Jump to content

Recommended Posts

Hi All,

 

I have been attempting to purchase my first BTL over 1 year (including research!), and after 2 failed attempts I am now in a position of starting a masters degree for a year from Sept 2015.  This means I will be quitting my job in July/Aug and I am not sure if a) I should continue my search and hope to find something that will complete on time, as if the buying process shoots beyond my 'expiry date' it will pose lots of challenges or bb) leave the whole thing for 1 + years after the masters and then try again once on a job contract 

 

I am taking it is near impossible for me to get a BTL mortgage when unemployed/student status

 

Realise the above it hard to comment on, but any advice would be greatly appreciated. I feel it is a case of 'so near yet so far' and not sure what the future will hold

 

Thanks!

 

Savi

 

 

Link to post

Hi Savi,

What university are you going to study your masters at? Will you have to move out of your current address and rent closer to the uni? If so you could see if you can have the inside track of the very best in demand areas for students live. With this you could find yourself a friendly investor and present property options in that area. Look for a good HMO opportunity maybe you could offer to be a live in landlord to manage the property and handle any refurbishment work yourself and in return ask for an option to buy the place back from the landlord at a later date ?

I'm sure others will have more ideas

Good luck

scott

Link to post

Hi Scott,

 

Many thanks for taking the time to share your ideas! I will be in Edinburgh so it would present new search areas, as previously I was looking in South East coastal side Southampton/Brighton. Im not sure how easy it would be for me to find a friendly investor and if I'd want to go down that road due to potential complications, but I can at least try and find meet-ups/networks to find out more about the city and area...maybe once I am eligible for a mortgage I may go for Scotland to invest in, who knows

 

Savi

Link to post

Hi Savi

 

I would press on right now with greater gusto...the sooner we start investing the better and as you recognise, you will have to sit things out (probably) when a student again.

 

I am not sure why things have taken so long but your target location may be playing a part, as both will be higher demand investment locations. I may be inclined to extend my target area and review my criteria, or at least why 2 sales fell through (assumption). One area that immediately sprung to mind was Edinburgh given you will be located up there anyway. It has fantastic fundamentals, is recovering after the Scottish referendum and has the benefit of the Scottish buying system, which means offer accepted must equal completed sale. I have an investment up there and it's been a decent renter for sure.

 

Maybe that helps a bit...but if it were me and knowing what I know now, I would definitely be bagging my first investment before the 'student time void' strikes.

 

Best

Richard

Richard W J Brown a.k.a. The Property Voice

Property Investment Strategist

10%+ ROI property deals every week: check out PROPERTY DEAL TIPS
Amazon best-selling author Property Investor Toolkit & #PropTech, YPN Magazine columnist & PODCAST host

Web & Blog: The Property Voice | Curated property news & insights feed

Facebook Page | TwitterLinked In

Let's connect...mention The Property Hub :)

Link to post

Hi Richard,

 

Many thanks for sharing your opinion and thoughts. I ended up changing locations last year from South East London to Sussex as I felt it was a more buoyant market and easier to get a good BTL. The last sale fell through as the number of years advertised on the lease was shorter than on the lease docs and investing in time and money into extending it hadnt been factored into the final agreed sales price, which the vendor wouldn't negotiate. It has taken me quite some time to learn the streets and areas, which is the main difficulty with extending my search area now - when based in Edinburgh at least I could do it while physically there although that would mean investing in end of 2016/2017 realistically.

 

One of the problems Ive been having is trying to realistically gauge how long it takes for a sale to complete from offer accepted to exchange - of course this is like how long is a piece of string with so many factors, but I understand freeholds are potentially faster for obvious reasons. I have been trying to factor in 'no chain' etc into my searches now given the time constraints, but wonder if Ive already run out of time given the weeks in hand

 

Other option is not to do the masters although I think its a case of now or never! 

 

If you or anyone has any other thoughts (how long to complete etc) I'd really love to hear them

 

Sincere thanks again!

 

Savi

 

PS in case anyone is interested, im also looking for a mentor/sounding board!..Or will try to attend a meet-up soon, which I havent done to date

Link to post

Hi Savi

 

It seems that time is the big issue here in more ways than one!

 

I would be happy to have a chat with you, my contacts are in the signature box below...start with my website or Twitter perhaps.

 

Best

Richard

Richard W J Brown a.k.a. The Property Voice

Property Investment Strategist

10%+ ROI property deals every week: check out PROPERTY DEAL TIPS
Amazon best-selling author Property Investor Toolkit & #PropTech, YPN Magazine columnist & PODCAST host

Web & Blog: The Property Voice | Curated property news & insights feed

Facebook Page | TwitterLinked In

Let's connect...mention The Property Hub :)

Link to post

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
×
×
  • Create New...