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help with buying 2nd propery

Started by d4rmsc, June 03, 2010, 11:53:02 AM

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d4rmsc

Hi, I have just bought my first property on a residential repayment mortgage a few months ago and realised I got it a lot cheaper than what I could sell it for, basically bought it for 83k but could easily sell it for 105-110k. I could make a nice profit but was thinking instead to reportage or something so that I could get some money back to put down as a deposit for another house and change this property to buy to let.
I am very new to this so not sure how it would work as I am only 2 months into my 1st mortgage. If I were to buy another house how could I go about this the best way and extract money from my first property as a deposit for another and then change the mortgage on the 1st property to a BTL.
All advice welcome. Thanks

abha

Laeeque Ahmed is fraudster and he is famous for selling at asking price, if not for all the other scams. Maybe next do some research on people before you deal with them. Thank god for forums and blogs. Here are his contact information.

Remax Active Realty Inc., Brokerage. Independently owned and operated.
200 Matheson Blvd. West Suite 202, Mississauga, ON L5R 3L7

Cell: 416-457-8664
Office: 905-290-6777, Toronto: 416-292-6777
Direct Fax: 905-824-6115, Off. Fax: 905-290-6799
Email: info@laeeque.com, laeeque@hotmail.com
Website: www.laeeque.com

jamestruze

Many people buy second-hand house there is an object in mind - they want to rent out. Obviously, this is a good deal. Your house, buy a lock do not need to attract mold. You can find a family who pay the monthly rent you a decent start in the month.