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Getting started in buy-to-let during eviction ban


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Hi guys

I'm looking for a bit of advice. I've got the funds together to start my buy-to-let journey, but I'm wondering if this is a bad time to be getting into the market, with the eviction ban hanging over our heads. In an ideal world, I'd like to get a property on a bridging loan, with a view to making some improvements and moving onto a BTL mortgage before getting a tenant in. My concern is one that I imagine I share with many people, in that I could end up with my first tenant in my first property refusing to cough up rent, and I'm then stuck with a property that is losing me money each month.

I'm just looking for anyone's thoughts on this really. Should I be waiting to make my move, but risk waiting until there's a potential boom and end up either missing the boat or paying over the odds? Or is the eviction ban likely to not be extended again? (I know no one can have an actual answer to this).

As always, any help would be greatly appreciated. 

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First of all, congrats on getting the funds together. No easy feat.

I think if you have a long term time horizon then it doesn't matter when you get into the game. Having said that, I personally won't be buying any further properties until after furlough has ended as I think the market will start to drop then. I know it's been extended but it won't be extended forever.

And good luck!

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I wouldn't avoid buying a property because there is a temporary eviction ban.

By the time you have completed on one the ban will have been lifted.

If you do thorough checks and are sensible about the letting process then you will get a good tenant. If you are unlucky enough to get a bad one, then by the time you are wanting to evict the ban will be lifted. Also I'm not sure how much you know about the legal process but evictions take a very long time, if the mindset is I can just get rid if they arent good tenants (reason for not buying is the eviction ban) it would be naive. 

If you're more worried about the timing of the market then that's another matter entirely and you'll see multiple threads on that already which you may find interesting.

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