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I am a long term lurker of PT and am looking for advice please.
Does anyone invest in Peterlee in Durham?
Great yields at 10%, but did you have a great rental demand/any problems?
Any feedback would be much appreciated,
Hi Malcom, thanks for that.
Thats really the reason for my post. Was carried away by the yield, but it does seem very depressed/deprived and am now having second thoughts.
"Councils use plastic pipes and demountable boilers they fit on the day the tenant moves in plus temporary sensor alarms that alert 24hr patrols for the worst areas."
Wow! Can't believe that councils have have to do that!! It is unbelievable, the lengths that some people will go to for money.
I definitely won't be investing until I know of an area that is safe, and has a good rental demand for working families in a decent area.
Really not worth the risk.
Back to the drawing board..
Thanks for the great advice, certainly food for thought!
I will be heeding your wise words.. : )
Thats a real eye opener, landlords needing a heavy mop to ensure they get their rent! Pretty shocking.
I found that was the difficulty speaking to agents, you not always getting the true picture, and sometimes its hard to read between the lines,
Great advice to go back at different times of the day and night and get a real sense of the road/area,
I agreee about asking yourself if you would want to live there, and would your car be safe.
That is how I feel, if you provide a decent house in a decent area families tend to settle and stay long term. It's just finding the right purchase price and rent to make it work and be profitable.
Would prefer to take a hit on yield though definitely to achieve that.
Want to be able to sleep at night and have reliable happy tenants!
hi im in this kind of area if you tell me where you are thinking I can give you an idea but places like horden etc avoid like plague
Thanks for responding.
Well, I was Interested in Peterlee because of the strong yields, but then started to worry when I looked more in to it.
I was advised against Horden, and as you say, also Easington.
I was told to stay in Peterlee itself, as the yield is better with working tenants.
However, after further research I thought that too looked very depressed, and could have potential problems, especially after reading the above!!
I have been told by an agent there are good villages closer to Durham itself with good transport links in to Durham
That appeals to me more, as there seem to be good quality ex council houses that can provide good quality family homes .
That is what I am trying to achieve, good long term, happy tenants in decent houses.
From what I have seen so far, the yields don't seem to be so good there , so it would be great if you recommend an area that works well.
Hi are you local to Peterlee, sure there are very goo areas for good yields but as dl has sais its a street by street thing. I know the area not well enough to buy though as one street could be great next one a nightmare and unless you know you will get burned. Went to auction other week met a bloke who bought 7 in horden type areas all for about 20/25k each for an invester down country. Would love to know how that went im guessing not well at all
Thanks, no I am not local to Peterlee, so thanks for the warning, I am going to steer clear!
I know about the risks associated with those 20k type properties and wouldn't go near them, but even so, as you have said you really need to know what you are doing.
No point for me, just not worth getting burned. Don't have money to waste!
Thanks once again, appreciate it.