New (potential) landlord looking for some advice!

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  • New (potential) landlord looking for some advice!

    Hi all

    I'm somewhat new to this game. In fact I am currently drawing up a plan to invest in property on a buy-to-let basis and I have a few questions for some of the more experienced members on here.

    First, I'm going in with an investor (ok, he's my Dad, but he is an investor nevertheless) and am looking at getting a 50/50 mortgage (we've got 75K between us so that will be 150K to invest) and buy a property at auction. Ideally this property will be a 3 bedroom semi that will require little actual renovation, but I would imagine would need mostly cosmetic work or basic renovations. This would then be aimed at the "professional couple" market in Bedfordshire.

    The idea would then be to rent this property out for between a year and two years, then sell up at market value. The profit would come from the rental income as well as the difference between the purchase and sale price. The money would then be reinvested as above ad infinitum.

    So that's my idea (and thanks for sticking with me this far!). My questions are:


    Does anyone see any glaring errors in my plan above? I'm talking the major ones and so far I'm aware of the general advice like "pick a property your tenants would want, not what you will want"etc.


    Is my plan of a year to two years renting too short? too long?


    What is the workload difference between using a letting agent and doing it myself (I only ask because I know it will be pricy to use an agent but it will be worth it if the work load is very high)?


    I can see that some of you are handling upwards of 10 properties. How long did it take to get to this point?


    Are there any major issues or problems that people find out only when they start in Buy-To-Let?


    Ok, thanks in advance for all your advice. Do remember I am new to this so be nice, but do be honest (brutally if needs be).

    Max

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