First time buy-to-let advice

Balabalabala_and_Volare

I have to agree with the above. £800+ a month rent on an £80k property simply isn't real world maths.

[Deleted User]

Plus if this will be your income, less costs, taking into account that you might not receive rent.., its not enough. Even if you weren't paying back the deposit loan.

As others have advised, you would be much better off getting experience of some sort first.

I also agree that the rental income seems a rather high against the cost of the property. Has it had a full structural survey in case it is being offered cheap for a reason? Either the rental quote is wrong or there is something very wrong with the property.

Gwendo40

Remarkable. Another wannabe BTL property entrepreneur thread appears at the same time that Homes Under the Hammer is on tv!

anselld

Gwendo40 wrote: »

Remarkable. Another wannabe BTL property entrepreneur thread appears at the same time that Homes Under the Hammer is on tv!

No surprising - HUtH is allways on TV.

System

In these days Buy to Let suitable only for those who FAT with CASH or has lot of equity! I can`t post here website and forum dedicated to property but if you interested I can message you. I am reading that website for two years and nearly ready to buy my first BTL but ONLY for CASH!

If you are still going to borrow from BANK make sure you have 50% deposit to BE SAFE!

P.S. I believe you did due diligence VERY VERY WRONG! These prices are VANILLA Buy to LET and not existing anymore!

ALL THE BEST IN YOUR JOURNEY!!!

overload99

enator wrote: »

Where on earth in the country can you buy a house for £85k and bang it out at £1k per month?

I have a rental house in a very pleasant part of Cheshire, catchment area for outstanding primary and secondary schools that cost £160k and it rents out for £695.

Please let us know where this magical area is :rotfl:

Cakeguts wrote: »

How did your research come up with £800 to £1000 pcm on an £85k house? Did you guess? My research tells me that you are only going to get £350 to £450 for this house. No one pays that kind of money to live in a house costing £85k.

Ha! It's in a student area so the plan is to rent to students!

overload99

Gwendo40 wrote: »

Remarkable. Another wannabe BTL property entrepreneur thread appears at the same time that Homes Under the Hammer is on tv!

I do sometimes watch the programme but the timing was just coincidental!

Cakeguts

ruthieb77 wrote: »

Ha! It's in a student area so the plan is to rent to students!

Students don't have any money. If you let to several you will have an HMO and all that extra work to do on the property.

JuzaMum

I live in a student area and had my house valued for a rental £1200 to a family and £2100 for students! Sounds very tempting to have students but... Student lets are for 10.5 months a year and there are so many HMO's in the area you need to apply for a licence (local bye law) which I wouldn't get as there are too many HMO's in my road.
You also need to provide furniture which will often need replacing annually. Every year there are piles of discarded belongings outside the student houses at the end of the academic year which the landlords need to dispose of.

buggy_boy

A student HMO is not the property to start out with.... As a landlord I have heard of so many people in your scenario thinking its a good way to make money...

My advice is with BTL to make a bit of money start with a lot of money, can only highly recommend you do not do it.