It's a common problem, and that's why Kevin Wright came up with creative, totally legal ways to “recycle your cash”. I got him on the podcast to share some background about why the mortgage market is the way it is, and explain his techniques for using the same pot of cash for multiple deals.
In this interview, you'll learn:
- What the “six month rule” is, and how it put a stop to the pre-crunch mortgage madness
- Why you need to understand how the interests of lenders and investors are diametrically opposed
- How to “force the appreciation” by showing that you've added value through a refurb
- Why “cheap bridging” using a mortgage with no redemption penalty is likely to get you blacklisted by lenders
- Two “light refurb” mortgages that will allow you to get most of your cash back out without having to arrange bridging or a remortgage
- How light refurb products remove a lot of the uncertainty around the revaluation you'll secure
- Exactly what bridging finance is, and the circumstances under which you might want to use it
- “How to make ridiculously low offers and complete within five days”
- Making use of an unencumbered property to create buying opportunities that wouldn't otherwise exist
- The art of the “90% flip” by using specialist bridging lenders who'll lend on the open market value rather than the purchase price
- The correct way to do joint ventures, that won't fall foul of lenders' terms and audits
- Two strategies for making £30,000 stretch an infinitely long way in different parts of the country
Episode resources
- Kevin's website, Recycle Your Cash
- Contact Kevin by email