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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**
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.
£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?
Welcome to Property Tribes, and congratulations on starting your property Journey!!
There are many properties in and around Manchester that can get you the yield you want with the budget you have. I’ve posted a couple of examples below so you can get an idea:
In terms of which are to go for, have you asked your girlfriends family where they think would be suitable, as they would know the different areas?
Transparency notice: OneandOnlyPro is a commercial partner of Property Tribes.
One Pro - Shouldn`t your ad read
Rental yield range 7.2% - 9.06% for the Lily Lane one
And 6.36% - 7.95% for the Little Bolton One
Your yield fig displayed in bold just takes the top end figure
Should show the rental yield range so not to give a wrong impression
Also that one in Lily Lane you advertise @ 795 max seems very top heavy for a 2 bed mid terraced which is somewhat dated inside
Is £795 pcm actually achievable ?
This similar 2 bed one around the corner in Waverley Rd which has been refurbed is on at only £600
Also this lovely 3 bed semi in Kenyon Lane which joins Lily Lane is only £750 pcm
So £795 for a 2 bed mid seems well over the top and a tad misleading One pro ?
So be very careful Marco when doing your DD for Manchester from a London base
Some websites show inflated unrealistic rental yield figures in my view
Check against rightmove like I did if you get offered a property
Also ask investors who actually invest in the area and have visited the area you choose
They will have much better knowledge than a flawed postcode algorithm
It would be a shame to invest in a 2 bed and then find you cannot achieve anywhere near £795 pcm
The mortgage valuer would knock the rental value achievable down anyway to save you hopefully. But even then you would have wasted time and money and effort by then all to no avail if you just take an ad on face value
Do copious DD and check adverts carefully
Jonathan Clarke. http://www.buytoletmk.com