Research has shown that there are a lot of Landlords who own 1 or 2 Buy to let properties. We increasing getting asked, how do other investors build their Holiday Let Empire?
Property investment of any kind can take up a lot of capital to buy any property.
Finding ways to speed up getting extra capital can help in growing your portfolio.
1. Buy at the right price
There is saying among property professionals – You make the money when you buy the property.
Do not view a couple of properties and make an offer on the one you like the best. View many properties over a period of time and get to know the best roads and locations to buy in.
Look out for properties that have been on the market for a while. Can you improved it? What`s stopping it selling?
2, Build up local Contacts
Keep in touch with local Estate Agents. Build rapport and make sure they know you are serious about buying property for Holiday Lets.
Let them know you can act without delay. And that you can help if a chain breaks down.
Be available to view properties at short notice and be easy to contact.
3, Refinance your Holiday Let
If you bought the property at the right price and added some value with improvements. You could of created extra equity in the property. Also if you have bought while property prices are rising, you could also gain extra value in the short term.
When you first buy the property and chose a product that does not have any redemption penalties. You may be able to refinance to a different Holiday Let mortgage and them take out some of the increased value.
You are then able to use the extra money to put towards another property buy.
4, Refinance your Home
Another option you have, is take money out of your current Residential property.
Subject to criteria, such as the property value, your income and commitments. You may be able to borrow funds for deposits on other property purchases.
With these extra funds, you can then get a Holiday Let Mortgage and buy another property.
A quick recap then, you’ll build a property empire faster when you…
Buy at the right price
Build the contacts to help you find and finance more properties faster
Release capital along the way from building you own
And get off to a flying start by refinancing your own home.
For advice and help to get the right mortgage for your holiday let, fill out the enquiry form below and we’ll be in touch