there’s a lot of 30k houses in hartlepool, shall i start in the north
i want to start a property empire in the uk, any advice
- Thread starter Hotchick12
- Start date
Sa_Male
Laba Gob Kii Beer Jilicsan Baa Jaba
Don't do it
NordicSomali
VIP
Pretty complex stuff.
Sa_Male
Laba Gob Kii Beer Jilicsan Baa Jaba
NO SHIT
Do you have assets accrued, money to purchase the property and then renovate it? Also I’d say property shouldn’t be your only method of income, diversify if it goes well!
Hartlepool is quite grimy to be honest and not very well-connected but profit is profit at the end of the day. I have heard the housing market in Newcastle is atrocious so you might get some people willing to commute, but they’re more likely to be renting instead of selling.
𐒋𐒖𐒆𐒔𐒖𐒕𐒈
VIP
What is your interest in real estate? How handy are you with a saw, drill, and chisel? More a hammer or mallet?
Property market in the UK is outrageously priced out of reach for the average person unless of course one is buttressed by an endowment of sort. Areas of interest are the three Home Counties: Herts, Beds, and Bucks.
yeah i’ve seen a lot of 30ks in newcastle, birmingham i’m lucky if i find a 150k house, was thinking of having assets and just turning those houses into hmo or putting in airbnb
i want to be a landlord
𐒋𐒖𐒆𐒔𐒖𐒕𐒈
VIP
Slum landlord? Or a genuine landlord?
It is by far the best investment in any industry. How handy are you with a saw, drill, and chisel? More a hammer or mallet?
Before jumping into something, always consider why others haven’t done it yet. For instance, is Hartlepool a shrinking town? What’s the socio-economic situation of its residents? Being a landlord requires long-term commitment. If Hartlepool properties are so cheap that houses can be bought for £30k, why would anyone rent from you, given that they'd also need to cover your costs plus profit? Wouldn’t they just buy the property outright and avoid the extra expense of paying a landlord?
Are these £30k homes in poor condition, as I suspect? Would the renovations required to bring them up to legal rental standards cost hundreds of thousands? Are you being handed a “hot potato”? If housing is in short supply, the current owners would likely rent them out themselves, unless there’s something off with the properties.
What are the relevant laws and fees for landlords? What certificates are required? How much will property taxes and other costs add up to? When will you start seeing a profit? Many landlords don’t break even for close to a decade.
Real estate is one of the safest investments, and becoming a landlord can be a great way to generate income, but most successful landlords either inherit wealth or were already wealthy, using real estate to store their assets in case of a recession. The only way to really climb up in this game is to act like some landlords in certain communities, cutting costs and penny-pinching wherever possible.
Personally, I’d argue that mutual funds and index ETFs are superior. They offer higher liquidity, similar or better growth potential, and come with fewer tax and maintenance costs compared to owning property. They also don’t require the labor and commitment that real estate does.
Are these £30k homes in poor condition, as I suspect? Would the renovations required to bring them up to legal rental standards cost hundreds of thousands? Are you being handed a “hot potato”? If housing is in short supply, the current owners would likely rent them out themselves, unless there’s something off with the properties.
What are the relevant laws and fees for landlords? What certificates are required? How much will property taxes and other costs add up to? When will you start seeing a profit? Many landlords don’t break even for close to a decade.
Real estate is one of the safest investments, and becoming a landlord can be a great way to generate income, but most successful landlords either inherit wealth or were already wealthy, using real estate to store their assets in case of a recession. The only way to really climb up in this game is to act like some landlords in certain communities, cutting costs and penny-pinching wherever possible.
Personally, I’d argue that mutual funds and index ETFs are superior. They offer higher liquidity, similar or better growth potential, and come with fewer tax and maintenance costs compared to owning property. They also don’t require the labor and commitment that real estate does.
𐒋𐒖𐒆𐒔𐒖𐒕𐒈
VIP
Highly unlikely to find decent properties at the market rate.
Best strategy, and most profiting: find dilapidated properties, refurbish, and let to create equity. How are your reserves and savings?
i already have fidel and vanguard stocks and shares isa, just looking for a way to have hard assets and passive income,
i will have 50k by next year, want to buy a house with hard cash
𐒋𐒖𐒆𐒔𐒖𐒕𐒈
VIP
If you wish grow equity, I would advise against investing in mutual funds, as the market is rather volatile at the moment with the rate of return rather negligible. Stocks, yes esp. in tech, energy etc. Keep an eye on Asia stocks where there are some with better performance, greater returns, and with higher risk.
Do you think you could secure a conventional mortgage?
i looked at mortgages if i even look at 100k houses the banks are profiting at least 30k interests
𐒋𐒖𐒆𐒔𐒖𐒕𐒈
VIP
Think of it this way, you are looking at investment properties, therefore mortgage is the best approach, for every dollar (pound) you use to finance the mortgage you could potentially return => 10, if done right. And with your being first time buyer, the rate and initial outlay are going to be rather small, possibly <= 5% depending on financial institution. Keep your cash, and use investors' money. Have you looked at small Building Societies?
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