For this week’s What I Own, we have something a little different.
We are chatting to Kristina, who bought her first investment property at 28. Now, just eight years later, she has a brimming property portfolio.
We’ve asked Kristina about one of her most recent purchases: Empress Hall in Blackpool – which she rents out to tenants.
She shared everything to know about the process.
Tell us about yourself.
I’m 36 years old and I’m a mum of two boys, Evan, two, and Grayson, four.
I work as a full-time property investor which I fit around the kids. I’m based in Liverpool and I invest around Blackpool and the Fylde Coast, where I’m originally from.
Where is your property?
The property is located in Bispham, which is on the edge of Blackpool. I love the seafront there, it’s so peaceful yet close to everything you need.
When did you buy the property?
The end of May 2022.
How much does your property cost?
How much was your deposit?
What is the monthly mortgage for this?
It has been purchased through a loan with a private investor at 10% a year, so they will receive £30,000 in interest for their £300,000 loan.
I’m currently in the process of placing a mortgage, and it this point the investors will get paid back. The monthly mortgage will then be £2,015 per month.
How did you save up for your deposit?
By flipping houses.
What was the process of getting a mortgage like for you? Did you find any parts challenging?
Everything is taking a long time at the moment from solicitors to mortgage companies. I think that’s one of the hardest things at the moment.
Do you own the entire building?
Yes, it’s a freehold building
Did you have to get a different mortgage, as you are letting it out?
Yes, it’s a specialist commercial mortgage that is for holiday accommodation of this type, similar to a mortgage for a hotel. It’s typically higher interest rates than a traditional buy to let mortgage.
What made you want to invest in property?
I used to be a professional singer and I massively craved security and stability.
I started going to property seminars and invested in property training so that I could safely invest in property and do it as a business rather than a hobby.
Is this your only investment property? Or do you have more?
I currently have 27. I started investing when I was 28 and had no money when I started (I had invested all of my savings into property training).
I built the portfolio working with private investors and buying houses cheap and run down, then I’d refurbish them, place and mortgage and pay my investors back out of the mortgage, or from profits if I flipped the property.
Do you rent your properties out?
Yes. The majority are rental family houses, some are also rented out to charities housing vulnerable adults and families.
Do you rent the rooms out at Empress Hall as separate, or the place as a whole?
Yes, guests rent the whole house so it’s a real luxury and amazing experience. It’s perfect for large groups celebrating special occasions and family gatherings. Christmas will be magical there.
How many people does it sleep?
It sleeps 20 people and has 10 bedrooms.
Do you have plans to change the property?
We did quite a lot of work when I first purchased the property, it’s undergone quite a transformation, however we’re also going to change three bathrooms in November as well.
What would you say to others thinking of investing in property?
It’s an amazing thing to do, but I’d definitely recommend learning about the different strategies involved so you know all of your options.
Make sure that if you are buying something that needs a refurbishment you have solid figures for the cost of the work, and also what the modernised value of the property is so that you don’t pay too much for the property or over spend on the refurb.
What do you want people to know about buying a home?
Go with your gut. I always think buying a home is different to an investment property. Investment comes down to numbers in a lot of cases, but a home is where you are going to live and a lot more factors come into play.
If you can find somewhere that has room to extend then that’s always a huge bonus and gives you options to add value, but also stay rather than move if you love your house but just need more room.
Do you want to feature in What I Own?
What I Own is a Metro.co.uk series that takes you inside people’s properties, to take an honest look at what it’s like to buy a home in the UK. If you own your home and would be up for sharing your story, please email [email protected].
You’ll also need to be okay with sharing how much you’ve paid to live there and how you afforded the deposit, as that’s pretty important.
If you’re renting, you can take part too! What I Own runs alongside What I Rent, which is the same series but all about renting. Again, if you’d like to get involved just email [email protected].
Shall we take a look around?
Get all the need-to-know property news, features and advice from Metro every week.