interest only buy to let

Hi guys, me and my girlfriend are thinking of selling our home which will make us about 55k in equity after payments and stuff… then we was going to move back in with her parents and think of starting a interest only buy to let… I was thinking of buying a house for between 80k-100k but abit run down that needed abit of work doing to it…. my thought process for that is that let’s say its 100k house needs work doing 25%deposit so thats 25k 5k work on the house… I would owe the bank 75k.. but if I improve the house and its worth let’s say 110-120k now after renovation surely there are no risks after 20 years when it comes to selling to pay my 75k back plus make some capital gains aswell…. we was planning on letting it and saving and buying another and try to buy at least 4 of these and then save up and buy more then get our own place after, is it do able.. anyone here have anything similar

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Hi guys, me and my girlfriend are thinking of selling our home which will make us about 55k in equity after payments and stuff… then we was going to move back in with her parents and think of starting a interest only buy to let… I was thinking of buying a house for between 80k-100k but abit run down that needed abit of work doing to it…. my thought process for that is that let’s say its 100k house needs work doing 25%deposit so thats 25k 5k work on the house… I would owe the bank 75k.. but if I improve the house and its worth let’s say 110-120k now after renovation surely there are no risks after 20 years when it comes to selling to pay my 75k back plus make some capital gains aswell…. we was planning on letting it and saving and buying another and try to buy at least 4 of these and then save up and buy more then get our own place after, is it do able.. anyone here have anything similar submitted by /u/CommunityThat4801 [link] [comments]

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