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Stockport based newbie looking to focus on R2R


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Hi everyone, 

 

My name’s Laura, I’m 32 and I’m based in Stockport, just south of Manchester.

 

I’m very new to this property game. Last year myself and my husband bought our first house and that has been my only purchase to date!

 

I’m fortunate enough not to be part of the rat-race: I run a wedding decorations business via Etsy.com. However, my income is very up and down and I’m looking for a way to “smooth” it over the course of the year. Right now we are comfortable enough living predominantly on my husband’s salary but my plan is to create a solid income for myself in the next 6 months and to continue to build on that. Long term I’d like to create a monthly “passive” income that supports us both via a portfolio of income generating assets. 

 

Short-medium term strategy is to focus on cashflow, so I think Rent to Rent multi-lets or HMOs could fit the bill nicely there. My mother and her partner are property investors focussing in these areas so I’ll be sure to get some training from them!

 

Finance wise we have a little chunk of cash that’s ready to be invested - £50k, which I’m aware isn’t a huge amount. Whether we go ahead and invest that in a BTL or use it to set up some R2R properties I’m yet to figure out…. I’d appreciate some advice around that! 

 

I’m aiming to attend at least 2 networking events a month around Manchester so hopefully I’ll catch a few friendly faces out and about. And if anyone else is based in my neck of the woods I’d love to meet for a coffee and to talk all things property :-)

 

Thanks all and best wishes,
Laura

 

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  • 2 weeks later...

Hello Laura!

 

I think Mark Morris still runs the Manchester Meet Up, say hi from me. 

 

If you've got relatives involved in R2R I'm sure they can give you the actual facts then rather than the sales pitch that everyone else regurgitates. It's much harder to make work that it looks on paper! 

 

If you're looking for pure cashflow, then yeah the HMO strategy in Manchester (West / North Manchester maybe?) is probably not a bad place to start looking. If you're doing well with your Wedding decorations business though, never thought about vertical or horizontal integration in a business sense?

 

Property is a great storage of wealth, but I'd never put it that high up when it comes to creating wealth. But saying stuff like that doesn't sell courses does it? Ha.   

Damien Fogg
MRICS CeMAP CeFA

Email: damien@theepinvestor.com

Web: www.theEPinvestor.com

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