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The Property Podcast

ASK336: Should I invest before buying my own home? PLUS: What software do you use?

The Property Podcast

Rob Bence & Rob Dix

News, Investing, Education, Business, Business News

4.82K Ratings

🗓️ 7 June 2022

⏱️ 9 minutes

🧾️ Download transcript

Summary

Rob & Rob are back with some more listener questions!  Starting us off this week is Jack.  Jack and his partner have recently sold their first property and have moved back in with family whilst they search for their new home.  Of course, this means they’ve got a chunk of cash lying around at the minute and Jack is wondering what they should do with it.  As they’re hoping to purchase their first investment property soon should they dip into this cash and use it for a deposit to buy their investment property instead of a home for themselves?  Their residential home will be higher in value than any investment property they purchase, so with this in mind and the stamp duty implications do Rob & Rob think they should buy the investment property before their home?  Next up we’ve got another great question from Joe.  Joe’s a young landlord and currently has one property that he rents out as a holiday let.  He’s hoping to expand his portfolio, but before he does, he wants to make sure he’s prepared.   As his portfolio increases, he’d like to ensure he can keep it as professional as possible and easy to manage so he can crunch all the numbers, keeping a watchful eye on his finances.  He’s had a look on the market and has come across Lendlord. What he wants to know is, is there any magical software out there that Rob & Rob currently use and would recommend OR do they keep it classic with a good old trusty excel sheet?  Tune in and hear what the guys have got to say.  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.  And if you’d like to find out more information about Portfolio you can do that here.  See omnystudio.com/listener for privacy information.

Transcript

Click on a timestamp to play from that location

0:00.0

Hi, I'm Rob, and I'm Rob, and this is Ask Rob and Rob.

0:07.7

Welcome to Ask Rob and Rob.

0:09.4

If your name is Jack or Joe, today could be your lucky day because your answers to your

0:14.2

questions are coming up.

0:15.8

If you're a different Jack or Joe who send us in a question, it's not yours, then you

0:19.8

could be about to be very disappointed, but anyway, hopefully on the whole people will

0:23.2

benefit from this episode, we've got two answers coming up, but first, how do you get a question

0:27.9

of your own in Rob?

0:28.9

Yeah, the number you could call is 013808-355, or you can go to our website, that's propertyhub.net

0:37.8

forward slash ask super simple, leave your message either way, and we will hopefully get back

0:43.3

to you in the two distant future.

0:45.3

So first up, we have a question in from Jack.

0:47.3

Hi Rob and Rob.

0:48.8

Jack here, thanks for the advice you give, which has been really helpful for me in making

0:53.7

the first steps towards buying my first investment property, which I'm hoping to do in the

0:57.4

not too distant future.

0:58.4

So my partner and I have recently sold our first time together, and we're moving in with

1:02.5

family for a period while we look for our next time.

1:05.1

So we have a reasonable chunk of cash laying around, which we initially intended to put towards

1:09.5

it for our next time, but I've been thinking about using some of that cash to put towards

1:14.2

an investment property, and having a smaller deposit for our next residential property

1:19.4

is worth saying at this point that we might be in a position to buy an investment property

...

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