ASK261: Should we remortgage our home to raise investment funds? PLUS: Is £20k enough to get started with?
It’s Tuesday and that means The Robs are back for another episode of Ask Rob & Rob.
First up this week we’ve got Jason and Stacie.
They’re considering setting up a limited company with the goal to have around 20 buy-to-let properties in six to eight years.
They want each property to bring in a £200 profit, once they’ve deducted all costs from the income.
At the moment they have £10,000 in savings and their own residential property where they owe £72,000 on their mortgage, and the property has been valued at £120,000.
They’re wondering which option is best for them. Remortgaging their home to release the equity, or use that equity as a deposit for bridging finance and remortgage the buy-to-let property, in order to repay the bridging finance?
Now we know Rob & Rob are all about using leverage, but what do they think about bridging finance?
Our second question this week is from Dave.
He’s doing the background work on wanting to buy his first property investment and he wants to know if £20,000 is enough money to get started?
However, he’s wondering if this is even realistic as even the cheaper properties require refurbishing which naturally costs money.
So, is it possible to start your property investment journey with £20,000?
Tune in to find out.
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