The Model/21

I am going to give you a genuine business model for property which I have understood to be true which is:

If you buy a property for cash for around Β£40-60K and then add on a refurb to increase the value around 30%, then get a refinance deal for it i.e. a mortgage, then get tenants… You can take your money back out again and achieve a monthly return on your investment.

I would like to buy my social housing property but am in a catch 22 as I have now been told I can only buy it outright at full price. Plus I’m finding it difficult to achieve ongoing employment enough to get a mortgage as a single person. I’d need to be earning around 30K a year and currently with signing on and 6 months of agency work my salary is around what you’d expect to get from the government at retirement if you made your full 35 years contributions.

What would other people’s ideas be for financial freedom and would you chip in with a mate if it was more achievable as a joint venture?

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