Buy-to-Let Beginner
Discussion
Hi everyone,
I know a few of you are BTLers and just looking for some general guidance/input on how to approach the property market in a BTL capacity.
In short, I’m in my early 20s and have around 20k-30k to play with as a deposit for a property. With this, I hope to have up to 120k with the leverage afforded by the bank (I’m meeting with banks over the next couple of weeks to discuss). I’m originally from the South East, have a lived in London for the past few years, but I’m moving to Ireland with work in a few weeks time. With the money I have, I want to put it into property (there are a number of reasons behind this).
I’m firstly torn about where to buy the property. The South East seems to be heating up to (where isn’t at the moment) but I feel I know the property area where my family live fairly well (standard suburb commuter town) and could get a decent one bed there. I’m also really interested in Dublin since I’m moving there – but know next to zero about the market. From what I hear and from personal experience of trying to rent, there is a huge shortage of rental properties because of the tech influx from companies such as Google, Facebook, Amazon all putting their EU HQs in Dublin. But what happens if they up sticks and leave?
Another angle which I find really interesting is Air BnB. Rather than a standard rental, I would be quite interested in offering the property out as a rental for tourists since the yield is so much higher. Obviously, I might have to up the deposit so I could afford somewhere closer to London. There is also the issue of not being near to the property personally, and, so I would need someone to manage the keys for me, as well as the threat of regulation and possible issues with the more irregular stream of income than ‘real’ tenants.
In all – I’m pretty lost. My heart isn’t fully set on BtL, but I want to do some research in order to make an informed decision about whether to proceed or not. BtL is a complicated game and I know there is big risk attached, but I just want to try to minimise the possibility of getting my fingers burnt whilst having the opportunity to grow my assets.
If anyone has advice on where to start – books to read, people to speak to, websites to browse, I’d love to hear it.
Cheers,
22s
I know a few of you are BTLers and just looking for some general guidance/input on how to approach the property market in a BTL capacity.
In short, I’m in my early 20s and have around 20k-30k to play with as a deposit for a property. With this, I hope to have up to 120k with the leverage afforded by the bank (I’m meeting with banks over the next couple of weeks to discuss). I’m originally from the South East, have a lived in London for the past few years, but I’m moving to Ireland with work in a few weeks time. With the money I have, I want to put it into property (there are a number of reasons behind this).
I’m firstly torn about where to buy the property. The South East seems to be heating up to (where isn’t at the moment) but I feel I know the property area where my family live fairly well (standard suburb commuter town) and could get a decent one bed there. I’m also really interested in Dublin since I’m moving there – but know next to zero about the market. From what I hear and from personal experience of trying to rent, there is a huge shortage of rental properties because of the tech influx from companies such as Google, Facebook, Amazon all putting their EU HQs in Dublin. But what happens if they up sticks and leave?
Another angle which I find really interesting is Air BnB. Rather than a standard rental, I would be quite interested in offering the property out as a rental for tourists since the yield is so much higher. Obviously, I might have to up the deposit so I could afford somewhere closer to London. There is also the issue of not being near to the property personally, and, so I would need someone to manage the keys for me, as well as the threat of regulation and possible issues with the more irregular stream of income than ‘real’ tenants.
In all – I’m pretty lost. My heart isn’t fully set on BtL, but I want to do some research in order to make an informed decision about whether to proceed or not. BtL is a complicated game and I know there is big risk attached, but I just want to try to minimise the possibility of getting my fingers burnt whilst having the opportunity to grow my assets.
If anyone has advice on where to start – books to read, people to speak to, websites to browse, I’d love to hear it.
Cheers,
22s
Have you read this? http://needwant.com/p/buying-apartment-airbnb/
uber said:
Have you read this? http://needwant.com/p/buying-apartment-airbnb/
No I hadn't but that's very useful, thank you.I've renovated places for years and you can make good money in it. BTL requires a good bit of capital to make a decent return and your cash simply isn't. I've got about 220k to invest and am still not finding it'll give a great return. I'd try a renovation project if I were you and if you can make 10-15k on a property you'll increase your pot much quicker
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