Introduction of myself, and my vision
Hello everyone!
My name is Jonas, I'm 19 years old and coming from Denmark.
Next year when I'm done with college here in Denmark, I am taking the leap to the UK. (... So yeah - not quite USA)
My vision is to buy a 3 bedroom HMO, and then turn it into a 5 bedroom (This is "easy" to do with a lot of properties in the midlands, as they are designed perfectly for this). I want to then live in one of the rooms for a year, and rent out the 4 others. So basically the same strategy with duoplex, triplexes and so on.
I'm looking to invest in the midlands in the UK - and I would be looking at around a £100.000-£110.000 house ($130.000-$145.000). I would expect a rehab, and licensing costs to be around £10-12.000.
HMO's in the midlands are very lucrative right now, and when I move out of the house I expect a 25% ROI.
So when I'm actually living in the house, my strategy is to get at least half a dozen of LOA's under my belt. Which I can expect £250-£300 from montly (Very conservative).
The last year I've been saving a lot, and I've never been working so much in my life :-) Extremely motivated!
So next year I will have at least £35.000, to put down as a deposit - and the old man (my dad) might also want a piece of the cake - as he is very interested in property as well.
I've got my dad to join me on the mortgage - as bail (I'm not quite sure that's the english word for it.)
What do you think about my strategy?
Is it unrealistic, is there something I should be aware of?
Thank you very much! I'm looking forward to my property journey! :-)