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Hi All,

 Newbie from Aberdeen (or based in Aberdeen :)).  Have been watching “Homes under the Hammer” for over a decade and wondering when I’ll take the leap of faith.

 

My BTL Journey began in December 2017, when I spotted an opportunity to buy a BMV 3 bed flat taken by a developer as a part exchange from my neighbor and discounted by almost £50K based on valuation.  2 bed flats in the area was over £25K higher and 3 beds around £40-50k sold prices so I thought it was too good an opportunity  to miss and with a mate of mine we put in an offer for £200k and was accepted. We both put in 50% of deposit at 75 LTV. Property was let out in a week for £800 pcm part furnished, other properties in the area were going for £950 but some have been in the market for a couple of months and we preferred steady income and long term tenant than high rent and quick turnover considering the state of the Aberdeen rental and property market since the oil downturn. Our plan is to hold for two years and sell at market value and split our profit to invest elsewhere in Scotland.

 

My goal is to get a number of BTL’s to act as a secondary pension in the future (still in my 30’s) and hopefully grow the portfolio to 10 BTL’s with a net income of around £5-7K pcm. I intend to buy one or two property every year from Q1 2019 within the price range of £50-80K each mainly in Glasgow, Dundee, Edinburgh, Livingston and Kilmarnock….I know it’s challenging to get 2-3 beds in Edinburgh at that price but I’m looking to buy lower end flats that don’t need much work (£5-10K spend to do up) and with high ROE.

I’ve been consuming lots of posts here, listening to podcasts and reading books. Happy to get some advice or guidance from folks investing in the areas mentioned ( @Tonyng already doing that :) ).

 

I’m also planning to be at the next Aberdeen meet-up and will try to visit the Glasgow one sometime this year.

 

Question: I’ve seen a couple of posts about folks who invested in Ayshire and bought flats for £40-50K with a monthly rent of around £350-450 pcm from DSS tenants or privately? What are the challenges of working with DSS tenants? How can I find out more information of requirements and process of renting out to council for the three year scheme either in Glasgow, Kilmarnock or West Lothian? Will appreciate if anyone could share their experience here or point me to a thread where this has been discussed.

 

 Thanks

 

 

 

 

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