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  • New Members

    Hi there! Newbie from Merseyside (St. Helens)

    Hi guys Smile My name's Ryan (as you've probably guessed from my username!), thanks for taking the time to read this post.

    I've been reading up on Property Development for the last 18 months, trying to soak everything up like a sponge, and while you can never learn too much I think now is the time to take the plunge. I've been reading this site for the last day or so and love all the great posts by Vanessa, Jonathan and the rest, thanks for providing such a good resource!

    I've just turned 30 and live in St. Helens, Merseyside with an initial investment of £25k. My plan for the next 18 months would be to ideally buy a property at 75% LTV, do it up and sell it on then do a second one to give me a little more capital (i'm aiming for £20k over the next 18 months).

    Then my plan for the next 5 years is to go into BTL as soon as I have £50k, slowly building up a portfolio (i'm not averse to doing that sooner, but i'm worried of tying my Capital up. Plus i've heard some horror stories of the type of tenants you could get in a low priced property right now, unfair or not!)

    I am unsure of the type of property to aim for first, with my funds i'd be aiming for a property around £70-£80k, would anyone recommend anything to be on the lookout for or telltale signs to go for?

    Also, i'd love it if there was someone in the local area who could possibly give me a little advice in a mentor role, show me a few things if needed? I'd be more than happy to buy someone coffee/beer/lunch for a little bit of their time wherever possible!

    I'm sure this looks like i've written war and peace, but thanks again for taking the time to read this Smile
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    Hi Ryan,

    It's great to see someone who's just turned 30 and wants to get started... You have loads of time to make mistakes:-)

    All joking aside, I am a southerner but have one property in St Helens which I visited a few times fairly recently as it needed refurbishing. I met quite a few tradesmen and a good local letting agent, Peter of Cosey Rentals - who helped me find people to help with the refurb and now manages the property.

    I was told my property is "not in the best of areas" which I didn't know when I bought it through an unreliable finder (!) but it let quite easily after I did it up nicely.

    It was pointed out to me that my property was bigger than a lot of them around nearby and is (apparently) an "ex police house" - known for being more spacious than many of the neighbouring Victorian terraced houses, some of which I was told can take ages to let - especially if the landlord hasn't got them well presented.

    I would say to go for three bed houses if you can, not too small or too old; the type of place people want to live in - not just settle for because they can afford nothing else - that should help you attract better tenants.

    What I like about St Helens is that it seems to be the sort of area where 'everyone knows everyone else' - at least in certain circles... If you start to make connections and prove yourself to be trustworthy and looking to operate with good standards, you should soon make progress.

    Good luck!

    Angela
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    Author of The Complete Guide to Property Strategies and The Complete Guide to Property Investing Success
    Learn more at http://www.completepropertysuccess.co.uk

    I also post property updates on my Facebook Page

    "It is the small decisions you and I make every day that shape our destiny" Anthony Robbins


    Hi Ryan,
    I have property in and around the area and also run a letting business from Warrington, feel free to pop round and have a brew with me and my team if you're ever on Warrington..

    Manoj
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    Hi Ryan,

    Welcome to Property Tribes and thank you for the kind feedback. Much appreciated. Smile

    It sounds like you have a sensible head on your shoulders so its just a case now of taking sustained and intelligent action on a regular basis.

    Before looking for a property, you need to ascertain tenant demand. In other words, find the demand BEFORE you go about creating the supply.

    Speak to local agents, research the portals etc. and get a feel for the types of properties and the areas that have high tenant demand.

    That will direct you to a property that is going to rent out easily. No good buying something if no one wants to rent it!

    Look for something that needs a bit of work and where you can add value. Have you considered subscribing to Property Tribes RepoList to find repossessions and refurbs?

    Best of luck and keep asking questions and taking action. Smile
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    Hi Angela

    Thanks for the reassurances haha! I'd actually read already that you had a property in St. Helens, i'm glad it's finally rented out (the last I saw you had high insurance when it was empty?), i've a feeling I know the place actually, is it in Parr by any chance? (though Sutton and Thatto Heath wouldn't surprise me!)

