All Topics / Help Needed! / London based and looking for a mentor

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  • Profile photo of Ted_LangTed_Lang
    Member
    @ted_lang
    Join Date: 2013
    Post Count: 2
    December 3, 2013 - 12:43 am

    Hi all,

    Writing the title was a small challenge, i was slightly paranoid that it sounded like something you would find on Plenty of Fish, hopefully my words do not conjure up vision of online dating for you but visions of being able to help.

    I am 25 and seriously looking to buy a house in London with my best mate. We both have steady jobs and my best mates Dad is a financial advisor so finding the right mortgage shouldn't be a problem.

    The reason i am writing this is because i own a house already, sadly through inheritance, its mortgage free and has a +ve cash flow of £7,800 pa. The total value of the house is worth approx £110,000

    I will be looking to re-mortguage the house so we can buy in London. What % of the value should i look to take out of the house? Is re-mortguage the right way to go about things?

    I suppose why i am writing this is because of my want to find a London based property investor, a role model if you will to help guide me thought the process of buying my 1st house but owning my 2nd. As the house was left me i feel an emotional pressure to make sure i make the right decision, however i am wiling to be brave with my decision also.

    I am very much looking forward to reading your responses.

    Kind Regards

    Ted

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,069
    December 3, 2013 - 1:02 am

    Hiya Ted

    Welcome aboard.

    You've stumbled accross an Australian investment property forum :-)

    For that reason, you won't find too much advice on finance structure.

    In any case, your mates dad should be able to advise.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
    Email Me | Phone Me

    Mortgage Broker assisting clients Australia wide Email: [email protected]

    Profile photo of Ted_LangTed_Lang
    Member
    @ted_lang
    Join Date: 2013
    Post Count: 2
    December 4, 2013 - 12:50 am

    Hi Jamie,

    Thanks for your response. Yes i am aware i am on an Australian forum, im reading Steve's book, which is so far very interesting.

    It is a long shot but i am looking to meet a role model property investor who is based in London. Some one who can help me achieve my investing goals and teach me along the way.

    Ted

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