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Manchester (again) or Sheffield, Nottingham or elsewhere...


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Hello, 

I'm Richard and new to this! For the past 5 years I've been living in South Korea. My family and I have relocated to Sheffield (for my wife's work) and we've just bout a family home! 

I was hoping for some advice, as I steam through previous podcast episodes, read the backdated magazines I've subscribed to and educate myself, I thought I may as well go the whole hog and post on a forum! I'm please to say, I'm now in a pace where I have crystallised my goal and strategy. It is long term, secure my future, hopefully enjoy a bit of extra cash in my pocket each month along the way - I hope to do this by purchasing properties, flip them and then rent them. I'm looking at more desirable areas in the midlands and the north.  

The present conundrum and to get me off the mark. I own, outright a 2 bed flat in a desirable Manchester suburb, the flat below has 'come up for sale' (I've asked the owner and he's willing to sell), the asking price is £170k, I'm not sure how good a deal this is, but it seems in line with the current market.  I'm a little concerned of the strength of Manchester's market and think I'm a little behind the curve and late to the party. This flat currently rents for £695 gross per month. I think, with an investment of £10k it could be renovated and re-let at £850 gross per month, at least. I would be able to finance this with my own savings and a buy to let interest only mortgage. This would bring, after flipping, a yield of around 6% and a ROI of just under 9%. 

So, apologises in advance for this outpouring of questions: 

Does this sound like a good move?

Is it wise to buy in the same block (this would be 2/4 flats)? What are the pros and cons of this? Anything I need to consider, like seeking permission of the other owners?

Am I too late for Manchester? With it being a desirable, how should this affect my decision? 

Would I be better off looking elsewhere (in an area less well known to me than this suburb?)

It is worth noting, I'll be looking to remortgaged my current flat later this year (hopefully) to buy two more properties - should I start with this 'safe bet' (is it a safe bet, is there such a thing?) in Manchester and then go further a field - Sheffield when I know the area better or Nottingham? Or should I go for those areas now as they may see good growth in 6 months / they'll be cheaper now? 

Many thanks in advance, I really appreciate any and all comments! 

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