Hi
There are 3 essential criteria when you do a deal:
1- the value you buy at
2- the value you will sell at / or the cash it generates until you get to this point
3- the structure of the deal
My view is that you have concentrated mostly on 1, and at the moment 15% BMV is not a huge cushion (average buy price is 10% below estate agent price)
Re 2, either you make a quick profit now, or you have to ensure it generates cash every month. At the moment, you are loosing money every mont (you are subsidising your tenant)
Re 3, I would have completely remortgaged the home at 85% and put the money to buy new property cash, it would have saved on interest as BTL mtg are dearer than home mtg. Also it means you could still have remortgage BTL property later on, leaving you with more possible cash to play with.
That is how I view it, although I m not a serial buyer.
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