The Road to residual income

Denzel09uk

Your right PasturesNew, i have given myself a 50 mile radius to look, theres a massive hole around Cambridge when i search under 50k

ognum

Denzel09uk wrote: »

Your right PasturesNew, i have given myself a 50 mile radius to look, theres a massive hole around Cambridge when i search under 50k

I am following this with interest as a LL with BTLs in Cambridge I would be interested to know how far out you have to go to find a property for 50k.

Do you have renovation funds or does this include you renovation budget as well?

Denzel09uk

Hi Ognum This includes my renovation budget too,
its going to be a challenge thats for sure, i may stretch to the whole of East Anglia if need be

AdrianC

ognum wrote: »

I am following this with interest as a LL with BTLs in Cambridge I would be interested to know how far out you have to go to find a property for 50k.

You know what some bits of the fens are like...
https://www.youtube.com/watch?v=Uzae_SqbmDE

Denzel09uk

Ha ha, yeah spot on

Denzel09uk

UPDATE 22nd December 14
Advice: Always read the Legal Pack
I was interested in a property in the village of Burton Latimer, near kettering. A 1 bedroom ground floor flat. was just about to ring to organise a viewing and thought id read the legal pack first.
Special condition - Lot is sold with Limited Title Guarantee (Hmm alarm bells start ringing) now for me this has now put me off this property as im expecting to own the full Title. So im assuming Limited Title Guarantee means i dont own all of it. if Im wrong please let me know.

Thrugelmir

Out of curiosity what's your long term plan?

Denzel09uk

Long term, is to own around 10 - 20 homes in the next 10 years, by remortgaging each property after renovation and valuation.
before moving onto the next ill build up a financial base for any problems that might occur.
Short term is to have 2 by the end of next year possibly 3 depending how lucky i get.

AdrianC

Denzel09uk wrote: »

Special condition - Lot is sold with Limited Title Guarantee (Hmm alarm bells start ringing) now for me this has now put me off this property as im expecting to own the full Title. So im assuming Limited Title Guarantee means i dont own all of it. if Im wrong please let me know.

No, you'd own all of it.

Probably.

And that's why it's gone to auction. There's gaps in the paperwork. Probably been owned since before compulsory LR registration, the owner's died, and the paperwork's in a right mess or missing completely. So you're taking a (relatively small) gamble that nobody comes forward and says "Oi, hands off my flat. Look, I've got the deeds to prove it!"

Denzel09uk

AdrianC wrote: »

There's gaps in the paperwork. Probably been owned since before compulsory LR registration, the owner's died, and the paperwork's in a right mess or missing completely

Have you had a look at the paperwork, or is that standard response to anything which is limited Title Guarantee.


Im always learning on this journey.