Buy to Let starting out – Families DSS Student HMO?Make Text Bigger
Firstly hello everyone. I am a 55 year old single man. I lost my job a year ago, and it was recently suggested to me I look at BTL as a business idea.
I have my own home with clear equity of £200k, and liquid savings of approx. £60k. I am expecting an inheritance to come through in the next four to six months that will be around £400k.
I would be looking at buying properties for cash, no leverage to start with until I have a little experience. I am looking into properties in the North of England, and I intend to move up there as soon as possible. I have a friend who lives in the area with experience as a letting agent, her husband is a retired builder, and both are willing to help me where necessary, so there is good local knowledge.
I will only buy for cash to start with, probably with a start budget of around £300k but I would appreciate a little advice if possible. I am carrying out a lot of due diligence on the area, the types of property, local services, schools etc where relevant to the type of tenant I am hoping to attract. The area I am looking at is between Sheffield and Leeds.
Where I am in need of helpful advice is the best type of properties to go for at the start.
Do I look at buying five or so for £60k each and letting to DSS or similar low income?
Do I consider HMOs, for students or also DSS?
Do I consider fewer higher priced properties for small families and nicer parts (3 bed semis for example?
What about small but attractive flats for young individuals looking for small cheap rental accommodation?
Another possibility is two or three far cheaper properties that need renovation and then let or even flip?
A combination of the above?
Any advice is very gratefully received, thank you.
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