Invest in an area near a popular city centre
It’s not enough to buy a house tin any area and expect that it will produce a high income from rent. You also need to make sure you choose an area where sufficient people are interested in buying or letting and where prices are likely to increase steadily. The best UK cities for property investment.
Invest in a HMO property
HMOs can work for anyone but in many cases the tenant profiles varies from social housing, to students, to professional tenants. For landlords, they are becoming more and more popular mainly because when it comes to returns, they can expect double the yield from an HMO than they would from a single let property.
Invest Out of Your Area
If you’re an experienced investor, take advantage of ways to make passive income up north in areas such as Manchester. For example, if you find a good property in another city, you can buy it and rent it out. The next step is to find property managers to take care of your establishment.
Rental income & Equity
Rental income is not the only way a landlord makes money, home equity can be the way so many people become accidental millionaires. Home equity is defined as the market value of a homeowner’s unencumbered interest in their real property, that is, the difference between the home’s fair market value and the outstanding balance of all lienson the property.
Hire company to manage property
Unless you live nearby and genuinely enjoy doing maintenance work, you will probably want to hire a property manager to oversee your investment. Do some research on any potential management company. You should look at the number and type of properties the company manages, as well as how many properties each individual manager handles.