Sep 10 2007 |
I Raised My 15k (Plus More)Category: Property Diary- Project 2- Reduce Mortgage |
I know it’s been a while since I’ve touched on this subject, but to be honest, there hasn’t been much to report. For those who have been out of the loop, you can catch up and read about what my current property investment project is all about.
My previous total was £8,478.23, and I managed to raise the remaining, needed balance by extremely standard methods, so it wasn’t really worth blogging about.
Since my previous entry, “I Sold The Love Of My Life“, I’ve managed to raise over 7k.
Here’s a reminder of how I raised £8,478.23:
£1275 - Counting The Pounds- Raiding The Piggybank
£196,81 - Selling Shit On Ebay
£106,42 - Online Affiliate Marketing
£1, 500 - Web-designing
£5, 400 - I Sold The Love Of My Life
Sub Total: 8,478.23
How I raised the rest:
£2,000 - more web-designing
£4,000 - money I managed to put aside from my salary
£880 - I Got A Part-Time Job
£500 - online advertising
Sub Total: £7,300
Total: £15,778.23
I started this project on the 26th of April, and I completed it on the 1st of September. It took me 98 days. I predicted it would take me 5 months, and it actually took me just under, since I started the project near to the end of April.Right, so now I have the money I wanted, I now need to decide what to do with it.The initial plan was to pay off a huge chunk of my interest-only mortgage, and change it to a repayment-mortgage. But to be honest, I’m in two minds right now. I’m tempted to just look for another property. I asked my boss for advice (because he’s a financial wizard), and he said I should invest in more property, because his theory is that the best time to get into debt is when you’re young.
I’m pleased I reached my goal, and exceeding my total was a definite bonus.
What now?
Well, in the coming weeks I’m going to decide what I’m going to do with the money. Does anyone have any suggestions?
I’ve been working every weekend as a bartender. I’ve had such a good time, and I’ve met some great people. I’m going to continue working there on a part-time basis, purely because of the enjoyment factor. However, I won’t be working as often as I have been.
I’ll need to think of another Property Investment Project to get my teeth into.
I’d just like to thank everyone that left comments, and supported me through this property investment project. The input people have given me along my journey has been priceless 
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A Little Introduction 
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"I initially started this website as a complete property idiot;
the plan was to document my every step from property idiot to
property landlord (mission accomplished), in hope that people would
find my site and help me along the way (they did!). Read
about my journey from A-B in my
Well done buddy, go and piss it up the wall having a good time. lol,
Get another property man its the only way to go. Its all about the asset
Badger
Hey M,
Well done!
Now take that 15k and put it into a 100k 1 bed property (flat)!
They will give you the best returns on your investment and the liquidity on flats is always good.
Make sure to choose a good area where the demand is good(but I am sure you know that already)!
Good Luck.
V
Wow, Good for you! I honestly think you should take a Grand out of that and give it to a charity, then spend the remaining money investing in property
!
Why not give someone else who might be needy, a reason to smile while you smile about your next investment?
In any case jaani, you worked hard and the reward has definitely been worth it! Keep smiling.
*High Five*
LOVE YOUR WORK AISHA
I have just learnt recently that its better to have an interest only mortgage and pay off amounts (the mortgage has to be a flexible one). The theory, in a repayment mortgage you don’t touch the capital normally for the 1st half of the mortgage as you’re just paying interest. If you take an interest only mortgage, pay the interest each month and then make lump sum payments off the capital - thus reducing the capital amount outstanding immediately and reducing interest only payments - everyones a winner. You have to be strict with making the payments each month. The best advice is buy another property. If you gain 10% increase on one property in capital in one year then you double this with 2. Food for thought - well done, you should be proud of your acheivement!!
Hey Stephanie,
Thanks for your thoughts. You’ve definately given me something to think about.
I have to admit, i’m swaying towards the prospect of purchasing another property. So tempting.
The only reason I wanted to switch to repayment was so I slowly reduce the mortgage each month. At the moment, with interest-only, all i’m gaining is equity (as long as the value of the property increases). With repayment, I will gain both the equity from a value increase, and I will be reducing my mortgage, without having to make lump sums.
Once again, many thanks!
[…] I Raised My 15k (Plus More) to complete my “15k project” a while ago, 10th September to be precise, but as already mentioned, I’ve been unsure about what to do with the funds. I wasn’t sure whether to invest more money into another property, or do as initially planned, which was to use that 15k to pay off some of the outstanding balance to my mortgage and then change my interest-only mortgage into a repayment mortgage. […]