Ambitious or Deluded?

[Henchcliffe31]

Hello, I have ambitions in life to own 10 properties. Maybe I am deluded but i always beleive that dreams are meant to be that way.

I own 3 (mortgaged) properties at the moment and everytime i have applied for mortgages it has got more difficult in obtaining mortgages. I have come on this forum to get any advice, constructive criticism and guidance that I can.

Any ideas i can keep the banks lending even with multiple mortgages?
Dos and Donts?
General advice?

Thank you in advance, any advice would be appreciated.

 

[totallyproperty]

Hi Henchcliffe31

I don't think there is anything wrong in having dreams and hopes - without them we would never push ourselves. All I would say is:-

Don't over extend your finances

Don't be in a rush to get to your target of 10 properties

Is there scope to take profits on some of your properties and invest better elsewhere?

Maybe let some of your current properties bed down a little so you have greater equity which you can use to obtain future finance

Maybe even look at a crisis scenario for the real estate sector and see how you think you might fare

I will add more ideas when I have a little more time.

Regards,


Mark

 

[Nigel Bell]

Hi, you don't say where your properties are but as you seem to live in the UK I am guessing they are there. The UK market is definitely getting stronger so my view would be look at selling one of your properties and consider investing in an emerging market. Central Eastern Europe took a big hit in values over recent years but because of reasonably stable politics, economic policies and low salaries the future looks bright. Good entry level values and potentially good growth but suggest you dont buy off plan. Go and see what you want to buy and touch and feel it.

Good luck
Nigel K. Bell