Singing Pig

The house is worth £83k and i can purchase it for £63k, It would cost around £3.5k in fees for a fast transaction.

I was looking to get a loan for around £64k plus pay the £2.5k in cash.

One option is to buy and sell it for a quick profit or try to rent it out for the average £450 per month.

Is this deal worth it or would it be wiser to wait for possibly better deals to come along?

I would appreciate any advice

Thanks

Leslie

80% interest only mortgage at 7% would be £66400 for £387 per month, a small amount of postitive cashflow and almost 25% BMV...looks good to me.

Hi Bill

Thanks for your advice, much appreciated.

Best regards

Is 83k the true market value? who valued the property to that level and are the mortgage lenders aware that you are purchasing for less or do they think you're purchasing for 83k meaning a low money down deal?  If it has been structured creatively it may be difficult to get the mortgage and sell at the 'market value' price in todays market.

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Thanks for spamming what was a useful discussion thread by a poster needing genuine assistance.

Really helpful!

He's a typical chancer..he's done it elsewhere on here...

He'd be just as well telling us all he's desperate to get some mugs on board - thats how I read his message

 

Anyway..re the deal..seems ok deal.....if the researched OMV is totally genuine...at hose low prices even a 25% discount on a property that is actually say 5k less than you think it is can really upset your figures 

 

ps..I see the chancer's account has now been deactivated by admin.....well done!