J
j9070749
New Member
Hi guys,
I’m 25 years old and am looking to invest in a property to rent out in England, Middlesbrough.
I basically need to gather as much information as possible such as:
I currently have two options:
1) Buy a 2 bedroom street house for around £40,000 which would rent out at £350/400 a month. I was planning on getting an interest only mortgage with a 25% deposit (is this the best thing to do?)
2) I could go 50/50 with my father on a property in the town centre, the downstairs could be rented out as a commercial property and the upstairs could be converted and then rented out as student accommodation (6 rooms which would convert into 4 student pods). My father currently has a 50% share in the property, and his brother/my uncle has the other 50%, however my uncle is looking to sell, which is when this opportunity arose. The property is valued around 80,000 and would need around aproxamtly £20/30,000 spending on the property including full re-wiring, double glazing (I would look in much more detail what needs doing and how much closer to the time, these are rough figures at the moment).
Although a bigger risk I’m currently thinking that option 2 would be the best idea, although the property does need a lot of work doing to it.
My current living conditions are living at parents/girlfriends house (low outgoings)
In full time employment.
Could someone please break down all of the expenses/costs involved in this process, or point me in the direction of where to look. If you need anymore information please ask.
Thanks in advance for your help.
I’m 25 years old and am looking to invest in a property to rent out in England, Middlesbrough.
I basically need to gather as much information as possible such as:
- Should I do it?
- Where to start
- Tax laws
- Whats the best type of house to rent
- What’s the best mortgage to get
I currently have two options:
1) Buy a 2 bedroom street house for around £40,000 which would rent out at £350/400 a month. I was planning on getting an interest only mortgage with a 25% deposit (is this the best thing to do?)
2) I could go 50/50 with my father on a property in the town centre, the downstairs could be rented out as a commercial property and the upstairs could be converted and then rented out as student accommodation (6 rooms which would convert into 4 student pods). My father currently has a 50% share in the property, and his brother/my uncle has the other 50%, however my uncle is looking to sell, which is when this opportunity arose. The property is valued around 80,000 and would need around aproxamtly £20/30,000 spending on the property including full re-wiring, double glazing (I would look in much more detail what needs doing and how much closer to the time, these are rough figures at the moment).
Although a bigger risk I’m currently thinking that option 2 would be the best idea, although the property does need a lot of work doing to it.
My current living conditions are living at parents/girlfriends house (low outgoings)
In full time employment.
Could someone please break down all of the expenses/costs involved in this process, or point me in the direction of where to look. If you need anymore information please ask.
Thanks in advance for your help.