First Property!

[manj]

Well basically i'm ready for my first step and the question i have is, if £90,000 is enough to start investing into a property portfolio, if so how many properties can I buy?

[brian]

Um...1 terraced property? Or 2 toilet cubicles?

[googler]

How long is a piece of string?

No, seriously - on the assumption that you're going to put this £90k toward the purchase of one or more properties as your deposit, and you'll be renting them out with the rent covering the mortgage and other outgoings ... I get the impression the mainstream lenders are expecting at least 10% deposit, and lending for 90% or less of the purchase price. Assuming you can get a buy-to-let mortgage on this basis, that implies your £90k will cover the deposit on approximately

1 property at £900,000
2 at £450,000
3 at £300,000
4 at £225,000
etc

Mind you, I keep getting these e-mails from property investment groups who assure me they've got flats for sale at £30,000 - 40,000 that are surefire rentals, and will provide a '10% yield' or suchlike.... if these turn out to be genuine, you could just buy 2 or 3 of these outright.

[brian]

If they were genuine, though, you'd imagine the sales people would have bought up the inventory.

[Becky]

Googler is correct, if you have nintey thousand pounds of investment and an ok credit history the lenders will love you!!!

I would suggest you stayed under the stamp duty thresh hold and buy the lower end market properties, as first time buyers cant buy, you will have a whole lot of tenants needing property!!!

Becky