Help with buying my first single let

[MattMarch]

Hi there, 

 

First time posting but been following the forum for a little while now so thought it was about time to make my first move in the property world.

 

I've gained a decent amount of knowledge over the years regards to property investment, and now feel I'm ready to make my first move into buying a single let.

 

I live in the South West and property prices are quite high which generally means returns are not great with single lets, I've looked over the figures constantly and it just doesn't make good business sense currently for me. So my thinking is to look up north and purchase a 'cheaper' single let property to get myself started.

 

I've got a deal sourcer up north offering me what look like great returns for 3 bed single lets ranging between 20-25% ROI, not a high standard house but it is what it is as it's cheap (40-45k), rarely empty as they say demand is high. I've done the figures and it seems right.

 

Being so far away I obviously don't want to manage the property  so it would be managed by a lettings company, who the deal sourcer can recommend. And I want to be totally hands off the investment.

 

- My concerns are how easy does this work being a totally hands off invester? Provided the lettings agents are good, should this be fairly straight forward? 

 

- How do I do my own due diligence on the area? This is something I can't quite grasp how to do well, I look on Rightmove etc but I'm not really 100% know what to look for, or how I know the area has demand.

 

Any help would be much appreciated.

 

Many thanks 

 

Matt

 

[Katherine OneandOnlyPro]

Hi Matt,

 

Congratulations on your first steps into property.

 

Sounds like you have a good idea of what you are looking for. 

 

Question, I know you are looking up north have you looked at any areas closer by or in the outskirts of where you live? (Apologies if you already have) just because of the point you made of doing you own due diligence as would be easier if the location was closer by maybe?

 

What areas have/are you looking at?
 

[neil_propertyviewernorthwest]

Hi Matt, 

I am originally from Liverpool but live in North Manchester and know both city’s well, Liverpool more so. I know you didn’t specifically say where about up North you where looking but if it’s in Liverpool I can certainly give you a bit of guidance, in to the areas you should be looking at in my opinion for free. If it somewhere else if you go to the ‘Location Specific,’ tab in the main list and post on there as I and am sure other people are only to happy to pass there thoughts on of the specific area...

 

thanks 

 

Neil