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Hi everyone
I haven't posted before, but have been following a few of the topics.
I live in Somerset and have one property which I used to own but let out instead of selling - an accidental landlord you might say. I am looking to maybe buy more property, but in very gradual steps.
I thought I'd say hello as I'm sure I'll have many questions shortly as I've never deliberately bought a property for investment, so might need some help!
cheers
Bryan |
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Now then Bryan,
I accidentally fell on the BTL scene too, I bought my house in Manchester after leaving the RAF, then got a job down the road, ended up working in Germany,Holland and Sweden, so rented house out and found it a great way to pay the mortgage.
We dont all have huge portfolios either so even if it sounds like a daft question, just ask, as I'm still learning too. I only have 3 properties at the moment but hoping to expand to six within the next couple of months!
Good luck Bryan.
Simon |
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Hi Simon!
Thanks for the reply. I am finding houses that I like (and that I assume others will like to rent from me) very expensive now. I regret not expanding 5 years ago- I am too cautious I think!
It is amazing that you can live abroad and still oversee your houses here. I think I would worry all the time - well, I do anyway :)
I am going to try and find one more property for the meantime.
cheers
Bryan |
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Hi Simon
There's quite a difference between shopping for a place you want to live in (or your wife for that matter) and seeking out good investments.
Your instincts are not to be discounted - if it feels like a nice home to you, it may well do to a good tenant. However, you often find that the best "yields" are not in your area of residence - hence a more lateral approach is beneficial.
The nice thing about tenanted property (cf. this site) is that even if the property is nothing to look at from the photo, the tenants are in place and more likely than not happy/ accepting of the rent they are paying. Hence the market is signalling which investments are less risk, and therefore a good investment.
Don't feel pressured into doing a deal, ever. You may have "missed out" five years ago, but you didn't get stung either!
good luck
John |
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John,
I think you meant to say Bryan....
Cheers
Simon |
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hmmm...
yes: good luck Bryan, and sorry to confuse you Simon!
cheers
John |
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Bryan,
I do worry about my houses that is true. I had a bad experience with a useless letting agent, who let a tenant get so far in arrears and I ended up losing my possessions I had left for the tenants in the beginning.
At the moment, I'm doing what John has just said. I'm looking for tenanted properties. Two out of three that I'm looking at up North are tenanted. Bringing in healthy yields of 10%+.
If it is clean and tidy and surveys up well, you can get places that you possibly wouldnt live in but others would.
John is right do not look at places that you think YOU may live in, you won't be living in them. Just say "would SOMEONE live there?"
Best of luck anyway Bryan....its not easy, but the rewards can be good or even great, when you hear from the other biggy investors on here.
Regards
Simon
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Hi John and Simon
Thanks for your advice. So if I'm buying in a different area of the country I will need a good letting agent then.
Can I ask your opinion please?
http://www.landlordtrader.co.uk/property.php?property_id=495
This property is really cheap, the yield looks very good, and I am thinking this could be a perect place for me to expand to. I can't recall ever going to Lancashire before and know nothing about the area. Am I biting off more than I can chew do you think?
I'll have to start somewhere, and one strange place is as good as the next as far as I am concerned. So I'm thinking of finding a property, then getting into a new area hopefully. What do you think?
Bryan |
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Sorry everyone. That should have read "perfect".
Bryan |
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ring several local letting agents and ask them what they think to that street/area |
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Sham Star makes a good point Bryan. Do as much research as you can and the best way to do this is speaking to people. Obviously nothing substitutes going to a place for yourself. Best place to start is speaking with several (not just one!) letting and estate agents.
FS |
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welcome bryan! hope you enjoy the LT forum as much as i do. there is a small group of us that seem to really try to help eachother out (unlike other forums where many people just argue!!)
tom |
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Hi Bryan
I am new here, too. I have just posted a question as I am in need of advice as a beginner and in less than half an hour I received a very good reply from a successful investor and businessman. I had time to read alot of the posts here today as I have a day off and this is how I came to know some details.
I personally have to re-mortgage my residential property in order to raise capital. I will not venture to buy any flat/house unless I do my homework very well. Search websites, some good ones are http://www.propertyfinder.com
or assertahome.com or upmystreet.co.uk where you see the asking prices, the agreed prices and you can do a parallel search for rents obtained in the same area you want to buy.
There are good books to buy, too. Search on Amazon, the UK site. If you can afford, attend a seminar or two. It is worth the money as it is very motivational and you see real people who have made property investing a real life success.
Like I say, I am also a beginner but I have the determination to succeed. And on my way I want to help other people who are like me and want to be successful.There is nothing like giving and receiving knowledge. And one more thing about it...
I once read something very inspirational...and true.. LEARN TO REPLACE FEAR WITH KNOWLEDGE.
Gabriela |
