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Advice on where to buy my 1st buy to let


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Thinking about the best place to start my first BTL. Ideally I would like to buy somewhere local as it would be easier to manage and deal with any problems and gain some experience before venturing further afield. However London/ South East probably isn't the best location in terms of ROI. Anyone have any advice/ opinion on this?

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  • 5 weeks later...

Hi @GeorgiaH,

I would start by looking at areas within an hour of your house to see what property prices/rents are and work out the return on investment for a few example properties. Then choose another area up north such as a big city, work out the return on investment on a properties up there. Then you can compare both examples to get a feel for how much deposit you would need and how much income you would get for each area.

Heres a few return on investment calculators you can use until you get the hang of it and want to create your own in Excel:

Simple: https://www.nockdeighton.co.uk/investment-calculator

Complex: https://prestonbaker.co.uk/investment-calculator

 

I personally bought local to me and self managed, after about 18 months I gave the property to a lettings agent to manage as the maintainance became a pain due to many poor contractors. If you can find a good local lettings agent then there should be no issue with buying some distance from home.

Let me know if you have any further questions.

James Pickering

Property Investor and Sourcer

Leodis Property Sourcing Ltd

Web:  www.leodispropertysourcing.co.uk

Email:  pickering.j@outlook.com

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On 8/31/2022 at 3:29 PM, GeorgiaH said:

Thinking about the best place to start my first BTL. Ideally I would like to buy somewhere local as it would be easier to manage and deal with any problems and gain some experience before venturing further afield. However London/ South East probably isn't the best location in terms of ROI. Anyone have any advice/ opinion on this?

The two Robs are big fans of northern cities. Leeds/Manchester/Liverpool have been excellent places to invest in recent years

If thay is too far away, then you can look at Bimingham and the surroundiong areas

_______________________________________________________________________________________________________________________________
Vin Gupta
Property Investor and Developer
UK Property Blog: https://evolutionblogger.com/article/uk-property-articles
Travel Blog: https://soulfultravelguy.com/

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  • 3 weeks later...

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