Hi there.
I've recently inherited a property located in a location where I do not wish to reside.
As the market is not the best for selling at the moment, I have been offered to mortgage it in full, and use the funds received to purchase a property in my desired location. The plan seems to involve using those funds to secure payments on both mortgages for the first few years, then, once the market recovers (hoping and forseeing that it will), use the equity to continue leveraging my property portfolio from there onwards in much the same manner.
This is, of course, presented in very simplistic terms and I realize there's alot more to in than that (I will renovate the first property at least and thereby raise its value, attempt to lock in a fixed interest rate for the first five years before it rises again, etc), but my question is whether this sort of scheme is at all possible, and what the risks involved may be?
Thanks for your assistance!
It looks like you can do with some trustworthy advice from a professional / experienced investor. Too many unknowns / variables in your description and too much at stake here…
Good luck!
I realize that much, but am currently seeking exactly that – it seems everyone I contact personally has a certain stake in the matter, or is hoping to have some once I make my decision, so I'm seeking some un-biased advice on this and other public forums.
Cheers anyway.
I think you should message Richard, the finance broker who is on here quite a bit. User name Qlds007 – I think. He seems to be pretty well up on the ins and outs of doing exactly what you have mentioned. He seems to give sound advice and has a lot of trust from the members on here.
Thanks, Tony, I'll do that.
You must be logged in to reply to this topic. If you don't have an account, you can register here.
