Singing Pig

Hi Guys

Im interested in getting into property development but was wondering if any of you guys could give me some tips, ideas, answers etc...

about me

im 23, single and currently working full time - im interested in getting on the property market but not sure if its the right time to? im interested in propertys that are about 100 to 150k...my plan is to get into by to let, would you say this is a gud area to take on? or would you advise otherwise looking at the economy right now...

i would really appretiate it if someone could possible send me a message with some tips on how to start and what to do?        

Firstly the right time is whenever you find the right deal

I don't know where your are looking to invest but why limit yourself to 100k-150k? whats wrong with 60k-100k? You need to make sure the rental received is enough for you to mortgage the home your planing on purchasing so it needs to be at least cash flow neutral, i much prefer cash flow positive myself.

 In a perfect world you would want to do no money down at some point in time either now or through a re-mortgage some day or a further advance.

lets say you stick to minimum figures for a deal to stack up

117k OMV bought at 15% discount so £100k, with 85% LTV @ 5.89% means to do a no money down deal you need £614 Rent a month, is that actually achievable on the 100k home your planning on buying?

what I'm saying is as long as you are careful its a good time but make sure you keep your head straight because its going to be very easy to make some bad mistakes in the market.

117k OMV bought at 15% discount so £100k, with 85% LTV @ 5.89% means to do a no money down deal you need £614 Rent a month, is that actually achievable on the 100k home your planning on buying?

... except that BMS (who sell this mortgage product), don;t offer "NMD" BTL mortgages ... so you would have to defraud the lender to obtain the mortgage .... great approach for a newbie! 

I agree with you here Pod. No one should be advising anyone to do 'No Money Down" deals. I am sick and tired of people trying to hook new investors into this mind set.

The best way to learn is to attend as many networking clubs as you can and talk to experienced investors.Understand your own finances and what kind of risk you are comfortable with. Get to know the right people who can help you-ie brokers, tax specialists etc.

Do not jump in until you really understand what you are doing in -its not a forgiving market right now. Mistakes cannot be rectified simply by having a booming market as it has been in the past few years.