Buy to let - advice please

Chichi_2

Just bought a London property for £122K with rents at a min of £900 pcm. It was and still is possible to make good yields if you look carefully at property.
Fitzy knows what he's talking about!!!

Fitzy29

Chichi wrote:

Just bought a London property for £122K with rents at a min of £900 pcm. It was and still is possible to make good yields if you look carefully at property.
Fitzy knows what he's talking about!!!

As I've said, I have property myself. I work with portfolio landlords everyday...
I understand all the arguments above, and they are all real...but you can still make money and gains can be made. People look at the recent property boom and thunk it's all over...Do some hard work now and you have some properties in the bag by the next one. He who dares and takes a risk prob will make good returns in the longrun... As this poster says, it's all still possible..Too many negative comments on here, negative comments bread negative comments and ideas/thoughts, think realistic but positive i say!

meanmachine_2

Fitzy29 wrote:

As I've said, I have property myself. I work with portfolio landlords everyday...
I understand all the arguments above, and they are all real...but you can still make money and gains can be made. People look at the recent property boom and thunk it's all over...Do some hard work now and you have some properties in the bag by the next one. He who dares and takes a risk prob will make good returns in the longrun... As this poster says, it's all still possible..Too many negative comments on here, negative comments bread negative comments and ideas/thoughts, think realistic but positive i say!

Well then you know where to go.

Martin Lewis' thoughts on UK B2L are very well known. He takes a rather sceptical attitude to "investing" in property in this country.

If you want to build your house of sand, then go onto singingpig or one of those more gung-ho sites.

Man, it's getting all 1999 in here.

Mrs_pbradley936

Nobody has mentioned the age of the would be investor so far. If you are in your 20s or 30s you can look at things differently than if you are in your 50s 60s or older. Someone my age is not bothered about what will be in 30 years time - I do not expect to be here. My children can worry about my assets then. At this stage I am concerned with income rather than growth. However if I was younger I might be tempted to take out mortgages and let the rent cover them (allowing for expenses etc.) however I would not want to over extend what I could afford. I have seen the property market rise and fall same with interest rates and inflation so hindsight and experience speaking here. Unfortunately you cannot teach experience.

iolanthe07

Reading all this makes me wonder whether Socialism wasn't such a bad idea after all..... Houses should be for people to live in, not to make obscene profits out of.

machofairy

I have just read this thread for the first time as I am on the verge of buying my first BTL property. Initially, I was so sure it would work out. Now, I am full of pessimism. Have I really missed the boat? I have been looking at Manchester city centre apartments and they look quite lucrative. Can anyone offer any advice, specifically for Manchester?

Thanks in advance.

Conrad

Chichi wrote:

Just bought a London property for £122K with rents at a min of £900 pcm. It was and still is possible to make good yields if you look carefully at property.
Fitzy knows what he's talking about!!!

Ok prove it if you can. I 99% guarantee you are mistaken.

Give us the street name, type of property. We can then check with local agents that such a property costing £122000 will rent for £900!

We will call local letting agents of course and not rely on the selling agents.

Conrad

Fitzy29 wrote:

As I've said, I have property myself. I work with portfolio landlords everyday...
I understand all the arguments above, and they are all real...but you can still make money and gains can be made. People look at the recent property boom and thunk it's all over...Do some hard work now and you have some properties in the bag by the next one. He who dares and takes a risk prob will make good returns in the longrun... As this poster says, it's all still possible..Too many negative comments on here, negative comments bread negative comments and ideas/thoughts, think realistic but positive i say!

But I used to think POSITIVELY ABOUT UK PROPERTY WHEN IWAS A LL BUYING STOCK.

Only a thikkie would carry on thinking positively forever like some mad robot!

Its all about timing. Now is not the time to make worthwhile profits from UK property.

Conrad

machofairy wrote:

I have just read this thread for the first time as I am on the verge of buying my first BTL property. Initially, I was so sure it would work out. Now, I am full of pessimism. Have I really missed the boat? I have been looking at Manchester city centre apartments and they look quite lucrative. Can anyone offer any advice, specifically for Manchester?

Thanks in advance.

Man City appartments - there have been many reports in the press and on forums about what a bad investment they are.
If you take time to honestly look at rentals you will soon discover many properties sitting empty on letting agents books. Some investors have tried to sell as a result but are gtting offers weel below what they paid (Ive read many depressing account by actual investors).

UK B2L is over for now, and buying brand new is the worst possible investment. Dont forget once you own it, the 'brand new' premium dissapears instantly.

Buy off - plan in Estonia if u want a nice safe appartment for about £50000. If u are more adventurous go for Morocco. Germany is a nice safe bet but I found English isnt widely used especially once you own a place!

mystic_trev

Conrad wrote:

Ok prove it if you can. I 99% guarantee you are mistaken.

Give us the street name, type of property. We can then check with local

Naah he's got to be right, some bloke down the Pub told him!