york, north yorkshire · Member since 2013 · 2 posts · 0 votes
hey guys, i have only just signed up to bigger pockets, as i have only recently started taking real estate somewhat seriously. however, because of my young years, i have a number of friends who are at the stage of their life where they want to move out and start renting somewhere. now rather than thinking "yeah i want to do that too!" i saw an opportunity! so now i am finding myself looking for cheap flats that are up for sale with a good chance that i will have a tenant for them straight away. but here is where i hit obstacle number one, i do not currently, and never have had a mortgage or owned a house. what are my options? because i feel that being able to instantly have tenants, who might i add all have jobs in my home town, is a great opportunity.
Welcome to the BP community. Well, it depends largely on the rules of the county in which you wish to buy and your citizenship there. I have no knowledge of Holland and England rules, but that is an imporant characteristic to add to your question. There are several on the BP that have this experience and I would likely seek them out directly.
Many countries it is tough to get a mortgage or loan on the property. Some it is tough for non-nationals to get a mortgage. First, I would learn about the rules for your particular circumstances.
If you are able to get a loan, what terms would be offered. Then determine if you can work within those specific terms.
All the best in your plan. It does sound good, just check on your specifics.
york, north yorkshire · Member since 2013 · 2 posts · 0 votes
13y
hey William, first of all thank you for your advice. this is exactly what i need for me to grow, and become the real estate investor i hope to be! the first steps are always the biggest!
as for the specifics, i would be looking to do a deal back home in my native england, which means that i wouldnt have any problems with not a being a native etc. i know England is not the easiest place to get a loan on a property, but where there is a will, there is a way.
i will set about finding some BP users from England and ask them for their advice.
but once again, thank you William, you are my first ever replier on BP!!!