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Hello from Norfolk (new investor alert)


jamesoc

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Hello I'm James,

If you are like me you'll have binged The Property Hub, bought yourself as many books to read on the subject, and spent hours researching investment strategies and properties because you live life wildly and that's how you get your kicks.

I'm 26 and new to property investment, it'd be great to chat to anyone in a similar place, and build a network of like minded people. I may be able to offer some guidance on where to look for good research on local economic fundamentals.

About me, I studied economics at university, and have worked in economic development roles at a Local Authority and County level, before becoming a Business and Economics secondary teacher.

I dabble in stocks as a hobby only.

My personal goal is to develop a property investment portfolio that generates enough income to give myself and my partner the choice of when and for how long we want to work.

As of today I'm looking to buy my first BTL property, I have £40,000 and am looking for a mortgage broker, let me know if you've used one that you would recommend. I'm choosing between Manchester or Leeds, but if the podcast has taught me anything it's to not get too hung up on where to invest. I'll be targetting 1 to 2 bed properties circa the £100,000-£115,000 value to begin with. These will be let out with young professionals in mind.

Here's to 2021 and aiming high. 2020 can get in the bin already.

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  • 2 weeks later...

Hi James - welcome to the forum, it's great to have you here!

Great to see someone as young as yourself with such a detailed plan of action. I can imagine the economics degree will definitely come in handy when it comes to achieving your goals 😀 Have you done a lot of reading into Manchester and Leeds before deciding to focus on those places, or did you already have good built-in knowledge of them?

In your position at the start of your journey, you might benefit from taking part in one of our investment webinars. They're hosted by our Property Hub experts, and cover pretty much all the stuff you'll need-to-know before you take your first proper steps. It's also free, of course https://propertyhub.net/action/

Looking forward to seeing how you progress with your plan - and as you say, keep aiming high for 2021!

Mark Rocks
Community Builder and Content Writer

www.propertyhub.net

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Thanks Mark, I'm signed up to the 12th January webinar. Regarding reading, the usual things I suppose. I initially got a feel for sold prices and let agreed prices, tracked price growth data, read the 5 year plan and spoke to a few agents. Of course Manchester has been mentioned enough times on the podcast for me to feel confident in my decision that the next few years should see some decent property price growth. This week, choosing my first property in the areas around Manchester that I know might appeal to young professionals and will be making a move soon. 

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Hi James, I use Toby at David James Wealth in Saxmundham - not too far from you. He's been good with my mortgage requirements. By all means mention my name. 

Have you thought about anywhere more local? I know Lowerstoft is ....well! But there is a sea view flat their coming to auction with a guide of £50,000. If you are local could make a good holiday let opportunity?

Ive tried to stay local with my investments. I like to be able to select my tenants and look after the house myself. But I agree, growth is going to be greater in Manchester and Leeds ifyou want to be hands off. 

 

Good luck. 

Richard (Suffolk)

 

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Ta Richard, I'll drop them a message. I did look at places like Peterborough (not far from where I work), like you mention the idea of overseeing the properties was appealing. Right now though my plan is to max capital growth in the mid to long term whilsy keeping my time costs minimal so I can use it else where.

Let me know if you ever, look up North, I'll drop you a message if I'm scouting around locally.

Cheers,

James

 

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James, Richard, I wouldnt rule out Lowestoft as an option if you are Suffolk based and would like a local option.  I have recently purchased two buy-to-lets both with existing long term tenants.  My reason for investing here ( I am Essex based) is that purchase prices are reasonable for 2/3 bedroom terrace's (£100-125K) with the rental being £550-£650.
With the 3rd river crossing project now underway (which will reduce commute times) and the growing windfarm industry, it would seem unlikely that the area would not see some future growth.  South of the river certainly seems more popular but there is strong rental demand regardless.   

 

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