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Buying several VERY cheap houses all on 1 street hoping gentrification will happen?
dylantombides
Posts: 34 Forumite
This is an idea/thought I've had in my head for a while. It seems so obvious so I imagine it can't be a good idea.... if it was that obvious and no one is doing it, there's probably a reason why! Anyway I thought I'd ask:
In certain cities/towns house prices are extremely low. I could afford several in the same street. The reason they're generally so low in price is because they're in a super dodgy area. However, there's always the possibility the area will improve/be gentrified and suddenly these houses values will skyrocket. If I own many properties on a particular street, I'm going to reap the benefits.
I'll have about £50k deposit with a £27k salary.
In certain cities/towns house prices are extremely low. I could afford several in the same street. The reason they're generally so low in price is because they're in a super dodgy area. However, there's always the possibility the area will improve/be gentrified and suddenly these houses values will skyrocket. If I own many properties on a particular street, I'm going to reap the benefits.
I'll have about £50k deposit with a £27k salary.
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Comments
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Where has this happened, successfully?
I can think of a place gentrifications have taken place that resulted in no rise.This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0 -
Obviously the maths depends on a lot more than ready cash and income. But the reality is that these areas have been deprived for decades and there is unlikely to be significant investment.0
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I'm not sure you could single handedly cause gentrification.
It tends to happen by businesses moving into the area and lifting the number of people who want to be nearby.
Those areas will also be near to areas that have been gentrified - it's a crawling sprawl out of popular areas.
If there's no popular area in the next postcode, nothing's bringing it up quickly.Everything that is supposed to be in heaven is already here on earth.
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You might as well buy £50k worth of Lottery tickets...
How are you going to pay the mortgages on multiple properties in a deprived area? You realise that tenants living in said areas don't have the best rent payment track records right?0 -
You could ask the same question of the odds in a horse race, and get the same answer: basically, you've got to know which one to pick, and even then, it's basically a gamble.0
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Michael Owen did it but not for gentrification but because he had a lot of money and wanted to house his family and invest.
Stratford E15 2JD - buy some houses here but first go back to about 2007. Good luck Marty.0 -
dylantombides wrote: »This is an idea/thought I've had in my head for a while. It seems so obvious so I imagine it can't be a good idea.... if it was that obvious and no one is doing it, there's probably a reason why! Anyway I thought I'd ask:
In certain cities/towns house prices are extremely low. I could afford several in the same street. The reason they're generally so low in price is because they're in a super dodgy area. However, there's always the possibility the area will improve/be gentrified and suddenly these houses values will skyrocket. If I own many properties on a particular street, I'm going to reap the benefits.
I'll have about £50k deposit with a £27k salary.
I think you have to have four houses before you can build a hotel.Signature on holiday for two weeks0 -
Just out of curiosity, where are these houses where you can afford to buy several on one street?0
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And what would you do with them while you wait for them to gentrify?0
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