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How To Find The Rental Yields For Property Investments in Warrington? - YouTube
Channel: Property Investments UK
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hello everybody it's rob here from
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propertyinvestmentsuk.com
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and today i'm going to share with you
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how to find market rents for your
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property investments in warrington so
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this is going to be a good video for you
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if you may be looking to buy a property
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in the warrington area and you wanted to
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see
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what rents you may be able to achieve
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whether that's to professional tenants
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or maybe it's to local housing benefit
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tenants and so we use two websites for
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this and i'll show you both of those in
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a second but
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the reason why we use two websites is
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because uh rightmove.cod uk is one of
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them and that will give you a good uh
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understanding of what maybe competitors
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uh or other properties are maybe being
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rented out for at the moment and what
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professional tenants might look to pay
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and the other website that we use is the
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lha direct local housing allowance
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website and that will tell you what
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entitlement housing benefit tenants may
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be able to achieve um for that area so
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two good websites give you a combination
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of data and helps us to know what rents
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we might be able to achieve for our
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properties so let's get straight into it
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and this will be a quick video probably
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take around sort of five to seven
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minutes for me to show you the search
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tools on these and so not too long but
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hopefully i'll give you some great info
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and stuff to take away with you so let's
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click on to rent here
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and start the search so we're going to
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be focusing on the warrington area today
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and a section within warrington which is
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called latchford and so if we type in
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latchford here it should come up with
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this combination there so latchford
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warrington cheshire that's the one so
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start search
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now the reason why we're choosing
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latchford is because there's a good
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section of latchford which has um
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there's a mix of properties really
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you've got some terraced properties and
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you've also got some x council style
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properties but
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if we use the x council style properties
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as a comparison and then we can see
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really what the market rate is for it
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with rightmove and then we can see what
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the local housing allowances as well and
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we can compare the two because that will
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give us the
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uh closest
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match really
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okay so we're on the search tool here
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now with rightmove and looking at
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latchford as the area so it gives us a
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couple of different search options or
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search criteria which we're going to
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look to narrow down because typically we
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we'd like to try and do like for likes
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really um so if you've got a three
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bedroom property that we've brought and
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we're looking to
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to rent out in the latchford area and
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then we'd want to see what other three
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bedroom properties are maybe being
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rented out for in that same area as well
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so let's use this search tool to narrow
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that criteria down so if we choose
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houses
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and then three bedroom properties
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and price range will narrow it down to a
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maximum of a thousand pound it probably
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won't go near that figure but it just
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gives us um or it definitely won't go
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near that figure but it just gives us an
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idea of um
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reducing some of the i suppose the the
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odd property that might fall outside of
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that
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and then if we choose non-retirement
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only properties and click include letter
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greed properties this will show us
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properties that have maybe recently been
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let and that's a really good example of
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comparisons and we can see what what
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other properties have just gone in that
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area
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so okay let's choose find properties now
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and what this does is brings us up the
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search tool on rightmove so it tells us
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at the top here there's ten three
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bedroom houses to rent um in this
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particular area based on the criteria
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that we set now there's two ways that
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you can use this search tool you can
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show it on a list so you can scroll down
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there
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and see what properties are available
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well the best way that i found actually
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is using the top section here which says
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properties on map if we click on that
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then what that will do is bring up a map
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of the area and which is an easier way
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to see
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the types of properties that are
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currently on the market and where they
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actually are so for instance if you've
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got a property on a particular street
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that you're looking at letting looking
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to let out let's say it was this street
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here
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then the nearest comparisons really to
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you are these properties here so they'd
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be better comparisons to consider than
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the properties in this section
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over in the corner so
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the map tool allows us to to do that
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quite simply but let's have a look at
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some of the comparisons in this area so
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here we've got a three bedroom for 600
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another one for 560
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another one there probably the same
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looks like the same property for 560
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again
