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Newbie questions and suggestions (BRRR)


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Hi Hubbers, I'm Davide from London,

I recently started my journey through property investment and put my first buy to let property under contract (South England) which is expected to give me a 12% ROI, pretty excited about that and about the fact that I will be self managing the property, so will be learning how to do that as well.

At this point I'm starting to think about my next deal, I have invested a good chunk of my savings in the first property and for my next one I was looking for ways to avoid trapping all the money in the deal, so thought the best strategy for that would be Buy Refurb Refinance Rent.

I’ve been studying this strategy for a while and I understand how it works, but I’m struggling with the followings:

  • Areas to invest in: I’m stuck on this, I believe i need to find something that is close enough to be able to coordinate the rehab or at least be present once a week (maybe 1-1.5h from London?) but at the same time it needs to be an area where it will be rending well. Should I carry on investing in South England where my first property is, or perhaps go somewhere in the midlands (maybe in the Bedfordshire area?)
  • Find the property: I get it that the best way is to find off-market deals from owners that have some sort of discomfort and they want to get rid of the property. I looked into direct mail marketing but I can’t find a mailing list and I’m a bit stuck on how to actually execute it, do you create, print, pack and send letters manually or use some service that does that for you? Which service? 
  • Connections: How do I find good contractors for the rehab project? I guess they need to be local to the area, so should I ask estate agents and investors in the area for recommendations?

I understand all of this might sound confusing but essentially what I need is to speak to people about what I want to do and get feedback/suggestions on the approach I'm taking. Happy to also meet up with investors in order to discuss opportunities and goals.

Thanks for your help.

Davide 

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