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  • Property Training/Mentoring

    Newbie looking for advice

    Hi all,

    I'm not sure this is the best place to post this - I did want to find a mentor locally (Glasgow) who I could speak to face to face, but having read a lot of this feed it's clear that mentorship can be risky, and this forum is as good as anyone/anywhere for receiving advice, so here goes!

    I'm a novice investor, currently unemployed, but with approx. £300k (family loan) to invest.

    I live in Glasgow and am thinking about executing flips (on flats) to generate profits (20% net ROI approx) which I can invest in deposits for BTLs, building the portfolio to 3-4 lets in the next 18-24 months.

    I have a couple of questions, so thank you in advance.

    1) Should I leverage a handful of purchases with short-term finance (mortgage broker has been engaged) or cash buy & refurb 2 properties (£300k max to invest)?

    2) Using Rightmove for sourcing, is it better to buy uninhabitable (possibly repos) flats as soon as they come on the market or once they've been on the market for months (e.g, handing me better bargaining power)?

    3) Would a refurb that requires a new kitchen, new bathroom, paint, carpets be better than a refurb that has more defects/possibly structural issues (I'm thinking about the profit margin and what adds value vs my inexperience)?

    4) My personal savings will run out in approx 3 months, but I could start projects now, would it be advisable to get a job alongside or bite the bullet now?

    Thanks very much and sorry for multiple questions!

    Jordan

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