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five fifty
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five fifty
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five nine five
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six hundred
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and five hundred and then two over here
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what we've got here 550 for terrace and
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four seven for a terrace so a bit of a
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mix in terms of property values and the
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semi detached are looking at around sort
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of 500 up to sort of 600 and the terrace
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is looking at 475 up to say 550 i think
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was it
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yeah 550. so you got a mix of property
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types and a mix of values there so that
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gives you a good starting point to see
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what similar properties are maybe on the
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market for and what you might be able to
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achieve for your property if you had a
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three bedroom in this particular area
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now once we know the market rent for
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potentially professional tenants what we
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need to do is see what lha would pay if
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we were to accept a local housing
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allowance tenant and see what their
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entitlement might be so we use a
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separate website for that which is this
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website here which is the evaluation
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office agency website so it's voa.gov.uk
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now some extra information here at the
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top that you may want to read through if
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you're considering housing benefit
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tenants it's worthwhile understanding
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how the housing benefits system works
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and what the entitlements are and but
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we're just going to go simply into the
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search tool here which is find lha rates
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if we click on that that'll take us to
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the search boxes that we're now looking
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for
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okay so on here let's choose three
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bedrooms
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type in the postcode for the area so for
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instance the latchford area of
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warrington is wa41
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and you can choose if you want to the
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local housing or the local authority and
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also the date in which you do the search
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or which the housing benefit claim
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starts because it may have may have
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changed slightly
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so input the data that you want there
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and if we click submit
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and then that should bring us the
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information that we're looking for so
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this will give us now as you can see
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here
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three bedroom rate for house for
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a
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property within this region
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and would be 126 pound 92 per week so
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somebody that's entitled to the three
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bedroom rake that's what they would be
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able to achieve so we need to do a
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little bit of maths here to figure out
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what that might be on a monthly basis so
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it's 126.92
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let's times that by 52 weeks
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that gives us the year total and let's
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divide that by 12 months and that'll
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give us the monthly total now of what um
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the rate will be so on a monthly basis
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it's 549 pound and 98 pence
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and if we round that up to 550 that
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makes more sense and it's easier to work
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with so it's 550 is the entitlement for
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a three-bedroom property for housing
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allowance in that area
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okay now if we compare this again to the
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properties that we spotted on rightmoves
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you've got 600 pound property here
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a 560
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550
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550. so
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if we had a property around this these
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these streets here there was three
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bedrooms you're probably looking for a
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similar rate of what you might get from
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a housing benefit tenant is what you
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might get from a working tenant and so
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the rates are very comparable and
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whereas here you've got a property
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that's only available i'm not sorry not
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that one this one here it's available
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for 500 per month so if you had this
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three bedroom property if you were to
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rent it out to working tenants obviously
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they're looking to achieve 500 per month
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but you can actually achieve 550 if you
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were considering housing benefit tenants
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so you might have a better income there
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if you you were to consider housing
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benefit tenants now that doesn't happen
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in every area some areas are different
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and some areas the housing benefit
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allowance is quite a bit below what the
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market rate is
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but that just shows you a snapshot how
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to find and the market rents for
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properties in in your area and the area
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that we've chosen here is latchfield and
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warrington so hopefully that video has
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been helpful it's given you a good idea
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of how you can find those market rents
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both for professional tenants and local
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housing allowance tenants and if it has
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been helpful and you want to see more
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videos like this
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please subscribe to my youtube channel
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which is at youtube.com forward slash
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robert jones property
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and if you subscribe to that channel
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then you'll get future updates of any
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videos that i do and information and
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help just like this one which will
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hopefully help you on the road to
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building your property investment
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portfolio and so that would be great if
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you could subscribe to that that would
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be grand um and then if you ever have
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any questions you want to email me
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please feel free to do so at rob
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propertyinvestmentsuk.com
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or if you wanted to please feel free to
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leave a comment below and i'll be happy
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to help where i can thanks for watching
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and i hope that's been helpful
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