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Hello all, 

It has been a long time since I’ve posted on here but at last I am in a position to buy a rental property, Birmingham and surrounding areas being my location target as this fits a bit better with my budget of £25,000 as I live down in the southwest housing pricing being too high for me I think Birmingham is a good place to start my research as it has good transport links and plenty of university and hospitals I can look into.

When it comes to research I generally want to know everything before I buying a certain product, in this case, a house, so I am hoping this will be a good "topic" for information on Birmingham as I will be posting everything on here. The reason behind the in-depth research is that as explained be for I live in the southwest and have not been to Birmingham other than a gig at the NEC so my knowledge on the property market there is pretty much zero. If anyone has any information on where to start looking would be a great help. 

What and how am I going to research? 

To kick off my onslaught of research I will be pulling everything I can off the web and extracting data to get an idea which areas to avoid and what housing is going up in value. Such things like crime statistics and Rightmove brought and sold should help me out with this. Would like to find out what funding is being used in different areas as well. 

Next up will talking with estate agents, if anyone has done this before and know if they are respective to talking about the market then please let me know. I will be asking on what they look for in a rental, what areas do well plus everything in between. 

Closer to the time will be house viewing and such like, to get the feel of the general areas I want to invest in. this will be very specific research but will still be posting my findings. I think if I complete all this research it will give me the confidence to invest. If you think I’m missing anything important then let me know.

  Thanks for reading, 

will

 

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Hey Will.

Have you thought of tying up with a local Sourcer / deal packager who sources in Birmingham? They will know the area and should be able to find you the kind of deal you are after and will present you with the relevant figures. You will need to do your own due diligence though.

Ifyou decide to agree on a deal, they will expect a fee which you'll need to factor in. But if they secure you a genuine good deal (below market value or an opportunity to add value) then it makes it easier to "recycle" your investment when you remortgage, as you'll remortgage on the new actual value and not the original purchase price. This allows you to leave only a minimal investment in the property.

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Alright Dave, 

Thanks for the comment. I completely agree with you as something that is going to take a long time for me to figure out, it would be a lot quicker and would save me time to get a local sourcer.

The thing is I want to learn as much as I can from this process doing it my way and plus I am enjoying the research. I am going to make mistakes, I hope I learn from these making future deals easier. Finding a deal packager is something I'm going to look into the future.   

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Hi, I have spent considerable time researching Birmingham and ended up buying in Warwickshire. It really depends on what you intend to do with the property as well. You will still need to do your due diligence with buying from a sourcer, I've been stung badly twice and only when I spent time digging very deep did I discover the awful flaws before its too late.  On no account should you buy without viewing what is presented to you. There is so much educational material on the internet too,. Its taken me several years to become comfortable with really sussing out a potential - my nickname now is Mrs. Snout! I find lots of great properties and know a lot about several investment locations and get so frustrated as Id love to do them up and make them 'work' ! I know I should really package them and sell them on, my passion is interiors so to actually turn an ugly duckling into a swan is where I get my buzz! Feel free to DM me if you need to sound out something, Ive had a few people offer this to me in the beginning and it was such a help, so am happy to help you - a little! ;-))

Edited by tracey

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hey Tracey, 

thank you very much for commenting, it great to have an insight into what other people like yourself are doing and researching. I have heard plenty of scare stories when it comes to sourcers and would be a bit skeptical to use one. I am currently a sponge and if I'm not listening to rob and rob on the podcast, I'm looking at what areas in Birmingham that are doing well. I think everyone loves the processes of turning some dusty old house into a palace but it does take a bit of thinking to really make it work. Thanks for offering your help, ill be sure to DM you. 

 

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I'd be interested to know of any recommendations on good/recommended deal Sourcer's covering the south Birmingham/Worcestershire area :) 

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Hi folks,

The website www.property-connect.co.uk will hopefully help you when it launches in December. It will not only provide a list of sourcers for your area but will also make it clear how each sourcer is compliant. There will be a 5 star feedback and review section so that people can leave appropriate feedback for sourcers they have used. Clearly it will take time to build up the feedback but it should be useful in helping select which sourcer to work with.

That said, it is and always will be essential to do your own due diligence.

I hope that is of some help.

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I am a Birminghjam investor and teh first question to ask is your budget as that will make a major differenmce to what areas are available. There is pretty much zero in the 100K region unless you go to some dodgy bits or head for the black country so the north half of birmingham area. 150k is where I mainly play and even thats in the 'average' areas so you need to think about budget which then ties into rent and type of tenant..

Birmingham is super competitive and every other person is investing in property so its unlikley to get much in terms of BMV and you have to be prepare to pay the going rate and be in it for the long hall.

Good luck and message me iof you have any questions

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