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  • Buy-to-Let

    Investing in Burnley...why not??

    Prices for terraced properties are dirt cheap in Burnley. So tempting. No doubt the cash flow would be great!

    Any investors in Burnley to give us the pros and cons?

    Seems like a no brainier..........

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    The higher the yield the greater the risk of not getting your capital back. There are plenty of decent people in Burnley and surrounding towns but there are also many social problems.

    If you are considering investing in an area there is no substitute for visiting it during the day and at night and then you will have your answer.The prices are low for a reason.
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    Regards Simon Searchlight Finance

    Fulfil Your Property Ambitions

    01565 654005

    Searchlight Finance Ltd is authorised and regulated by the Financial Conduct Authority reference 743220.

    HMO Finance I Complex BTL I Bridging Finance I Development Finance

    Buy to Let I Portfolio Finance I Commercial Mortgages

    (18-05-2013 06:13 PM)Simon Allen Wrote:  The higher the yield the greater the risk of not getting your capital back. There are plenty of decent people in Burnley and surrounding towns but there are also many social problems.

    If you are considering investing in an area there is no substitute for visiting it during the day and at night and then you will have your answer.The prices are low for a reason.

    Thanks for that Simon. Sound advice. still a good option for a balanced portfolio providing a good solid income stream even if capital appreciation isn't likely...?
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    (18-05-2013 06:13 PM)Simon Allen Wrote:  The higher the yield the greater the risk of not getting your capital back.

    Simon
    Please can you expand what your thinking is here.
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    Jonathan Clarke. http://www.buytoletmk.com

    (18-05-2013 09:22 PM)Jonathan Clarke Wrote:  [quote='Simon Allen' pid='94073' dateline='1368897194']
    The higher the yield the greater the risk of not getting your capital back.

    Simon
    Please can you expand what your thinking is here.

    -------------------------------------

    I see plenty of landlords who have gone after high yielding properties who for many reasons can't get their money back out of the, These include the value being too small for lenders, attracting the wrong type of tenants for lenders,rental voids etc.

    They lose some of their capital and the delays in realising their asset also have an opportunity cost.
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    Regards Simon Searchlight Finance

    Fulfil Your Property Ambitions

    01565 654005

    Searchlight Finance Ltd is authorised and regulated by the Financial Conduct Authority reference 743220.

    HMO Finance I Complex BTL I Bridging Finance I Development Finance

    Buy to Let I Portfolio Finance I Commercial Mortgages

    To be balanced something must bring it up and something to take it down!
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    Regards Simon Searchlight Finance

    Fulfil Your Property Ambitions

    01565 654005

    Searchlight Finance Ltd is authorised and regulated by the Financial Conduct Authority reference 743220.

    HMO Finance I Complex BTL I Bridging Finance I Development Finance

    Buy to Let I Portfolio Finance I Commercial Mortgages

    The "why not?" could be, in no particular order:
    • Are you willing/able to self-manage what will probably be an LHA market from a distance? Specialist LHA letting agents exist, but are hard to find.
    • Does the lack of an exit other than to other investors bother you?
    • If the rules around benefits change and it's no longer an attractive market for you, what's your exit?
    • How comfortable are you with the risks that come along with this type of investment as opposed to the risks of other types of investment? (There will always be risks, but different people fear certain risks more than others)

    If you're happy with the answers to all those and more, there might be no reason not to invest at all. But it's worth looking at more than the headline numbers.
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    Try the bank of dave for a mortgage, it's where David fishwick lives?
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    Whatever you do, avoid Sixsmith scammers promising to find you a property in Burnley, Salford and similar to buy, do the building work necessary to set up as a multi-let and manage the property for you with above average returns. Scammers take your money in traunches and do little work and when you finally work out they are stealing from you they disappear. Even if you inspect their 'previous' properties its not enough. Burnley is a great place and desreves proper investment - these type of promises should be avoided.

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    When I started property investment about ten years ago, Burnley was one of the places where "you could make huge profits quickly", but within two years it was a place to avoid due to CPO and the high number of rentaldefaulters.

    The same became of Hull around the same time as well.

    Investing is all very well from an armchair and hoping that he people you are using are trustworthy, but nothing replaces a day or two walking teh streets and having a look yourself!

    Dave

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    Plans and locations to build 2,700 new homes in Burnley have been unveiled.

    The Burnley Local Plan has identified 34 sites across the borough – a mix of brownfield and greenfield – to build the houses which include detached, semi-detached and sheltered housing.

    Some of the most prominent brownfield sites include the former Baxi and Perseverance sites in Padiham, Lambert Howarth in Finsley Gate and land at Burnley General Hospital.

    Full/source story

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