Newbie property investor seeks adviceMake Text Bigger
I am just getting started off in the property game and my ambition it to set up a small portfolio of properties for a steady rental income. I aim to keep this portfolio long term as a pension for my wife and I and something to leave for my children.
I am looking at the low end of the property scale in Liverpool and have been to one auction so far without buying basically just to familiarise myself with this new world to me. I have also visited several potential rental areas around Liverpool and spoke with a few contractors. I’m looking at properties that either have tenants in all ready or that are ready for immediate occupancy.
I have spoken with a property management company in Liverpool and they seem to make the right noises I assume they all do. I am asking them about the in demand rental areas, whether to aim for DSS or private or students, unfurnished or furnished, guaranteed rental income from companies like Ensleigh Insurance (was told the clients I would be attracting wouldn’t meet their minimum requirements for insurance purposes by let agent).
I don’t have any experience in property and Im trying to read up as much of your blog as possible. I now have many more questions than answers, lol.
I want to start this prop business off on a good footing. I’m wondering about setting a new uk company up to minimise tax can you point me to a recommended article to guide me through this minefield? I have also been advised by developer friends to look at buy to let mortgages as I was originally looking at cash purchases for approx 3 props. They suggested borrowing 60% and using my cash as a 40% deposit to buy more properties for my portfolio.
Due to my inexperience I intended to buy 1 property initially (after my due diligence) then once rented out move on to my next property. I am reaching out to you as your blog is inspirational and you have 24 years experience in this field. Any advice you can spare I would consider priceless.
Sorry for the long message but its a bit daunting for a newby!
Cheers – Stuart
PS – My background is SEO so its always nice to come across a well structured and well designed site.
Please Log-In OR Become a member to reply to comments or subscribe to new comment notifications.