BTL in the North

BTL in the North

11:02 AM, 8th June 2015, About 9 years ago 17

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My wife and I are just about to start our BTL adventure and we have been looking at properties in Hull, Blackpool and Coventry. BTL in the North

We find that 97% of Hull is on a flood plain but the property prices are affordable to raise the 25% deposit. Should we avoid Hull and look elsewhere?

Where would you advise us to look?

We want properties in the range of £60-90K in the hope that the mortgage will be affordable if interest rates rise.

Thanks

Debo


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Comments

Chris Townsend

15:35 PM, 8th June 2015, About 9 years ago

Reply to the comment left by "Luke P" at "08/06/2015 - 15:27":

Ah sorry, I just did another search and yeah I found a few for a lot less than I thought. Guess I must have had the filter set to a minimum of 70K before.

I do know Grimsby pretty well, and I suppose I was just put off a lot of the cheaper houses as I thought they would attract more "problem" tenants. Have you not had any issues? Have they been houses or flats that you've been buying?

Adebowale Ajao

16:02 PM, 8th June 2015, About 9 years ago

Reply to the comment left by "Luke P" at "08/06/2015 - 15:27":

Many thanks Luke, which areas in grimsby, cleethorpes and immingham would you recommend. also I dont know anyone up there, so where would you recommend i start? thanks. 'Debo

Luke P

16:46 PM, 8th June 2015, About 9 years ago

Reply to the comment left by "Adebowale Ajao" at "08/06/2015 - 16:02":

Grimsby is a fickle market...there's no students, no professionals, there's a small handful of 'modern apartments' but nobody wants them as there's no demand for that sort of thing.

I generally go with 3-bed rather than 2 as there's virtually no price difference (although don't discard decent two beds altogether), older as opposed to new-build because they're bigger and this is now being specifically requested (enough tenants have been bitten by the idea of a show-home style new-build only to find when living in it there's no space, no storage, no garden to speak of etc. and want to be back in the older style houses). Near to schools is always a winner and if you pick certain areas, you can be in the catchment for getting on for around 10 schools in the locale, upping the desirability.

Having said that, make no mistake that desirability often doesn't feature on most tenants agendas...it's more a case of can I afford it and is it near my kids' school (possibly is it near my work, presuming they have a job). You will be up against a lot of seasoned investors and local folk that will snap up the best before you get a chance to see it. I'd suggest someone that knows the town, who is on the ground and has the contacts...like me! 😉

Luke P

16:56 PM, 8th June 2015, About 9 years ago

This isn't a bad buy and is going to auction with a guide of £35k -possibly even pick it up cheaper before the auction. Not the best street in the world but I have four down there:

http://www.rightmove.co.uk/property-for-sale/property-48568208.html

This is also a popular area and looks reasonable:

http://www.rightmove.co.uk/property-for-sale/property-49436365.html

Although, as I say, the best deals don't even make it to the likes of Rightmove.

Mark Alexander - Founder of Property118

22:45 PM, 8th June 2015, About 9 years ago

Reply to the comment left by "Adebowale Ajao" at "08/06/2015 - 15:02":

I think you mean the Tigrent three day course.

We had a discussion about that here a few weeks ago, please see >> http://www.property118.com/tigrent-learning-recommend-training/72540/

Also see >>> http://www.property118.com/buy-to-let-training-education/

We still have a pair of tickets left for the July 2015 course if you're interested.
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Marlena Topple

12:21 PM, 13th June 2015, About 9 years ago

Hi Mark
For some reason I am not able to access the properties for sale with tenants in situ portal. My log ins are not recognised and I am getting odd messages. Am I doing somethinng wrong?
Thanks
Marlena

Mark Alexander - Founder of Property118

18:18 PM, 13th June 2015, About 9 years ago

Reply to the comment left by "Marlena Topple" at "13/06/2015 - 12:21":

I'm at my parents this weekend and only have access to my iPhone. Please call us on Monday on 01603 489 118 so that we can look into the issue for you.
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