Look at this property. Somebody’s left it as a right old mess but it’d make a lovely refurb project for one of our buy to lets.
But the key question is, if we were going to try and buy this as a buy to let so that we could do the refurb, how would we finance it?
Because the reality is that most buy to let lenders want the property to be what they call habitable or lettable before they’ll lend on it.
And by any stretch of the imagination, this property is not habitable or lettable even though some buy to let lenders actually have quite relaxed views on what habitable or lettable actually means.
Well, the very first way that we could finance this property is by using cash.
Whose cash?
Well, if we’ve got it, it could be our cash.
We could buy it 100% with our cash, We could do the refurb and then we could refinance six months later onto a buy to let mortgage and get out all or most of our money which we could then use to go and buy our next property.
Here’s to Successful Property Investing.
Peter
Peter Jones
(ex) Chartered Surveyor, author and property investor
https://thepropertyteacher.co.uk
PS. By the way, I’ve rewritten and updated my best-selling e-book, The Successful Property Investor’s Strategy Workshop, which is an account of how I put together my multi-property portfolio, starting from scratch and with no money of my own, and how you can do the same.
For more details please go to:
https://thepropertyteacher.co.uk/the-successful-property-investors-strategy-workshop
