Sourcing Your First Buy To Let Property - Using The Portals

If you are new to investing, and are looking for a great return on your investment; property could be the answer you are looking for. Property investment has been around for a long time, and is not going anywhere. In fact, in 2013, the UK has seen a huge rise in the number of investors in property, be it traditional buy to let, 'rent to rent', or 'multi-letting'.

Property is always a safe bet when it comes to investment, however you need to make sure you choose wisely and don't fall into any traps when it comes to choosing your investment. For me, I personally prefer a traditional buy-to-let investment model. I put in a decent sized deposit, make sure the rent coming in covers the mortgage (plus some more for rental income), and lastly that I purchase the property at a below market value price.

You will notice that I put buying at below market value (BMV for short) last. The reason being is when I first started out in buy to let, I focused purely on buying BMV. Yes, I did get some fantastic deals on paper, however the properties that I bought have by far been the most troublesome.

Tenants come and go, the properties are regularly broken into and the area is generally in a poor state. This means I have very little chance of achieving any capital growth when I come to sell it (that's if I can sell it).

My ideal buy to let property doesn't usually come with a big discount tag on it, it's not normally in a bad area, and it's typically not a flat or apartment.

What I prefer for my portfolio is traditional 2-3 bedroomed semi-detached properties in good areas, with good transport links, local shops and schools, and generally, where people actually want to live!

How To Find Your First Buy To Let Property.

Using the portals effectively.

The easiest way to source your buy-to-let properties is to keep a constant eye on Rightmove and Zoopla. Write down your requirements for your property, what kind of return you are looking for, which postcode areas etc, and stick to it. Below is what I normally look for when adding a property to my portfolio (remember, this is personal to me - you may have a different requirement for your portfolio):-

1. Cashflow positive of atleast £100pcm.
2. Good transport links nearby.
3. Good schools, shops and amenities nearby.
4. 2-3 bedrooms.
5. Traditional build, no prefab etc.
6. No flats, apartments, off plan.
7. Good area with low crime rate.
8. Valued under £150k.
9. Capital growth potential?
10. Below market value?

You will notice I put a ? next to below market value. The reason being is I have bought many properties at market value if I thought that the rental yield was high, and that I would see a decent return on investment if I sold in 10-20 years time.

So back to sourcing your property using the property portals that are freely available online. What I tend to do is stick to my buy to let requirements by emailing my local estate agents to get on their mailing lists. This way I get priority notice of any new properties that come on the market that meet my requirements.

You can also set alerts in the portals so you will get an email when something that matches your requirements comes online. It's really all about having an edge and getting in there as fast as possible. You need to be ahead of the competition.