First time investor

[TAlexander]

Looking for some advice on where to start investing.

Interested in starting low level first e.g. cheap housing in Liverpool, Burnley, Manchester, Stoke etc. possibly doing houses up then renting.

Any advice on do's and dont's, what to look for, what to avoid etc.

 

[diyhelp]

A starter for you:-

Dont over stretch your finances
Each investment must be able to finance itself (when renting)
Dont bank on low mortgage rates forever
Always have a backup plan if looking to flip a property - in case there are no buyers
If you cant do a particular DIY task get an expert in
Research, research and research your markets again - know them inside out

 

[Dina Wahby]

How would you feel about using the services of an interior designer? In regards to renovating and refurbishing a designers input could really add value, what are your thoughts?

 

[Longterminvestor]

As a rule of thumb I would suggest (where finances can stretch) getting experts in to do any work you cant do yourself. Cutting corners in the early days might prove more expensive in the long run.

 

[realdeals]

Give yourself an additional 10% cushion between income and running costs just so your project is not derailed by the unexpected.

 

[Chris Garren]

Property prices and demand for rentals can go up and down, so direct and indirect property investments are for the long term.

If you’re willing to wait, you can ride out the losses in a slow housing market and earn profits again when times are better.

If you’re over-invested in property – for example, if most of your money is tied up in a buy-to-let property – you might end up in trouble when housing markets slow.