anybody know Nottingham? where to BTL?

[user1467297746]

Its not far from where I am moving to and looking to do a BTL

is it better to get a flat or a terrace house?

any areas to avoid?

Who do you want to let to? Students or professionals?

Not entirely convinced.. I have been looking at 2 or 3 bedroom places..

Would students be on a room by room basis these days?

I remember me and 3 or 4 other mates did rent out a whole house between us.

I just saw a 4 bedroom end of terrace for sale ( going to auction ) just north of ST mary's rest garden. quite close to town. see map.

Trying to get things lined up so when we move into our new place next month can get some income going asap.

I live in Lenton. It's full of BTL properties as it's very close to the QMC and university. The Heron Drive area of Lenton is perfect for students and professionals. Mixture of Victorian terraces/ villas and modern starter homes. Same goes for Beeston.

I'd avoid the Meadows, St Anne's and Hyson green like the plague.

You need to do your research before you take the plunge - you don't sound as though you have much idea at all.

Yes - its true just starting the research now.

I guess the best bet would be a place that could rent to either students or young professionals?

We're looking at places we can afford to buy - then checking out rightmove/zoopla for house rentals in that area,

Hows Radford? my grandparents used to work there near Players factory.

Or is going a bit further out the city a bad idea? I suppose that would rule out students tho..

Yes quite nervous - need to get this right.

What about Beeston? I rent my house out to a lecturer at University of Nottingham didn't want to rent to students as it's my home. However, there are a number of students who live on the street. What's your budget?

Radford is quite dodgy in parts.

I second beeston. Dunkirk is also popular with students.

well potentially we have around 130 to 150 k in cash

Since we are both unemployed ( I am near to finishing a freelance contract now ) at the minute we are considering getting a place that needs doing up the DIY route perhaps.

Its early in the process, but we could consider other cities? Leicester and Derby arent far either.

If we could get 2 BTL it would be brilliant, since freelance work can be spotty.

Derby is really cheap to buy. You could buy a very nice two bedroom semi outright for £130k with a bit of change depending on where you're looking.

You really need to make a proper plan first and decide who you're aiming at.

Do you know anything about being a landlord?

I was originally born in Bulwell - but we moved all around the Notts area when I was growing up. Eastwood Gedling Kimberly Netherfield.. Arnold etc

I'm not too familiar with Beeston really, altho my Nan was always saying alround Beeston to get to Bulwell.

Is Chilwell too far out?

Queens Road and DerbyRoad in Beeston are popular with students you would easily buy something with your budget.

Dont know too much about being a landlord to be honest. altho I expect to have to look after the place and maintain it,

I sort of get the feeling that Nottingham is stronger than Derby economically?

Really want to get a place that consistently rents out.

I suppose a freehold is better than leasehold in the long run?

Derby has rolls Royce, Toyoya, Bombardier, the university...

It's the second best city in the country for house prices conpared to average earnings,

Thanks! Lenton is showing promise!

Think I just saw somewhere perfect!

I wished our main residence was purchased else I would go for it.

Think we need to wait - unless we accidentally complete on the BTL first - that would be very expensive on the Stamp Duty!!!

I do worry about Brexit effect tho. My Brother works for Bombardier and my half brother in law for RR

both of which might be affected perhaps should the UK be pushed aside with the EU situation. Lots of EU interaction for both of those industries?

Whats Nottinghams strength?

I saw some places for sale in Burton on Trent also not too far from our new home.

I've been a landlord in Nottingham and elsewhere. Knowing what the market is in your rental neighbourhood is absolutely essential.

130-150k will give you a good choice. You can get 3-4 beds in Sneinton for a lot less than that, for example. But, are you prepared to accept tenants on HB? It's a totally different game from renting to professionals, both are different from students sharing. You'll get young working people sharing and families there, not all will be using HB but, it's not a neighbourhood that affords you a lot of pickiness if you want to maintain occupancy.

Beeston is prime student / young lecturer territory. (IME post-grads / staff, age 25-40 are usually good - reliable, communicative - tenants). You could buy something small there.

Lenton for student house shares. Near QMC for uni and hospital staff.

You could try asking on Mumsnet's local Nottingham site too, for local detail and experience.

Bombardier just won a new billion pound contract so I can't immediately see them going under...

Big employers: Boots, Experian, Capital One, HMRC, two universities, QMC and City Hospitals. Law firms and all sorts in town.

If I were you I'd talk to a few big letting and estate agents. Talk through where you could look, as a tenant of type and budget x, then y, then z. You wouldn't be wasting their time as a potential buyer.

Finally, my advice to anyone setting up in BTL would be treat it as a business. Do your research, get your systems in place. Present yourself to potential tenants and behave accordingly. Be pleasant, be efficient, make sure you understand everyone's rights, responsibilities and what you'll do when x, y, z goes wrong. But, your tenants are not your friends.

wondering if we should try and get 2 cheaper places?

that might do 2 things. firstly would give a more consistent income stream? ie unlikely both places vacant at same time

if we spent say 150 k on one place looks like we'd only get say 600 ish a month

but if we could get 2 places for say 75 k each and redecorate etc by selves we could maybe get a higher income in the long run?

yes its totally a business. we are expecting a return on our investment and see this as a long tern 'job' ie property management.

Is HB a big pain? where can I get more support or information on this?