Buying to rent - any advice?

[mbb]

Hi, DH and I have been thinking about buying a second property to rent out and we really need some advice/ do's and don'ts. We live just outside Cambridge, although students would not be our first choice for tenants (having both been students ourselves - we know what sort of state student accommodation is left in!). Can you recommend where we should start, are there any books we should look at etc.

Any suggestions gratefully received. thanks

make sure taht the rent for teh area would cover the mortgage and always put soem aside for repairs / landlord checks

And for if the place gets trashed and is empty whilst you sort it out.

There's loads of books now on the buy-to-let market, try your local library first. The first and most important bit of advice I can give you is, only buy what you can afford i.e. remember that you may have periods when the property is empty and you will still have a mortgage (and other expenses) to pay against it, remember that this is a business. Consider your target market and the kind of properties that would suit that market and choose your area carefully - up-and-coming areas where new developments are being built is usually a good sign. Don't rush into anything, do loads of research - visit the local agents to check out the rental market in that area, expected monthly rental amounts, look at the local amenities, commuting distances/motorway network, public transport, schools (if you go for a family-type home) etc. Finally, try not to buy a property that needs loads of money ploughing into it as you'll earn no income whilst you're renovating it. Also, OMG I'm rambling now, if you decide on the professional apartment end of the market, remember that apartments date quickly and newer apartments pop up all the time with better kitchens, onsite services and so there's often more competition in rental apartments IYSWIM. HTH

Best to start off by speaking to estate agents before you decide what to buy.

The best returns on your money will probably come from buying a house in a not so nice area and renting it on a room by room basis - this is also the approach which is most hassle...