Ian Stirling wrote:
Phil Gardner wrote:
I know this is a bit OT but
I am about to exchange contracts on my first buy to let property in
the next 3 weeks and im getting cold feet.

I have re-mortgaged my house to release the equity to pay for this its
something I have always wanted to do.

Due to the turmoil in the housing and finance market I am beginning to
question my judgment and timing
Is anyone on this forum in this business that could offer advice.

Yes, you may have always wanted to do it.


Ive alway's wnated to own a racehorse, and a formula one team ;-)

However I would never expect either of them to be any more than very
expensive hobbies...which perhaps fortunately, I can't afford anyway.


However, that's not a valid reason to invest, unless you can afford to lose
(a fraction of the) money and walk away happy.

If you are relying on house prices continuing to increase to increase your
profits in the long term, I would - at least in the UK - walk away now.

If you've got a property with established paying long-term tenants that you're
buying, and can cope if the housing market stalls, or falls back a few
percent, then it may not be unreasonable.

How much research have you done into the rental market in the area in
question?