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Hello Cosmin here i am from Romania and i have 36k pounds saved up i'm looking to buy my first property hmo/service acomodation in Liverpool (decent city size developing etc that's why i wish to concentrate there ) I aim on 20-30% cash on cash return
The big problem is i don't know how to do it without living in UK + can i get mortgage without living in UK and with poor income (i have read that for hmo/buy to let mortgage you need at least 25k/year + for abroad is even harder to get a mortgage) For the money that i have probably we are talking at a house of 3-5 bedrooms 100-120k value that generated around 1600 pounds/month so after expenses i gat around 50% of the rent or my calculations are wrong ?
Thanks and regards
My colleague Oana would be a great contact for you. You can contact her on firstname.lastname@example.org or 07961 958740
You can contact me via Direct Message, or 07788 219647 or call the team on 01206 654444 for personalised quote and advice
Hi Cosmin,Welcome to the tribe.I am concerned to hear that you are considering serviced accommodation or HMOs. Apart from the fact that the financing of these (with no experience and living abroad) will be very challenging, they are also the domain of experienced hands on investors. Even when undertaken by this profile of landlord, they are far higher risk.For you starting out in your situation, I would strongly advise you to go for a much lower risk strategy that can be relatively passive. This would be - in my opinion - buying a single occupancy BTL property with tenants already in situ.See - Benefits of buying a tenanted property As always, the financial products you can access with your individual situation will actually dictate what can be achieved in reality, so your first port of call is to speak to a reputable mortgage advisor like the one recommended above.Best of luck and hope you find a way to move forwards safely and profitably.
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 your reply, why do you say it's complicated there are property management companies or service accomodation management companies i talked with one in Liverpool allready
My big problem is HOW i buy from abroad a property + how to get the mortgage ?
16% gross yield seems very high. Looked up in liverpool a few yeras ago 7% was more realitic back then.
Would call up local estate agents and see where the market is.
Search on rightmove there are a ton of properties with 10+yield ...
Maybe you are right. But as per local agents when i was there you are not looking at getting £1,600 a month for a £120k property.