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hypothetical £6,000 to invest in property
Comments
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Gorgeous_George wrote: »(Up t'North) there are many, many houses available at 3 x or 4 x income.
Which North is this? I can't find anywhere in West Yorkshire that I'd be prepared to live (and where I live now is hardly classy) for less than a good 100k...Hurrah, now I have more thankings than postings, cheers everyone!0 -
Plenty of places in boroughs outside manchester, to the north, where you can get a very good sized 2 bed terraced for under £100k.
And often not in the lower areas, e.g Oldham, Bury, Rochdale, plenty of decent areas with this sort of price.
However, well outside the £6k range really. You'd have to go for the worst areas in these boroughs to get that as a 10% deposit, or go for the really bad areas of north manchester or up towards burnley?0 -
I read in the Sunday Mail (on sunday obviously) about a couple who had bought an apartment in Egypt for 17k (obviously slightly higher than your 6k).
However they had handed over the full amount before the apartment is finished, in order to secure two free flights to see the apartment once it is finished. They also suggested that the price had already increased by 15-40%.
I hope it all goes well for them!0 -
tucbiscuit wrote: »ok, say you had a spare £6,000 and wanted to invest it in property, what would you do?
what other options would be available?
ps. this is up north where property is still 'cheap'
I would recommend spending it on a series of visits to a psychiatrist.0 -
I think you'll get a more helpful answer at singingpig.co.uk
You can start with £6k but you have to go for no money down, below market value deals which involve using a closed bridge and remortgaging on day one. Only buy properties which will rent out easily, cover their costs and preferably give you a few quid back out when you do the remortgage. You'll need about £2k upfront for each deal for solicitor's disbursements, broker fees, building insurance etc.
Research, research, research!0 -
You could invest it into a commercial property fund but me,I wouldn`t go there at the moment0
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