I went to the WORST STREET in Britain!
Hey guys, Samuel Leeds here. I've been quite busy of late, going up and down the country buying houses, overseeing refurbs, and searching for investment opportunities. And most of my dealings have been in areas in the North, such as Leeds, Manchester, and Liverpool.
Now, I've had people ask me, “How do I know if an area is good to buy an investment property?” Amelia asked me a similar question as we were driving to a location in Liverpool. And I happened to mention to her that the area we were going to was pretty bad and not just bad. So Amelia wanted to know the difference.
I explained that a bad neighborhood is an area you wouldn't particularly want to live in or be strongly opposed to your mum living there. And you might even attract decent tenants. On the other hand, if your mom lived in a really bad area, you would pay for her to live elsewhere.
One such infamous street is Sheil Road. As we drove along the road, we could see wet sofas outside the house, broken glass on the road, and suspicious characters standing on corners. “You see that ‘cozy rooms' place, that is your hotel. And you get all the drugs you want,” I joked with Amelia. “Definitely not,” she laughed.
In all seriousness now, if you're thinking of buying an investment property, visit the area at night. If it doesn't feel safe, say you see people dealing drugs, ladies standing on the side of the road, boarded up windows everywhere, broken glass on the streets, and the like, that is not a good investment area. No one will want to live there, so your tenants will likely be people on benefits and problem tenants who refuse to pay rent.
So investing in property calls for a balancing act. So assuming Shiel Road is a 1 out of 10 with Buckingham palace being a ten and an average place a five, then a 3's okay. You don't want to go for a ten because the return on investment (ROI) is terrible. A two is not good, and if you come across a 1, run a mile.
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