General (main property discussion here) - ADVICE - ACHIEVING AN ANNUAL INCOME FROM PROP

I am new to this forum but am really enjoying reading all the notes. My situation is that I currently have my own property plus 2 others that I rent out to a local authority. I see the local authority as "bread and butter" houses, not going to make loads of money but in long term the prop will increase in value. I now want to purchase a property to make an income rather than capital growth. My thoughts are both HMOs, students/lodgers which I know are more hassle but I think I am prepared for this. I really enjoy property, reading about it, trawling websites and prob could be accused of being a "prop bore"!! I would have about 40k to invest which on the south coast (live near Chichester, W/Sussex) is not a lot but I would like to understand *how to raise deposit without using my own funds? *advice/guidance on how to build a portfolio

Long term aim is to receive £1000 profit per month from property and I will do it!!

Hope I have not rambled but if anyone has any guidance would really appreciate hearing it. Thank you

Hi Jane I to am new to the propery way of life and Im interested in that you rent your properties to a local authority.Any chance you can send me some details on how you did this please.I know what you mean about £40k not being much to invest on south coast (I live in Portsmouth. Hope you achieve your aims soon

Steve

Hi Steve - thanks for reply and nice to find someone local to me. I rent my 2 houses to Portsmouth Housing Association - 023 92896738 - mgr is Stephen Keel. I am absolutely certain that I will make a success of this venture whether on south coast or further afield.

Hi Jane, with your 40K i could locate 2 properties for you and these would give you a monthly profit of £7,770 per annum. thats the best i can do. Your total spend would be around 30K so you would have 10K left over and this just might be enough to get you a BTL 10% deposit which means 3 houses are possible which would then push your profits a little past £1,000pm. Let me know if your interested.

Alex M

Alex - thanks for this - would be interested in talking to you or do you have a website?? Would like to understand where properties would be and whether the profit is for a fully managed property?