    Thank you for the recommendation of Cosey Rentals, i'll definitely be in touch with them.

    As i'm looking at building up some money quick rather than renting straight away, I was looking at larger 2 bedroom properties in half decent areas. Ones that need a touch of modernising (but still have central heating/double glazing etc) where i'd add off-site parking/a third bedroom then selling on.

    I'd consider an en-suite if it was worthwhile, but for most of the properties i'm looking at I doubt it'd add value. Would you think this would be the best way to start out? I'm looking to sell two or three properties just to get my cash flow above £50k, then look at 3 beds to let like you mentioned.

    Hi Manoj

    Thank you so much for the offer of some advice, i'll try not to bend your ear too much Big Grin Warrington is only up the road and i'm there quite a bit, if I message you next week hopefully I can drop by at a time when you're not too busy?



    Hi Vanessa

    Thanks again for the reassurances, just reading this forum and speaking to everyone has made me 10 times more driven/determined than I was even last week. This has really helped to motivate me, just knowing it can be done.

    I actually emailed all the estate agents in my area yesterday, saying I was an investor looking at houses in my price range and asking where is hot/not. I'm going to follow that up with some phone calls later and see what they say.

    As I mentioned in the post above, i'm just trying to get my cash flow above £50k and then start on property to rent out, would you think my strategy would work or would you recommend anything better? (if you don't mind me asking)

    I was looking at the RepoList the other day actually Vanessa, it's a great tool and i'm so grateful you and the Property-Tribes team have helped with that. I'm going to be joining up in the next week or so, and having a look what's on offer.

    Thanks again for taking the time to read and reply guys Smile
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    Hi Ryan,

    I don't actually know what the sub area is called to be honest, I'm just like an idiot abroad in St Helens! I drove round for ages one time trying to find the dump after putting the postcode in my satnav... I still couldn't find it and ended up bringing a car full of rubbish all the way home!

    Ask Peter at Cosey if you like. It's in Gaskell Street... there's a school up the road called Allanson Street Primary School and a brook nearby (apparently) called Sankey Brook (I thought it was Skankey Brook when I first read it!)

    Larger two bed properties in half decent areas with scope to create a third bedroom and/or off-road parking sound like a great idea for development.

    Let us know how it goes!

    Angela
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    Author of The Complete Guide to Property Strategies and The Complete Guide to Property Investing Success
    Learn more at http://www.completepropertysuccess.co.uk

    I also post property updates on my Facebook Page

    "It is the small decisions you and I make every day that shape our destiny" Anthony Robbins

    Hi Angela

    I know where Gaskell Street is, it is indeed in Parr! I have to say you've reassured me though, if you can make money in Parr (the roughest part of St. Helens) you can make it anywhere Big Grin

    Thanks again for the encouragement, I think sometimes we just need a little reassurance to know we're going in the right direction.

    BTW, I heard good things about the book 'The Complete Guide to Property Investing Success' and ordered it a few days ago, and I just noticed you wrote it! Talk about a small world.

    Thanks again

    Ryan
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    Hi Ryan,

    Oh dear about Parr - I shouldn't have trusted that person who found me the deal! All our best properties are local and we chose them, we manage them! Simples!

    That's funny about you buying my book before realising it was me who wrote it - I hope it serves you well Big Grin

    I think you'll do well being local and especially if you can self manage your properties. Aim to buy in a small, tight area and preferably repeat buy the same property type.

    Take care when choosing tenants... It will make all the difference to your expenses whether they treat the property well or not.

    Let us know how it goes later!

    Angela
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    Author of The Complete Guide to Property Strategies and The Complete Guide to Property Investing Success
    Learn more at http://www.completepropertysuccess.co.uk

    I also post property updates on my Facebook Page

    "It is the small decisions you and I make every day that shape our destiny" Anthony Robbins

    would be interesting to hear an update on this. 

    Does anyone know what rental demand in St Helens currently is? What areas are currently good? Would really appreciate some local knowledge!

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