Ex Council house or Auction

sadia85

deannatrois wrote: »

Birmingham is Britain's second city.., its not cheap.

If you want to pay that sort of money, best to stick to much cheaper areas. Do research, it will do you good if you want to invest such a large lump in property.

But also look into what you want to do with the property, particularly if you want to rent it out. Its not a simple process and full of pitfalls.

I seen few property on zoopla costing around 70k for 2 bed house in Birmingham but what area is suitable in terms of buy to rent purpose.

Cheers

Pixie5740

Your £50k of savings isn't going to buy you a £70k property in Birmingham or anywhere else in the UK for that matter.

Your dismissal of getting a BTL mortgage is shortsighted. I think you'd be better off using your £50k as a deposit and getting a BTL mortgage to buy a nicer property in a half decent area. You could possibly even use your £50k as deposits for 2 £100k rental properties and spread the risk.

A £50k property is scraping the bottom of the barrel, even if it's a wreck that needs doing up which you won't have any money left over for, and that will be reflected in the type of tenant you are able to attract. Your business model will be highly dependent on the whims of government policy relating to housing benefit.

kingoranks

This is a very interesting topic, my two fav auction company are Graham and shonik brothers.
Check this link, if you are interested in having a chat. I can raise 50k too and we can team up.

http://www.rightmove.co.uk/property-for-sale/find.html?locationIdentifier=BRANCH^104605&sortType=1&includeSSTC=true&_includeSSTC=on&index=30

http://www.rightmove.co.uk/property-for-sale/find.html?locationIdentifier=BRANCH^101920&includeSSTC=true&_includeSSTC=on&sortType=1&numberOfPropertiesPerPage=10

rosie383

lincroft1710 wrote: »

Essex? Try Jaywick, plenty of cheap, small, run down, non-council properties.

Anything sub £50K in Luton will be in a bad area or a complete wreck, or possibly even an ancient mobile home.

No mission in Luton for that money. Even a wreck will will cost more than that and will have developers waiting to snap it up and use their resources to get it renovated.

Marktheshark

You could buy a street in Hemsworth for £50k

lincroft1710

rosie383 wrote: »

No mission in Luton for that money. Even a wreck will will cost more than that and will have developers waiting to snap it up and use their resources to get it renovated.

I thought the OP may be lucky (unlucky?) and find a trashed highrise in Marsh Farm, or a grotty bedsit in Bury Park.

Mallotum_X

lincroft1710 wrote: »

I thought the OP may be lucky (unlucky?) and find a trashed highrise in Marsh Farm, or a grotty bedsit in Bury Park.

At 50k best bet is a mobile home. The op is not going to get a house in luton (or London or Essex for that matter) at 50k. Even a total wreck in the middle or marsh farm would be more like 100k plus for a house.

OP you may need to be looking at places like Stoke, Burnley, or some of the old mining towns in the north east at that kind of money.

http://www.zoopla.co.uk/for-sale/property/stoke-on-trent/?include_retirement_homes=true&include_shared_ownership=true&new_homes=include&price_max=50000&q=Stoke&radius=0&results_sort=newest_listings&search_source=refine

http://www.zoopla.co.uk/for-sale/property/burnley/?include_retirement_homes=true&include_shared_ownership=true&new_homes=include&price_max=50000&q=Burnley&radius=0&results_sort=newest_listings&search_source=refine

ethank

You wont get anywhere worth living in any of those places for 50k!

rosie383

My apologies. Looks as if you can get a 1 bed flat in Luton or a 2 bed in Dunstable for £55k. No idea if the one in Dunstable is in an awful tower block but I do know that the one in Luton I wouldn't even live in for free because of where it is.

lincroft1710

Mallotum_X wrote: »

At 50k best bet is a mobile home. The op is not going to get a house in luton (or London or Essex for that matter) at 50k.

Several properties for sale in Jaywick, Essex for £50K and under.

http://www.rightmove.co.uk/property-for-sale/find.html?locationIdentifier=REGION%5E13647&maxPrice=50000&numberOfPropertiesPerPage=50&includeSSTC=true&_includeSSTC=on&googleAnalyticsChannel=buying

I think the OP would benefit by looking at these, so he would realise just what he would get for £50K. Also suggests he looks at Jaywick on Google Maps Streetview.