First time buyer

bluesnake

bigadaj wrote: »

Fair enough, still advocating fraud, I revoke my apology you really are an idiot.

Guy, where on earth am I advocating or hinting at fraud, are you so jaded?

bluesnake

R_P_W wrote: »

Retire at 40 from renting out one property? On what planet? OP wont qualify for a btl mortgage anyway

Obviously not retire from one £65000 property, you lack vision. You make it sound like it is the only goal in life, and once it is attained, RIP

Buying a run down property in a decent location right area, and fixing it up. After a few, as the money comes in get a crew together, should be able to turn out one house every 8 weeks. Every few years keep one house and sell the others on. Probably not bad starting off on £65000 houses, but less return than more expensive ones.

Yes, I could foresee him in 20 years time in his early 40's with the income of 4 or more houses coming in and no mortgages.

kingstreet

bluesnake wrote: »

Buying a run down property in a decent location right area, and fixing it up

That's property development and you'll have difficult financing that. A BTL lender, for example, will want property in readily-lettable condition, not property which needs work with the intention of flipping it quickly.

In addition, if the property changes hands again within six months of its last purchase, the buyer may have difficult obtaining a mortgage, as many lenders operate a rule which prevents them accepting an application on a property in current ownership for less than six months.

IMHO property development is best approached by those with sufficient assets and skills they can finance and carry out essential repairs without borrowing and can afford to wait for a buyer who needs a mortgage.