Author Topic: Chance in a lifetime! (Read 7578 times)

doganjo · « **Reply #15 on:** October 16, 2009, 11:03:27 pm »

Chris, set out a sort of a business plan for the flat you want to buy - similar to the one you did for the business. First two/three years renting out to repay as much of the loan as feasible and lay by some capital if possible, next two/three years renovations or joining the two flats into one house using the accumulated capital. Thus increasing/adding value to both your and the bank's investment.

sellickbhoy · « **Reply #16 on:** October 16, 2009, 11:18:34 pm »

naw, i plan to knock it all through into one and make it my home immediately!!

to be honest i think it would be hard to rent out - no parking or garden - unless i was to share mine - and that's not happening

nope, i'm fully prepared to take it on as a home instead of a business.

had spoke to a financial adviser about buying it as a buy to let and offsetting the losses against the other properties in my portfolio - however, i can get a much cheaper residential mortgage that it makes more financial sense to do it that way

the sooner i can convert them into 1 house, the sooner i can remortgage them both as a single property - and i can withdraw the money i've put in as a deposit to buy it - and i'm back to where i am right now - but with a bigger house!!!!

oh, i'm really looking forward to this!!!!!

doganjo · « **Reply #17 on:** October 17, 2009, 01:21:38 am »

That's more or less what my daughter and son-in-law have just done but the other way round - split a house into two flats, selling both with a view to buying a bigger house with a big garden.

Sounds a good project for the winter - good luck. Holiday first though

sellickbhoy · « **Reply #18 on:** October 17, 2009, 08:53:49 am »

holiday 1st
business to start up 2nd
wedding to plan 3rd

then......houses to build!!!!

i'd be bored if i had nothing going on!!

MiriMaran · « **Reply #19 on:** October 17, 2009, 08:21:32 pm »

You don't want the easy life do you?!

sellickbhoy · « **Reply #20 on:** October 18, 2009, 05:02:14 pm »

the future mrs SB went to a gypsy palm reader sort this morning (we were visiting my frenids new shop/stall in the forge market)

anyway, the good news is

1. the offer on the upstairs house wil be accepted and we'll be in a much bigger hosue soon
2. we'll have a long and happy marriage with 2 kids - one of each
3. my new business will be a success

now, i''m a bit of a skeptic about these things - but the lassies told her that i was starting a business, she said the next weddinshe'll be going to will be her own and she said we will ahve a change in living circumstances soon - either building an extension or buying a bigger house, but then she said - no, you are buying your neighbours house!!

now, that's pretty impressive especially as Karen never mentioned any of those 3 things.