ok so we have £100,000 renting a flat for £800pcm plus bills in london. which is the way forward we want to work for ourselves eventually but also want to get into property. so what would you suggest? where do you start?
Answers (2)
Disclosure: I'm American, so check my facts, okay?
Go to the banks and ask to see their foreclosed properties lists. Also, contact the government and find properties confiscated for unpaid taxes. If it's anything like in the U.S., they won't be able/want to sell these properties for much more than was owed at the time of foreclosure.
Look for houses within walking distance of Universities, major teaching hospitals, the beach, basically anyplace where there is a lot of demand for rented housing. A hundred grand could probably pay a number of mortgages on a number of previous foreclosures for long enough to fix them up and get them tenets. Be sure to ask for credit checks, background checks, and references for prospective tenets. It's better to have a few rooms empty for 2 months than have them filled with obnoxious wanks who don't pay rent for 12 months.
Do not buy properties in shitty neighborhoods (that aren't on the upswing), either. One, because they will be hard to rent, and two, because those neighborhoods are filled with obnoxious wanks who don't pay rent.
Note: It's better to mortgage new rental properties than use your own money, at least when you're first getting started. This gives you a nice cushion of liquid assets, and it gives you the option of bailing without losing your whole nest egg (we call this a strategic foreclosure).
If all this sounds like to much work for the present, I would invest in alternative energy projects that are just about to start construction. Make sure they're legit and qualify for government subsidies. I once invested in a windmill power project in central Wyoming. The stock split three times shortly after it started pumping out juice. I made a mint. (Generally, this happens with most successful energy production projects. As soon as its operational, the stock value will increase substantially. Still, it is a risk.)
Note: Money doesn't make you happy. I, for example, am a lonely alcoholic with too much time on my hands. Find something productive that makes you happy just doing it, and the money will come.
you might want to find out if you can afford before you make a decision on what you want to do I think that you can start a franchise those are pretty lucrative by their selfs I would think of something you really want to do you could even try a thrift store 99 cent store lot's of choices