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Hope you are all well.
I am a small time experienced London landlord who is seeking to move abroad for health reasons. London property prices are continuing to drop and yield is non existent.
I made a thread recently asking what would be the best use of £50k cash to generate monthly passive income. The response I received was that this was a difficult amount to leverage and my only option would be to purchase a £50k home for £500pcm gross rent in a risky tenant profile area of the UK.
I have now decided to put my other property on the market which could net me another 100k worth of funds. So I would like to please pose my question again as to what the best way would be to maximise £150k for a reliable monthly income?
I would like to outsource the day to day running to a letting agent whilst I move abroad to a low cost country. I don't really want to go down the hmo route as I plan to be hands off whilst I am away. Please could you tell me of the realistic net figure after agent fees and other running costs. I would really appreciate real examples such as 'buy 2 or 3 x 3 bed houses in X area/postcode at X price which should bring in X every month.
Are you looking at getting finance with the £150k? Or just buying property without finance?
Hi, I am very happy to use Buy To Let finance on this 150k deposit.
Can I ask what return you are getting on your current property? If that is reasonable why not buy a £180-200k property with the £50k you have and get a 75% mortgage on it?
For instance - we have just bought an existing HMO for £220k on 75% LTV that a local experienced Agent is managing and we are getting around 20% return on our capital investment.
First of all, I am sorry to hear of your ill health.I would recommend that you split this as two deposits and buy one 3 to 4 bed family home in the M3/M4 corridor and buy one south coast holiday let around East Sussex /Kent where you can buy a 2 bed house for around £230K.The holiday let will be a big cash generator from May through to September, and you could also use it as a foothold for yourself, should you ever wish to return to the UK and stay for a few days here or there.The family home will give solid monthly cash flow and the holiday let will give enhanced cash flow during "prime" periods, but you should also be able to easily cover costs during the "low season" months.Both can be fully managed and hands off.
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
I'd also be grateful for some more details on this Vanessa if you wouldn't mind the husband and I are looking at a holiday let for our next investment and we're starting research on what sort of ROIs are realistic!
Yieldinvestor, it would appear that you have a lot going on in your life at this moment in time. You mention that you are looking to relocate abroad for health reasons. So this automatic raises the question as to whether you will be able to work now, or whether your health could detoriate even further in the future meaning that you are looking to make arrangements now to try and secure a reliable income in the future?Also, this raises the question about your age and whether you are able to look forward to receiving an income from an existing pension scheme. Also will your new country of choice provide free health care in the future or will you need to put in place medical insurance.
(*Moderator note: Pied piper content removed*).