Property Portfolio

muhandis

1. I know of people who have successfully carried out what you describe BUT invariably they have bought within the city/region they live in (ie manage the lets themselves hands-on), it was prior to all the new rules coming in and the more successful ones among them had HMOs and let the rooms out individually.

2. Personally speaking if I were stepping into BTL, I would not venture more than an hour's distance from where I am and it would have to be an area that I understood.

stranger12 wrote: »

Hi All,

I want to save 10-15k per year as deposit for a buy to let.

My maximum budget is 40-50k per flat .

I live in london and have a mortgage on my house and be very hard for me to buy house here or even flat at 200k+ per flat .

I have sat down and thought if I can spend 10-15k on a property every year and rent it then in 10 years theoretically I will have 10 x 50k houses with their prices going up every year.

Am I too ambitious here?

would you have done the same ?

what part of the country will you invest in ? I am new castle or areas with big universities

RosaBernicia

I'd suggest you actually view some of the properties you have seen and research the area before you take further steps, quite apart from working out the costs.

Personally I think comparing £200K in Newcastle to £1M in London is rather optimistic, I think you'd be looking more at an equivalent of £600K unless you mean central London. And if you offered me a £40K flat in Newcastle I would be asking you a lot of questions about exactly where it is, what state is it in and who the neighbours are before I even took it for free. There are usually good reasons why cheap areas are cheap, the prices are set by the preferences of locals who know the area much better than you!

fforsythuk

Maintenance costs could wipe out an entire years profits...

House prices may stagnate over the next 10 years...

You could invest your money into stocks and shares and trade up by 10% per year if you played it right...

justme111

Thrugelmir wrote: »

That's per annum.

I was sure it is a one off fee on purchasing , not per annum