Making the figures stack up!

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I am new to this, I have rented my house out to tenants over the last year while I moved into my girlfriends house. I have now decided to become a landlord on a more serious level. I have 60,000 equity in my house and have decided to remortgage my house with a buy to let mortgage. The aim is to buy another property and rent this out to. My house is worth 125,000 and I have been offered a 2 year fixed rate deal for 102,000 the repayments are 461.40 per month. My Buildings and Contents insurance is 21 per month. Then I have the cost of electrical and gas tests every year and wear and tear on the property. My tenants pay me 495.00 per month. I have so far marketed the property myself so havent had to pay any letting agents fees. If I buy further houses I would probably use an agent to market them. This is my question, as the figures stack up I am paying more money out than income coming in. Do I walk away from this deal or continue hoping to recoup quite small losses at the start in the following years.
20/08/2007 00:00

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