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I havent had it revalued as yet but I am going on what other properties in the area have gone for. I got it for a good price as the house never made it to market.
I sneaked in the back door before it did and as a result the seller was happy as he never had to pay any RA fees for it. He had it tenanted from day one and it was a bit run down but nothing major. Just a spruce up here and there, little bit of external work and internal work which hasnt cost me to much.
It hasnt made a possible 20% due to its location just the fact I got it for a steal by pure luck.
Cos not knowing what you’re doing, could become a headache.
Well that makes………not much sense. Being new to the PI area I am still trying to get my head round what a lot of stuff means, the terms that go with it and the decisions to take.
I can see that I am going to have to do a lot more research before I can realistically think about taking that first step.
Cos not knowing what you’re doing, could become a headache.
The property isnt a dud and is in a good area I reckon. I am not sure of rental returns exactly but increasing the loan will cause the gap between the rent and the loan to widen substantially I reckon.
I know this can be offset against tax (although a bit of a noob when it comes to it so not sure of the exact pros and cons).
This is why i am trying to find the right way to go for this situation.
I want to move from where I am regardless and find another as my PPOR.
Cos not knowing what you’re doing, could become a headache.
