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In need of suggestions

N

Newjax

New Member
I am looking to purchase a 2 bed property to let it out. Rather new at this and looking to spend around 65k which will be a cash purchase. The problem I have is I can not choose an area. I am looking anywhere between yorkshire and Newcastle where there is still an option of buying with in this budget. I would appreciate people's views on this. Yield is obviously important but so is the demand for rental properties. I would appreciate any advice from all the experience on this forum. Many thanks
 
B

bhupinderbhatti

New Member
I think you should speak with a good real estate agent. Whatever advice your agent gives you, follow it exactly.
 
Nicholas Wallwork

Nicholas Wallwork

Editor-in-Chief
Staff member
Premium Member
I think you should speak with a good real estate agent. Whatever advice your agent gives you, follow it exactly.
I totally disagree with this... very few estate agents are any good at knowing what is a good investment. They want to sell you a property and will sometimes say anything to do that...
 
Nicholas Wallwork

Nicholas Wallwork

Editor-in-Chief
Staff member
Premium Member
I am looking to purchase a 2 bed property to let it out. Rather new at this and looking to spend around 65k which will be a cash purchase. The problem I have is I can not choose an area. I am looking anywhere between yorkshire and Newcastle where there is still an option of buying with in this budget. I would appreciate people's views on this. Yield is obviously important but so is the demand for rental properties. I would appreciate any advice from all the experience on this forum. Many thanks
I think you need to really consider your strategy first... what you're describing is a "single let" strategy and it's not very high yielding... if you can find an area where you can buy a slightly larger property an HMO property would be a good starting point as an investor as the yield will be much higher.

or possibly a flat with 2 bedrooms and a reception room where you could let out all three as bedrooms..

There are other ways to get into property with less cash and those are rent 2 rent, lease options e.t.c. I cover all of these and more in my "For Dummies" book which is well worth a read before you take the plunge!

Good luck progressing on your journey and keep us posted :)
 
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