Out with the old and in with the new. The sale of one small property completed at the end of June and the purchase of a larger property completed yesterday with no problems.
The refurbishment work will start tomorrow and should be completed in about 8-9 weeks. Until the new property is rented out I will have to meet all the mortgage payments and other outgoings from my own pocket in part (the other part will come from the cash back from the lending bank and from surplus cash flows on other properties). Between the short term negative cash flow generated by this property and the need to start putting money aside for my January tax payment, the amount of cash available for new investments this year will be quite low.
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