Burnley investments

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    #16
    Hi all this is my first time posting here, coincidently I signed up to ask pretty much the same thing as Hech123.
    In general I have been looking at properties in the £30K region, when I’ve searched for rental prices for similar properties they tend to be around £300 per month. I guess the question is how long do these stay vacant? Presumably there is also a large risk of getting non-desirable tenants at this end of the market.
    Hech123 if you find out any more useful information I would be interested to hear it, I have mailed a few agents to so I will be happy to pass on anything of use.

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      #17
      Originally posted by hech123 View Post
      Gordon, thanks for the history lesson, very interesting. Pony, great news thanks, what do you pay for properties in Burnley and what are the returns? Claymore, you ever want any advice or are interested in joint venture feel free to message me.

      My update on Burnley is currently - I spoke to the manager of 500+ units there, he said yes you can get houses for £15,000 but most of these are in bad areas and tenants will be constantly moving and trashing the place. His advice was to buy at possibly £40k-£50k in much better areas, this I may look at but I was hoping for lower prices and higher returns to be honest.

      One idea would to be to try and buy a full street in a bad area or the outskirts of one and refurb the full lot changing the name etc... Obviously we may need a few investors working together in this. I do not mind LHA tenants but understand there seems to be an over supply in Burnley and the local population has been in decline.

      Pony is it possible to get things for £20k-£30k that would rent out ok? Let me know your thoughts and I may be interested in meeting up/talking
      It is possible, the problem is finding the right area. It's not unusual to drive down a street of 50 houses and 40 of them are "To Let", and have been for the past two months.

      An area I would recommend looking at would be Bacup (10 minute drive from burnley) you won't find as many house for sale in that price range, but a few do pop up (I am planning on buying a few this year). The demand is a lot higher in this area, it's not unusual for us to let a 3 bedroom property within hours of the landlord signing our contract.

      Feel free to send me a message if you need any more help.

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        #18
        Hi Pony, any further?

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          #19
          I was up north this past weekend. Burnley definitely not for me. Have spoken to some local people who feel Darwin could be up and coming. You can pick places up at auction for about 40K. I think Darwin has a good train link to Manchester (for working tenants).

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