Remember im in Scotland - things are a lot less expensive....
i have approx 20k (will increase over the next few weeks as i continue to search for property). I have two options im in a dilemma over...
option 1. New or nearly new build , 2 bed. 90k with 22.5k deposit. give to letting agent, hopefully little maintainence and hassles. 1 property working for me, small yield per month of £125-150 profit.
Option 2. buy TWO 2-bed ex-local authority properties around 55k , put down 27.5k between the 2 of them. Need light renovation, may need maintainence now and again, hopefully pass onto local authority to get guaranteed income from their scheme but MAY have less desirable tenants. Failing that give to letting agent but may find it harder to get a tenant.
Its more money down but i have 2 properties working for me, higher monthly yield too of approx £200 per property = £400 per month in all. but i anticipate a 'harder life' with these this option, although i dont think i will mind that if my investment is working for me.
so....option 1 or option 2 ? Can see the pro's and con's of both but as a first time investor im needing some expert advice.
i did read an article in a Sunday paper about a millionaire who only ever bought sub 60k properties and advised , if bought with caution, that its a great route to go down....
Any opinions much appreciated