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Hello All, I’m new to property hub, and new to property. I’m very keen to get started investing in property, I’ve become slightly obsessed with all you tube clips relating to property over the last few months. I’ve come across some great people with some useful information, and others that appear to be great on the surface but as you dig deeper they are not as great as they seem. I’ve read Robs book  “property investment for beginners”  which has been a  real help. I’ve also read many topics on this forum and signed up to a few property webinars, Which have all been so helpful in gaining knowledge and information to do with all things property. 
At the moment I’m researching possible ares in the North of the country to purchase a buy to let. I’m based in north east London and have some concerns investing in an area that I don’t know and one that’s so far away from where I live and the possible problems that could come with that. There is a wealth of knowledge out there  from the web, books, forums, you tube but sometimes you can have to much information! And I seem to be suffering from the dreaded “Analyst Paralysis!” and at times I seem to be going round in circles, and I can’t pin point area to invest in. 
My knowledge is fairly minimal and I know there are many more experienced people than myself on this platform who’s wealth of knowledge is priceless. If anyone has any advice on how I should move forward to achieve my goal of owning 10 properties I would be very grateful.

 

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I think it is very difficult to purchase well in an area that you do not know and a long way from where you live. There are a lot of pitfalls & you must rely on people in a way that makes it very easy for you to be ripped off. I would also caution against buying cheap property that may need be bought upto EPC C in the near future which may simply not be worth doing in areas with low ceiling prices. £10k spent on a £350k property in London may be better value than £10k spent on a similar property with £90 in the North.

Property is not a get rich scheme - especially now with S24, extra SDLT & mortgage rates going up fast. In fact I recently proved to my son (27yrs) that he would be better off putting his money in a stocks & shares ISA! Unless you can do most of the work in a property & manage it yourself it is very easy to lose all your rent in costs.

Others will have a different view, but my advice is don't do it until you can buy near where you live. Sorry :(

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Have to agree with Julie in that stashing into tax free isa/pension should be first choice and then add some property. I am fully expecting some of my tenants to get into arears over winter so its likely i will be happy if i can get through the winter covering my costs (inc tax etc) never mind making a healthy profit. Tenant demand is still super high so that’s the main plus at the moment and property prices are still doing ok in decent areas so i wouldn’t say property is a no-no.

Whether now is the time to start in property is a more difficult question and I am not sure I would do it - at least wait a while and see how the economy etc shape up..

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