First time Buy to Let buyer looking for advice on the risks?Make Text Bigger
I am looking for some advice. I’m a 21 year old who is in full time employment earning £21,000pa + bonuses. I am currently saving to invest in a buy to let property, but I really don’t know too much about the risks.
I would be looking to start off with a small property, I am considering a 1/2 bedroom flat. I have found a few which are on the market for around £50,000. From what I have been reading up online the rent for such properties would likely be £90-£100 per week and from what I have calculated on mortgage calculators, the monthly mortgage repayments would be around £150-£200 per month, which would result in a £200 pm profit. Is it really that simple? Save up a few thousand pounds for a deposit and then sit back and watch the money roll in? I am really looking to set myself up for my future life and could do with just a few pointers in the right direction.
Thanks for any help in advance.
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