ASK262: Should I use bridging or a mortgage for this project? PLUS: How do I fire my agent?
Last week we had a question on using bridging finance and this week on Ask Rob & Rob we’ve got another.
Kicking things off this week is Marika.
The strategy she’s looking at is flips. So she’s looking to purchase a property that needs a substantial renovation before selling it once the work is completed.
She’s been looking at getting a bridging loan, however she’s worried that once the refurb is complete, the market will collapse. By which point she won’t be able to, or want to, sell the property and getting a buy-to-let mortgage might be difficult.
So, right now should she be looking at a standard buy-to-let mortgage instead of a bridging loan?
Next up we’ve got Claire.
Since listening to The Property Podcast Claire has taken the plunge into the property investment world and has acquired three properties over the last 18 months - well done, Claire!
Claire self manages the most recent property and the other two are with a management company. However, she’s come to realise after speaking to her tenants that the management company aren’t handling things in the correct way.
So now Claire wants to take on the other two properties and self manage them all.
But, how does she go about relieving the management company of her two properties without getting into a legal battle or being held liable for anything?
Can Claire just simply fire her management company or is there a specific protocol she needs to follow?
Tune in to find out.
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