Advice on where to buy my 1st buy to let

[GeorgiaH]

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?

[djpix99]

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.

[EvolutionBlogger]

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

[Nick Stott]

Hi Georgia, 

If you need any help & advice for investments around Liverpool / Merseyside / Cheshire, give me a shout.