ASK262: Should I use bridging or a mortgage for this project? PLUS: How do I fire my agent?

The Property Podcast

Rob Bence & Rob Dix

Business News, Education, News, Investing, Business

4.8 • 2K Ratings

🗓️ 17 November 2020

⏱️ 9 minutes

🔗️ Recording | iTunes | RSS

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Summary

Last week we had a question on using bridging finance and this week on Ask Rob & Rob we’ve got another. Kicking things off this week is Marika. The strategy she’s looking at is flips. So she’s looking to purchase a property that needs a substantial renovation before selling it once the work is completed. She’s been looking at getting a bridging loan, however she’s worried that once the refurb is complete, the market will collapse. By which point she won’t be able to, or want to, sell the property and getting a buy-to-let mortgage might be difficult. So, right now should she be looking at a standard buy-to-let mortgage instead of a bridging loan? Next up we’ve got Claire. Since listening to The Property Podcast Claire has taken the plunge into the property investment world and has acquired three properties over the last 18 months - well done, Claire! Claire self manages the most recent property and the other two are with a management company. However, she’s come to realise after speaking to her tenants that the management company aren’t handling things in the correct way. So now Claire wants to take on the other two properties and self manage them all. But, how does she go about relieving the management company of her two properties without getting into a legal battle or being held liable for anything? Can Claire just simply fire her management company or is there a specific protocol she needs to follow? Tune in to find out. Do you have a buy to let or property investment related question for Rob & Rob? You could feature on the next episode by giving us a call on 013 808 00035 and leaving a message with your name and question (normal UK call rates apply). Or if you prefer, click here to leave a recording via your computer instead. The next question on Ask Rob & Rob could be yours. Have you joined us over on the Property Hub Forum yet? Our online community is friendly, informative, and the members are waiting to welcome you with open arms. So get yourself over and introduce yourself. See omnystudio.com/listener for privacy information.

Transcript

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0:00.0	Hi, I'm Rob. And I'm Rob. And this is Ask Rub and Rob.
0:07.0	Hello everybody, welcome to Ask Rob and Rob, the show where you get your marvelous questions in.
0:12.0	And we do our very best to give you some half decent answers that hopefully are useful to you all.
0:17.2	And as we've done this over 250 times now, it seems that you quite like it.
0:20.8	And your questions keep coming in.
0:22.3	And that might be down to the fact that we give you a friendly nudge each week to get your questions
0:25.7	in through one of our two simple methods.
0:28.2	Yes, do you have this memorized yet?
0:29.9	If not, then here it is.
0:31.2	Oh, 1.388,000.3.8.000.3.8.000.
0:35.0	Or you can go to Property Hub.net.
0:38.0	slash Ask. Leave us a voicemail via one of those two methods and an answer won't be far away. So first up we've got a
0:44.2	question in from Marika. Hi Rob and Rob my name is Marika I love your
0:49.4	podcast I love the market update. It's started, so please keep it up.
0:54.0	My question relates to bridging.
0:55.8	I want to buy a property that needs substantial work and a plan is to sell it once the
1:00.0	works are completed.
1:01.0	I'm considering going for bridgingging loan but I worry that if I buy
1:04.9	now by the time to refer this complete the market may collapse and I will not be able to or
1:10.4	want to sell and getting a traditional bike that mortgage at that point may also prove difficult.
1:16.0	Considering the potential upcoming market crash that you can hear about in the news,
1:21.0	wouldn't be better to purchase with a bike like mortgage like a traditional one.
	...

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