New boy..starting from scratch
I am new here and no doubt will have lots to ask as I start the learning curve.. heres a little background..
I have recently inherited some money and property. My home area is S.E.London/N.W.Kent.
The property I came into is a shop with studio flat above which has established tenants and pretty much ticks along on its own fetching in £800 a month ( split between myself and brother )
I have 150k to spend on a flat, probably in Erith or abbey wood.
What I had in mind was to get a decent modern one or two bed flat which can be let for a few years and later be available when my daughter reaches an age where she wants to join the property ladder.
A few people have already told me I should use the money to put a deposit on two or three flats and let the tenants pay off the mortgage. I know it sounds sensible, but I am nearly 60 and dont fancy the hassle. Am I wrong??
Are there any members out there in my part of the world who would not mind me picking their brains. I have been checking local prices and Erith seems cheaper than Abbey wood and I think recent moderniation could make Erith more attractive in the future...again, any opinions and comments are most welcome.
I will be back !!!