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Hi Marcus,I think you are going along the right lines to buy a terraced house in a good street.I would look to mitigate your risk by buying a tenanted property.The benefits are explained here >>> Benefits of buying a tenanted propertyIf you have a look at the Vesta platform, you will hopefully be able to find a tenanted property where you know the tenant demographic, the tenant's payment history, how they are treating the property, and what the exact rental income is. This greatly mitigates your risk when buying remotely imho.Hope that helps for starters?
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**
Thanks for the Vesta tip Vanessa. I've clicked on your link from here and will also check it out.
Yes it is realistic.
I live in Stalybridge, have properties there and elsewhere in Tameside. Currently I am buying a bungelow for £157k that i estimate will bring in 8% net. There are cheaper properties in the area, but I look for properties with an edge that will attract better tenants. £130k should be enough to do that. 3 bed houses are seeing greater capital growth at the moment as there is a shortage in the area, but there aren't many going for less than £130k anymore, so you might have to settle for a 2 bed.
Sorry missed this. Most of Stalybridge is fine for BTL. There are a few places I would avoid, such as the lower end of Ridge Hill Lane. Ridge Hill itself is great, I have two houses there, both with tenants who have been there over 5 years,
Peter, do you mean avoid ridge hill lane, south part, near the train station ?
also, where do you think the planned metro stop might be ?
I mean avoid Ridge Hill Lane where it meets Stamford St, which I think is what you mean. It looks close to the station on the mao, but it is quite steep in between.Also around rush hour it is quite a busy junction and there are often queues.
As for the metro stop, the route is undecided. The cheapest option would probably be for the tram to join the train line That would likely mean no intermediate stops.
£130K is a decent budget to buy in Manchester suburbs. we are Agents/Investors in north and East Manchester. A terraced property with a rent of around £600 will cost you around £85,000. We occasionally get landlords selling and we put these out to people registered on our database. The advantage of buying something like this is income from day one and continued management if required.
Manchester based investor. I buy, sell, renovate and rent investment property in East/North Manchester email: firstname.lastname@example.org Call: 0161 681 3724
Do you have any tenanted 2 bed terraces at the mo?