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I am a NE Landlord
I dont have a clue about Peterlee But I suspect its like any other area in the NE
If your achieving a very high yield you need to be very very careful
One end of a small street can make a difference
I have a house on a street no 75 If i go down the street to number 105 the street changes its as close as that
Local knowledge is the key
dont be taken in by high yields unless you know what your doing
Learn Change and Adapt ?????
All comments are for casual information purposes only. If you wish to rely on any advice I have given please ensure you obtain independent specialist advice from a third party. No liability is accepted for comments made.
Thanks for that. I am going steer clear!
I'm sure it can work for a seasoned investor, but it just not worth the risk for me.
Will research other areas,
Thanks for that both of you, DL and Law.
Thanks god for Property Tribes!
It really is so helpful to have this kind of feedback.
Thanks once again,
Thanks, I really didn't realise its on a street by street basis, even the same street!! As I am not local I think I have to avoid that.
Funny you mentioned Gateshead, that's where I was thinking I should maybe invest, but looks like a similar situation there.
I looked at Newcastle, but there are so many areas it was really out of my comfort zone and not sure where would be best to focus on.
Can you recommend a smaller area where I could buy a few, even within Newcastle? As I live in London, would prefer them to be quite close together rather than spread out, and I could really do without Shameless tenants lol!!
Gateshead is good in areas, all place in north east are good in parts, it depends what you are wanting from it really, have you ever been to peterlee or Gateshead? Best bet it come up and drive around, what are you wanting to spend? What returns are you expecting etc. But personally I wouldn't be risking any money buying in an area ive no idea about, I watch london investors at the auctions its comical, what they over pay for and what they think is great deal etc. Local knowledge is key everything else you can get builders etc to do but you need to pick the house and area and like dl says it really is street by street in some place and sure this will be same in london
Thanks, good advice. I haven't been to Peterlee, just researched it before booking my train ticket, then questioned whether it was such a good idea after all.
Gateshead I have only been through briefly, but again, will look into that area and others nearby.
Gatehsead doesn't seem quite so faraway as Peterlee, as at least its near Newcastle train station when I need to visit.
Wanted to spend around £60k for £500. rent. The problem, other than the area, seems to be the type of house I can get for that. I prefer the brick ex council houses to the terraced two up type down type of thing.
Its crazy that people buy a house at auction without knowing the area. The so called bargain turns in to a nightmare.
Will remember your words 'local knowledge is key'
Really good advice to stick to while I'm deciding.
Thanks, appreciate it
I use min 8% YEILD IF i AM GOING TO BUY
But I am finding it hard to find the right property at 8% now
The good areas have moved on what was available at the price I would have paid have gone
I am not sure what will happen in the NE
some say its going to double in price in five years If that were the case I would not be buying anything in the NE
If the prices came down again to 8% yeild levels I would buy
Its not there at present so I have nothing on the starting blocks now
Hi to get 10% return like you are after without doing any work and buying an ex council house in the north east, that you wont get any issues doesn't exist, im sorry but you are wasting your time. Only way I can get that return is refurb and buy the worst house in street by a mile.There isn't any houses up for 60k that will get £500 that don't need work in a area you would want to rent in. Save train ticket and if you do drive up so can drive round train ticket is bit pointless as you wont be buying near stations
Thanks, have private messaged you
We just got one in DL17 Paid £18,000 with a tenant and get £325.00pm