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I'm Em - I've probably spent 2-3 years 'stalking' the property market, and have spent around 6 months looking at these forums daily/weekly. I feel like I just can't get my own property journey started, and was hoping for some advice from fellow landlords. I've read lots of new starter forums, but still find myself unable to make the 'leap of faith'.
To give a brief background, I live in Sheffield (North, but not too north, and pretty central). I'm 24, and have a reasonable pot of money (around 50k). Over the past 12 months, I've had around 10 property offers rejected - all in Hull, and all students. Being a recent graduate, I feel I understand what students are looking for in a property - and Hull isn't too far to travel either. I'm a very analytical person, and may be suffering from analysis paralysis in my own mind.
I'm looking for some help getting started in either rental properties, or flipping. - I feel finding a tenanted rental property is a safer first step, but don't want to take a ultra safe step, for low reward when other options were available and I was just too scared to move out my confort zone. As many others have said, South Yorkshire has some great opportunities - I just can't seem to get out of the starting blocks.
My goal is not to take income, but to maximise the growth of this venture. I want to be financially free by 40.
I have no real expereicene, which is why I'm reaching out. I also work in the financial servcies industry in a non-advisory capacity working with HNW clients.
Any help/guidance/comments would be greatly appreciated. I just want to get started!
Hi Em and welcome.First of all you need to understand that BTL is a completely different game to BTS - its like comparing an apple to an orange. It sounds to me that you are overwhelmed by the different options and therefore cannot move forwards. A conversation with a reputable mortgage broker (if you have not already had one) would greatly help with clarity as to the direction you can take with your personal financial circumstances. The team at Property Tribes Financial Services on 01206 654444 would be delighted to discuss your situation and come up with a plan for you to move forwards.The tenanted property is the low risk option and I would recommend that. It might not have the returns of a higher risk property, but its a lot safer and will be a good way for you to learn the landlord game.Here's a simple guide of how to get started - follow it step by step - do not miss out any of the steps, and you will end up with a BTL property >>> How to get started in BTL in 10 easy steps. Obviously, buying a tenanted property confirms the tenant demand. Hope that helps for starters and good luck!
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**
Thank you for your guidance - Still reading through some of those forums you provided.
Really helped me re-focus. The struggle is with too many cities/towns nearby with potential. The best piece of advice I've seen is to start close to home - this will narrow things down and allow my mind to focus.
I do already have a Decision in Principle in place through a mortgage provider - but I will definitely consider the PT one if need be in the future.
Thanks again for taking the time to reach out!
If you have had 10 property offers rejected perhaps you are not living in the real world and have not fully understood the market. Go back to the drawing board and see where you are going wrong.
Obviously you are up against experienced landlords who are able to see the value they want. Just keep an eye on those properties you bid on and see what the actual price they sold for. Gives you a better idea for future bids. Good Luck
Keep going with the offers, one will bite one day. Don't be tempted to overpay as you'll only be buying (I assume) one at a time.
If you're looking at the student market I hope you know the ins and outs of the area you're looking at.