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New to the property world and looking to make my first deal. I want to make a living from property so any advice appreciated.
I wondered if anyone knew of good property sourcers in Northampton? In addition, what are your thoughts on bridging loans? What are the best financing options.
I am struggling to get a deposit together but have a relatively good monthly income so I am looking into getting a loan to buy a property at BMV and then sell on quickly and start building capital that way, any advice would be appreciated.
Many thanks in advance,
Hi Owen,Welcome to the tribe. If you buy a property through a sourcer, you should be aware that you may struggle to get any type of finance as lenders do not like properties sourced by a third party. See this recent thread - Deal sourcing/mortgage problemsAdditional, with no previous property experience, you will struggle to get bridging finance. Bridging lenders prefer those with a track record as it is a higher risk type of lending.The best lending options will be very personal to you and your situation, so your first port of call would be to speak to a mortgage broker. Property Tribes Financial Services on 01206 654444 would be pleased to give you an idea of what mortgage products you qualify for. This will bring clarity to your possible direction and stop you wasting time on strategies that are not going to work with your personal situation.There is no 100% finance, so you are going to have to get a deposit together. If you bought a property below market value with the intention of selling it on, you would find two issues.1. You would have to buy it for cash and ..2. You would struggle to sell it on at an increased value without having evidenced spending money on it and adding value. So you have to budget for a refurb.So what you propose is not a viable strategy in reality, although it sounds great in theory.The way forwards for you is to continue to build your deposit, or choose a cheaper area.Hope that helps?
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
Vanessa' comment is very sensible. Property courses give good theories, reality can be different.
Thank you both, can I ask how you both got started was it with a deposit and mortgage?
Many Thanks for your advice.