looking for my first buy/ investment/ leeds

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    looking for my first buy/ investment/ leeds

    hi where is the best place to find a property to buy? anyone got a property for sale by any chance?

    ive been looking on rightmove but the prices for whats on offer is just silly. 2 beds for 90k in my area at min.

    i have seen a property online based about an hour and half away from me ad says:

    We understand the current vendor has inherited an existing Assured Shorthold Tenancy for a term of 3 years commencing 10th October 2019 at a rent of £6k per annum, however, the current vendor cannot confirm if the tenants are still in situ. It is believed the tenants may have moved out without notice, however this cannot be clarified. The buyer is to investigate this further and satisfy themselves in regards to this upon completion. If the buyer finds that tenants have vacated then the buyer is to make their own access arrangements.

    how tricky would it be re gaining possession if the trash tenants have not paid and not officially ended the tenancy?

    thanks

    #2
    Originally posted by leedsnewbie View Post
    how tricky would it be re gaining possession if the trash tenants have not paid and not officially ended the tenancy?
    You are not going to be a good landlord.
    When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
    Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

    Comment


      #3
      And apart from that, the current landlord has a reason for doing what he/she is doing. There are of course many "trash" tenants (who are thieves, crooks and rogues) and also many landlords that are crooks too. But assuming that is the case with tenants as a "class" is a different issue.

      Comment


        #4
        Originally posted by leedsnewbie View Post

        how tricky would it be re gaining possession if the trash tenants have not paid and not officially ended the tenancy?
        Could be very easy if the property has been abandoned.

        Then again..

        I'd question why the AST is for an unusual 3 years. Why was it let with a G epc rating (in 2019). Why is it for £500+ pcm when next door has been on the market since pre virus for £375.
        And more importantly, why do I think I know better, living 1 1/2 hours away, than the local experts who have turned it down at auction for 25K.

        Comment


          #5
          I tend to keep my investment properties close by as i self manage, it can become a real pain to remotely manage long term and if you need to outsource the day to day dealings then your yield takes a hit....... it sounds a ''difficult'' buy so for your first i would pass and look more local to where you are now.

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            #6
            It was also sold at auction late last year.

            Comment


              #7
              Seriously considering buying a tenanted property as an ongoing rental with an EPC rating of G confirms my original response.
              When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
              Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

              Comment


                #8
                "ive been looking on rightmove but the prices for whats on offer is just silly. 2 beds for 90k in my area at min"

                what is the market rent?

                Sounds to me like you need to do some basic maths on BTL and understand it's a long term business where LOTS of things will go wrong that cost money.

                Comment


                  #9
                  I have to agree with the comment from above, think long and hard on this next move of yours, there are lots of costs which you may not have even thought of yet, this really is a long term option not a quick way to make some money (in the past maybe but not now).

                  Comment


                    #10
                    as far as im aware epcs can be improved and current one would expire if taken off market for a number of weeks? ive been advised 4 weeks. epc can be low just depending on insulation type in loft or boiler upgrade needed really

                    i will be a good landlord- to good tenants. i haven't saved up for a property to allow someone to take advantage like they do nor will i be buying to allow people to stay for free. yes its to make an extra income. :-)

                    to be fair BTL maths wouldn't matter as its cash outright buy. so just focussed on initial costs and re renting

                    there are exemptions that can be claimed in meantime for epc
                    https://www.gov.uk/government/public...e-requirements

                    im just not sure how previous tenancy issues would impact the new owner :-/

                    i might just buy a cleaning business instead. what would you do with 100k???

                    Comment


                      #11
                      Regarding a cleaning business, the company I had been using have needed to cease operation temporarily due to the lock-down, as have many others, as a consequence of businesses being closed, people working from home, not being able to go into houses. Something to consider.
                      With £100k I would invest in a larger property, keeping funds aside for any renovations needed, mortgage rates are low currently, returns would be better.

                      Comment


                        #12
                        Originally posted by leedsnewbie View Post
                        as far as im aware epcs can be improved and current one would expire if taken off market for a number of weeks? ive been advised 4 weeks. epc can be low just depending on insulation type in loft or boiler upgrade needed really
                        Scary.
                        EPCs expire after 10 years or if you get a new one done.
                        To improve the EPC of a property might require a huge amount of work, if the issue is structural you might not be able to achieve it at all.

                        i will be a good landlord- to good tenants. i haven't saved up for a property to allow someone to take advantage like they do nor will i be buying to allow people to stay for free. yes its to make an extra income.
                        Your attitude is truly awful.
                        So, yes, start a cleaning business or anything else than be a landlord.

                        When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
                        Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

                        Comment


                          #13
                          A cleaning business right now may not be the best option, even after the lockdown is over how many of the firms you would of offered your new services too will still be trading, at the moment with you not really knowing where to go i would go precisely no-where, keep the money in the bank and sit tight until the economic picture clears up, you appear to be a tad erratic on your next move and that is bad for your finances if you act out of instinct or a best guess (the same really).

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