E
E46BMW
New Member
I'm 21 years old, I have one rental property worth around 70 grand (got it for 52 at a auction) and it is paid off. I'm currently looking to purchase a second rental property. I have a job which pays me 1,600 pounds a month and my rental property is generating a monthly income of 400 pounds a month. I was wondering what steps I would have to take into purchasing a second rental. I have looked at a few at around the 50 grand area and I'm interested. Obviously, I would have to get in touch with my bank ect.. But I was wondering if anyone here has previously done what I'm doing. I mean I think it would be strait forward, something like I take a bit of money out of my initial property, put some into a second property and repeat the process and have quite a few by the age of 30.. Or is it much harder to do then that? Some advice would be appreciated. Thanks in advance, Justin.
