full. All of these properties are rented out at the moment and we have been using this rental to help pay for some of the other mortgages. We have 10 years left to pay on 1 property, 14 on another and 25 years on the last one. Should i sell the one that is paid for in full and buy 2 flats? I was hoping to take mortgages out for no more than 15 years although i have been told 25 would be better for cash flow. I'm not looking to be a property tycoon, i just want to live off the rental as soon as possible.

Any advice would be much appreciated!

richardw

What does your accountant suggest?

Fire_Fox

Lapinette wrote: »

Hi all!

I'm looking for some advice buying an additional rental property.

Here is my situation:

I have 4 rental properties, one of which is paid for in full. All of these properties are rented out at the moment and we have been using this rental to help pay for some of the other mortgages. We have 10 years left to pay on 1 property, 14 on another and 25 years on the last one. Should i sell the one that is paid for in full and buy 2 flats? I was hoping to take mortgages out for no more than 15 years although i have been told 25 would be better for cash flow. I'm not looking to be a property tycoon, i just want to live off the rental as soon as possible.

Any advice would be much appreciated!

Why? Do you think you will get a better yield from two flats taking into consideration the costs of buying and selling, ground rent, service charges and major works? Will having more debt mean you can live off the income? How is that moving up the property ladder?