[thom123]

Hi Chris,

I paid cash for one, which I actually bought via Brennan Property Investments. It was a bank repo for £15k all in. I'm told that I can refinance it in a year to get my cash out, but I won't know whether that holds true for another 10 months.

The Brennans were fine - they don't do an awful lot for the money, but they were helpful enough and responsive enough when I called on them. They did say that they 'wouldn't have time' to look over a refurb qoute I got just after the sale went thru, which annoyed me a bit given what they charge. But I got some useful contacts out of it which was one of the main things I wanted. I'd say they provide a reasonable service for a newbie, but the best thing to do is to get over to Buffalo and see it all for yourself.

The others I bought by getting loans from a private investor - expensive at 11% for 50% LTV, but it was my only choice when the mainstream lender pulled out due to the subprime goings-on. It seems that it's easier to finance a place once you have it, rather than financing it for purchase, so I should be able to remortgage to a better rate and LTV than I have now.

Can I ask if you're an experienced investor? Reason is, I don't think I'd recommend it as a newbie - there's a hassle associated with it all, and it helps to have dealt with some over here first. Also, make sure you have a bit of cash spare as you'll probably find the place needs some work and your letting agent will have to keep hold of your rent until you get a tax number which takes around 8 wks (and you can't apply till you actually buy a place).

Thanks,
Matt