Buy to Let Gamesley

Hankster

Hi,
First of all thanks to everyone's input .

We're thinking of purchasing a buy to let property on gamesley estate , Glossop .
It's an ex council house and it offers a great return with little investment .
The estate doesn't have the best reputation , but would a but estate agents informed me it would rent well . It's a 3 double bed at 80,000 .
Has anyone had any problems in or around that area .
Any feedback would greatly be appreciated
Thanks
Dean

fishpond

Is it in the U.K?

Rain_Shadow

fishpond wrote: »

Is it in the U.K?

Derbyshire is usually included in the UK.

Brock_and_Roll

Firstly, ignore/discount ANYTHING that estate agents say - they are working for the seller - do your own research.


From 5 mins of research it seems you might get 625pm so a gross yield of 9% which is pretty good - but of course if the area attracts bad tenants and you get unlucky, any profits can rapidly turn into a loss.

theartfullodger

Hankster wrote: »

Hi,
First of all thanks to everyone's input .

We're thinking of purchasing a buy to let property on gamesley estate , Glossop .
It's an ex council house and it offers a great return with little investment .
....

Really?? How do you know?? Any idea what actual rent you will really get (not what agent says..). Any idea if tenants will actually pay you or if they stop, no rent for say 7 months whilst you keep paying mortgage, go through legal eviction & have to keep repairing tto prevent judge giving them more time??

You know exactly what your repair & refurbishment bills will be for the next 5 years??

You know how much house prices will drop, or stay still, or rise for the next 12 years??

You really believe those promises for "rent guarantee"??

Ever been a landlord before? Ever done any training in how to be a landlord?

Got the financial AND emotional reserves to cope with the tenant-from.. (or agent-from..) - hell and no rent for 7 months whilst bills keep rolling in??

Welcome to the fun world of being a landlord: Most years I make money - but not every year....

Hankster

Hi , we have no experience really , this is our first .
We have looked at the market and potential return etc .
Do you have any recommendations of what kind of properties to buy etc . Would we be better saving up a little longer and buying in a better area , but return wouldn't be as good .
Many thanks

Peccary

I live in Glossop and until recently rented a 3 bed ex-council semi-detached house with a garden on a different estate within the town for £625. Gamesley does have a rep for being a bit rough but not like an estate in Manchester would be. It is a little out of the way for public transport etc outside of peak hours.


Glossop and the surrounds have a lot of 2 or small 3 bed terraces with yards rather than gardens for rent. A house with 3 larger beds and a garden isn't too common so it could appeal to families. I don't think Gamesley would appeal to someone moving to Glossop from outside but maybe to a local.

Brock_and_Roll

Well for a novice investor buying in a "secondary" area, a major question would be - "could you cope financially & emotionally with a situation where you had a nightmare tenant who did not pay then took 12 months to get rid of?"