Hi guys,
So I'm a professional Poker player who wants to invest in property. My long term goal is to get to around £3k/month net profit as this would be enough to live on and be financially free. I own my own home outright paying in cash which is one of the positive criteria for getting a buy to let mortgage. However, from what I've read you would need to earn £25k+ a year also but technically I'm unemployed. This would also be problematic in proving how I could pay the monthly if it was unoccupied or picking up the excess if interest rates went up. In reality I could do those things but on paper it probably wouldn't satisfy the bank.
The alternative is to sink £150k into 1 or 2 properties which may only rent for £750-900/month but that's locking up too much £ for a small return. Ideally I'd like to put down a small deposit on multiple properties then have them cashflowing positively to increase the ROI.
So is this a realistic thing to consider? Is it even a valid investment plan to begin with? I could just purchase a rental property outright and continue to save the rent/poker winnings to acquire more but this seems very slowlane and I feel like there must be a more efficient way to invest. Like if I made £8k/year rental profit it would take probably 15 years of saving that rent to get another property. Seems like a bad plan even if it's very stable/low variance approach.
Sorry if I'm asking the wrong questions but at least it's a start to post something here and get the ball rolling. Thanks a lot guys
So I'm a professional Poker player who wants to invest in property. My long term goal is to get to around £3k/month net profit as this would be enough to live on and be financially free. I own my own home outright paying in cash which is one of the positive criteria for getting a buy to let mortgage. However, from what I've read you would need to earn £25k+ a year also but technically I'm unemployed. This would also be problematic in proving how I could pay the monthly if it was unoccupied or picking up the excess if interest rates went up. In reality I could do those things but on paper it probably wouldn't satisfy the bank.
The alternative is to sink £150k into 1 or 2 properties which may only rent for £750-900/month but that's locking up too much £ for a small return. Ideally I'd like to put down a small deposit on multiple properties then have them cashflowing positively to increase the ROI.
So is this a realistic thing to consider? Is it even a valid investment plan to begin with? I could just purchase a rental property outright and continue to save the rent/poker winnings to acquire more but this seems very slowlane and I feel like there must be a more efficient way to invest. Like if I made £8k/year rental profit it would take probably 15 years of saving that rent to get another property. Seems like a bad plan even if it's very stable/low variance approach.
Sorry if I'm asking the wrong questions but at least it's a start to post something here and get the ball rolling. Thanks a lot guys
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