Building a Property Porfolio

[ppsp]

Hi there,

Would anybody have any advice on what should be our next move! Husband and I have just bought our first investment property which was under €200,000. Took out an interest only mortgage to start with but should have a monthly surplus of €150 which will go towards paying off our own mortgage. Have possibly €200,000 equity on our own house together with another cash deposit on a property up to the value of €200,000. Want to try and build up a porfolio of properties but unsure about how we should go about funding the next project. Should we use the cash or release the equity? Has anybody been in a similar situation. All advice very welcome.

ppsp

 

[markowitzman]

If you are getting monthly surpluses on your investment properties there is no reason why the bank will not support you. I think it is more a negotiation issue between yourselves and the bank. Sell the fact you have developed one profitable asset and wish to develop more. If bank baulks get a good financial advisor to bat for you and let the bank know exactly this. When you threaten to go elsewhere the bank usually see the light! When the find out you are not a soft touch they will start to advise and help you in conjunction with your financial advisor.