General (main property discussion here) - How to spend £500k in London to let?

Wondering if anyone out there can help? I am hoping to complete the sale of my house which will give me the above amount to spend as an investment as I want to move abroad. Would be grateful if anyone has any ideas on how is the best way to spread this money out for property? My intial idea was to buy 2x2 bedroom flats in Golders Green or Camden. I would need to income to be almost immediate, therefore cannot get involved in any long term projects. Thanks...

Hi Ismet,

Take a look at this link:

http://83.142.27.234/~landlor/property.php?property_id=431

For £330k you are gettng 8.5%. Too expensive for me, but not for your deep pockets! ;-)

Hi Ismet - thats no small sum of money you will be receiving - suggest you talk and see a fair few people.

there's many ways to make money in property - best if you spread out some of the risk.

you'll clearly need a certain level of income but beyond this potentially you might look to make more capital( the odd buy sell , fund some developers , obtain some guaranteed rates of return above 10% without hassle or having to project manage them.

feel free to give me an email, I'll give you a few ideas / contacts etc. regards Andrew peers - andrewpfs@aol.com

where in Golders Green were you looking Ismet?

there's some quite good stuff just down the road in Temple Fortune. Further from the Tube, but buses do run regularly between the two.

Also, which lettings agents have you used in this area? I had trouble with one of them, morland.

cheers

John

Hi Andrew & John,

After seeking some advice and doing a bit of research I have decided to buy from the auctions, there are some good deals related to investment properties where houses or flats are contracted to Housing Trusts or Councils, this would suit me as I want to move abroad and the less hassle the better which I hope will reduce the amount of times I have to return to deal with problems.

Be careful in auctions not to get carried away and spend beyond your limits.

Easy to do. Just a piece of friendly advice.

owen, very true i have been guilty of that before.

tom

i don't buy at auction.

you exchange "on the hammer" which isn't how property should work in my book.

with the best will in the world, you're not going to fit in as much research/ due dilligence in the run up to an auction as you would if you knew you had an offer accepted for a place and you have one last opportunity to get the full survey done, etc.

just my opinion.

John

Probaby sound advice about auctions, everything is a risk, but some of the deals look too good to be true. I am plannng on going to a few just for experience and see what goes on.

Feel free to join me(open invite)

I buy most of my property from auction by getting to know the staff and actual directors of the auction companies. still risks but sure helps reduce it.

I'll be going to countrywide on the 1st feb and barnard marcus on the 9th feb

regards Andrew Peers - andrewpfs@aol.com