ASK396: How can I use this mortgage-free property? PLUS: Should I kick my tenants out?

The Property Podcast

Rob Bence & Rob Dix

News, Education, Business, Investing, Business News

4.8 • 2K Ratings

🗓️ 5 September 2023

⏱️ 7 minutes

🔗️ Recording | iTunes | RSS

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Summary

Join Rob & Rob as they answer some more of your burning questions! (0:39) Dec has paid off his mortgage on his second £200k property and he’d like to know what Rob & Rob would do next. Should he continue to rent it out or sell it and follow a ‘lock away and watch it go’ strategy? (3:46) Claudine has previously bought two properties through a limited company. She’s looking to close her company down and is wondering, with the proposed changes in the Renters Reform Act, whether she should move the tenants out first and then sell it, or sell the property with tenants in-situ to another investor? Enjoy the show? Leave us a review on Apple Podcasts - it really helps others find us! Sign up for our free weekly newsletter, Property Pulse Send us your question by calling us on 013 808 00035 and leaving a message with your name and question (normal UK call rates apply) or click here to leave a recording via your computer instead. 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 Rob and Rob.
0:07.2	Welcome to Ask Rob and Rob, we're back once again to answer your property questions.
0:11.4	Two good ones coming up today, but the show only really works if you keep your questions
0:15.2	coming in.
0:16.2	So if you do have something on your mind, here's how you send it our way.
0:19.0	Well, it's all in one simple convenient place if you want our telephone number, if you
0:22.8	want the times link, or you want to leave a message through the computer, go to proptihub.net
0:28.1	forward slash ask, and you can decide which medium you would like to use.
0:33.2	Luckily, we've had a wonderful person leave us a question, and this wonderful person
0:38.8	is called deck.
0:39.8	Hi, Rob and Rob.
0:41.5	If you had a second property paid off and borrowed at £200,000, how do you feel would be
0:46.2	the best approach?
0:47.2	Would you lot to continue renting out and maintaining this property, or potentially looking at selling,
0:52.6	and then following a lock away, a lump sum, and what's your growth strategy?
0:56.2	So for example, purchasing four properties of our debt are £170,000, with a deposit of
1:02.6	around 42 to 45,000 on each.
1:05.9	And if so, how would you recommend going about the mortgage?
1:08.6	Would you stick to an interest only, or would you look to make a full repayment?
1:12.5	Thanks for any support you guys can give.
1:14.3	Deck, thank you for your question.
1:15.7	So this is an interesting position, because you have a property with no mortgage on, and
	...

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