A Good Letting agent for Buy to Let Advice in Manchester?

Reply to the comment left by "Ozzy b." at "05/02/2016 - 00:00":

Given the fact you are currently unemployed and live along way from Manchester I would seriously reconsider the whole idea.
These are tough times to enter the market and all that you touch will not turn to gold.
I own several dwellings outright and allowing for the fact that over the ten year period I intend to keep them I will need to embark on a whole modernisation programme ( to keep the properties value) combined with ever increasing legislation my margins are much the same as investing my monies into a 5 year high interest bank account. Perhaps that's partly due to the fact that some of my tenants are H.B.and thus I receive below market rent ,though I am fortunate to have no issues regarding rent arrears.
I self manage my properties as my whole margin and more would disappear if I used a typical letting agent. Where you live it would be difficult to self manage.
I guess if you can buy well below market value or have a crystal ball and know for certain that your properties will have capital growth then the whole idea may make sense.
It's difficult to know what to believe, on one hand you read that property prices are predicted to rise 6% this year and then you read 500,000 properties are to be sold by private landlords causing a slump.
Where I live ,property prices according to an article I read are currently at 2006 levels so I do not envisage them reducing . However if (?) Manchester prices are currently above that level could they perhaps drop ?
It's true what has been mentioned about flats though you probably could get my flats for your money .

Reply to the comment left by "Ozzy b." at "05/02/2016 - 00:00":

Hi Ozzy,

I am giving you this information purely for advise but you should do your own research too.

In Manchester you need to look into Ardwick, Longsight, Chorlton-on-Medlock with potential yield of 8.30% or more.

In Birmingham look into Nechells with 8.20% yield.

You can find a descent 2 bed house (which you can rent out straight away) around £90k price mark, which can be rented out for around £600-£650.

I would suggest looking for properties on rightmove and then calling agents, book several appointments and go check these properties yourself.

Do not buy student/HMO properties as it would require more time on maintaining the rent/repair etc. and also Do not buy new developments.

I am still looking into someone who can manage my Manchester portfolio.

Manchester/Birmingham is still affordable.

Good luck with your investment.

Regards,
JD.

If you can't afford Cambridge, but have £30k or more for the 25% deposits on 2 at £60k+, wouldn't you be better looking at something like

http://www.cpbigwood.com/property/auction/details/id/45148/search/1

Where it can be bought outright, so no claws24 issues, no SDLT, and is closer. Was let out for £450pm.
Guide price starting at £20-25k

This is not a recommendation of course.

Reply to the comment left by "Chris Byways" at "05/02/2016 - 12:24":

But be advised it's unlikely to qualify for a mortgage so when you sell it will be to cash buyers.
You should check the service charge if this property is of interest. I am paying £120 a month for similar
Plus major works each year to cover communal repairs.

If Cambridgeshire is too expensive I would look to stay as close as possible and probably be inclined to look at somewhere like Peterborough or other areas that you can easily reach and research.

Reply to the comment left by "Ozzy b." at "05/02/2016 - 00:00":

Hi Ozzy

As you are unemployed you may have problems obtaining a Buy to Let mortgage. I don't know if your savings will stretch to buying properties outright, or whether you have based your plans on obtaining mortgage finance?

I would suggest that you stay clear of flats, as my experience is that they are more difficult to manage and more costly than you expect, and there is far less demand for them.

I would also suggest that you stick to an area close to where you live so that you can visit your properties as and when required. For this reason, I suggest that you avoid Manchester.

I think you will find that owning and managing properties is more difficult than you imagine, particularly if things go wrong and you get a bad tenant, so you need to ensure that you have the finances to cover this. It can take many months to evict a non-paying tenant, and during that time the tenant could be stripping your property of all the fixtures and fittings and smashing everything else. This does not happen often, but it does happen, so you need to be prepared for this mentally, and financially, plus have the time to deal with it. - Letting Agents do not take responsibility for such things, (even good letting agents).

Be aware that if you get mortgage finance, you may be taxed on the mortgage interest payments, as if this was profit, so in effect you could be paying tax on money you have not got. - This tax plan is being challenged, but as yet it is still scheduled to come into force, so your plans need to account for this.

Have you considered the Rent to Rent model? This may allow you to obtain properties closer to you, and would give you a real taste of what it is like being a landlord (what work is involved and what risks you would have to take on), without you committing all your savings. - If doing this, ALWAYS do it with the agreement of the property owner, and ALWAYS honour your agreement with the owner (even if your tenants do not honour their agreement with you).

Reply to the comment left by "Mark Alexander" at "04/02/2016 - 13:43":

Hi Mark

My only concern with online agents 'local agents' or property experts (Purple Bricks) is that their ground level knowledge is limited due to the large areas they tend to cover and their limited number of transactions in local areas. I absolutely belief they have a place in the marketplace but my experience is their local 'inside' knowledge is based on internet research which I can do so much better. Re Purple Bricks, my property expert who covered about three London Boroughs didn't have a clue, continually cancelled viewings (I'm guessing because she couldn't get enough applicants in her one hour slot to make it worth her while) and over three weeks got me one derisory offer. I eventually put in on Upad, paid the neighbour (who I knew) to undertake viewings and and got two decent offers within the week. Regards, Paul

Reply to the comment left by "Paul Parker" at "08/02/2016 - 11:46":

So you did use an online agent then.

Your example just goes to show that with a bit of creativity it is possible to save thousands by doing so.
.

Reply to the comment left by "Mark Alexander" at "08/02/2016 - 11:49":

LIke I said Mark, they have their place in the market, literally to get your property details on the big property portals. Then either do the actual letting and managing yourself, if possible or do a deal with a decent local agent (if you can find one) who will generally negotiate their fees. One day I'm sure online agents will be big enough and well staffed enough to offer proper local agents.

Manchester is a great place to invest. House prices are not insane like they are in London, the ratio between rents and average earnings is reasonable and there are decent yields to be made. If the Northern Powerhouse gets off the ground, Manchester will be at the hub. However, don't expect prices to rise a lot. Focus on yield.
I have four properties there. I would not have been able to afford properties nearer London where I live. I spent a lot of time studying Zoopla and Rightmove to identify where to buy and I manage my properties myself because I don't want anyone else to make decisions on my behalf. My first two properties needed quite a lot of work and my daughter and I travelled to Manchester most weekends for the first six months, but that was all part of the adventure. By the time I bought the next two the novelty had worn off and I was prepared to spend a bit more for properties that needed less work.
My golden rules are to have a very good plumber/gasman and handyman and treat them well. Choose the tenants myself and always respond to their requests and concerns straight away. Avoid raising the rent if the tenant is a good one. Take an interest in property and the neighbourhood and enjoy being a landlord.
So far this has all worked very well. If you must use an agent I would go for an owner-managed enterprise. They have lower costs, take more personal interest and you don't run the risk of having to deal with jobsworth employees who don't really care about you or your tenants. Make sure you know exactly what fees you and your tenant are going to be charged, as some agents charge both of you for the same thing!