Property advice, please help

[mumbai_sailor]

Hi there, my name is Jay 29 and I work as a Civil Engineer in Glasgow.

In 2001, my mum and dad bought a house for £65k which they sold 3 years later for £123k.

This resulted in me catching the bug, and since Feb 2008, I have bought 3 flats.

To be honest, I dont know how or why I did it, as they are mortgaged on interest only and as such, the rent i get in only covers the mortgage.

I was hoping to sell the flats in 4 or 5 years making around £20-£30k on each, but at the moment this just doesnt seem realistic.

Can you guys give me any advice as i seem to be lost.

Many thanks

Jay

[Property Cashpoint]

If I were in your boots and the mortgage was covered I would hold onto them for a while, unless you desperately need to sell. If you need to sell get them valued and evauate how much they have dropped.

[googler]

If you're looking to sell around 2012 - 13 or thereabouts, you may be in with a chance of a profit then, but nobody's got a crystal ball.

Can you make any improvements that would increase your monthly rent? Subdivide large rooms to make a 1-bed into a 2-bed, etc? Upgrade kitchens, bathrooms?

Are there energy savings you could make that would cut down bills? Upgraded DG, cavity wall insulation, upgrading heating?

Are there improvements you could make that would reduce maintenance costs?

Again, if you don't NEED to sell them, and your outgoings are roughly covered by the rent, just ride it out until things do improve.

[googler]

Since your parents made a profit, do they have any advice to offer? Did they continue to buy/sell profitably, or was this a one-off?

[crystal_10]

Its better you wait five or six years more, it will be more profitable!

[Dan_Manchester]

As above, if you don't have to sell then don't mate!

[Chris Gough]

Would agree no point in selling unless you have to. If you could afford it I would be inclined to try and get one of the mortgages off interest only and try and repay some of the mortgage, will help you in the long term and might give you a bit more flexibility.

[stupower]

Originally Posted by mumbai_sailor

Hi there, my name is Jay 29 and I work as a Civil Engineer in Glasgow.

In 2001, my mum and dad bought a house for £65k which they sold 3 years later for £123k.

This resulted in me catching the bug, and since Feb 2008, I have bought 3 flats.

To be honest, I dont know how or why I did it, as they are mortgaged on interest only and as such, the rent i get in only covers the mortgage.

I was hoping to sell the flats in 4 or 5 years making around £20-£30k on each, but at the moment this just doesnt seem realistic.

Can you guys give me any advice as i seem to be lost.

Many thanks

Jay

All comes down to when the next surge will take place, which is unlikely to be before 2013

[brian]

Originally Posted by stupower

All comes down to when the next surge will take place, which is unlikely to be before 2013

Some might say unlikely before 2020!!

[Ronnier]

HI,
If you could afford it, I would be inclined to try and get one of the mortgages, off interest only and try and repay some of the mortgage will help you in the long term and might give you a bit more flexibility.