Thank you for your warm welcome. I have definitely decided to stay and absorb as much as I can.
I am already on Robert's email list for
BMV and have signed up to Quick SaleHouses. In looking at the
BMV sites, I agree with Gerry's advice, I do know my immediate locality and where I would or would not buy within a town. (Perhaps this is not a real issue with these
BMV leads and I need to spend more time understanding the
BMV site process).
However, my percieved difficulty in trying to follow Gerry's good advice is my whereabouts (this could be a wrong perception on my part). Sellers expectations of receiving a good price in my County/area are still strong and property values are high.
Therefore, unless I have a large deposit or can get a really good
BMV and also excellent interest rates, I could easily find myself at the nasty end of negative cash flow. What I think might be clouding the issue for me in a partially emotive way is the decreased margin for error nowadays and the fact that at this stage of development I need to get it right.
Perhaps I need to carry out extensive marketing for
BMV's in my area before I look at other options so as to test the latest position?
My latest thinking has been to identify an area which had strong potential for growth and where the figures stack up and explore the vicinity. I have heard of people either buying in Scotland, North England and Kent etc hoping for a good increase in property prices but prepared to settle for strong rental yield. I had thought of building up several properties in one area with a local letting agent/s and then repeat the process elsewhere using a separate Ltd companiy for each. It might be too messy an approach for long-term success and any views would be welcome.
I clearly need to study further and crytallise my thinking before running with a strategy. I am not yet sophisticated enough over property investment so I hope you can all bear with me and correct any errors or misconceptions I have. All advice and help is greatly appreciated but in the meantime I shall continue to absorb.
Peter