Biggins

Following on from my "New Business Venture" thread I have decided to look at buying a few residential properties to let. I am now trying to gather as much info as possible regarding this practice and would appreciate any advice from people on SN doing similar. My intial thoughts turn to students as I live in a rapidly expanding University town.

My investment budget is £250k.

RussBoy

M8, if seriously interested then PM me and I'll put you in touch with some professionals whom you can approach when the time is right (as mentioned on the other thread yesterday my missus works for a Buy to Let broker and they can help you with the mortgages and advice and if you're going to have a small portfolio they'll nominate a dedicated manager who'll come and see you to talk through all these issues etc...).

I wouldn't worry too much about students as a/ standards of the property you let needn't be so high, b/ you can probably make more by charging say 6 to share a house than by renting that house as a 'whole' and c/ you can get parents to stump up an indemnity/deposit in event of damage/non payment etc. Plus you may get some fit young female students

On the minus side, there will be 'downtime' when the properties aren't occupied so be sure to factor this into your rents...


Russ

Scooby96

15% down - as long as rental income is 130% of the mortgage payment then your away

example - £100k property - £15k down, £85k at 4.99% = £353.46 ~ rental income required £459.50 pcm

Scooby96

Factor in void periods too, maintenance, ground rent etc!

If buying leasehold check the term left on the lease!!