Hi,

I have been looking recently into buying a property for let. I have around £20,000 to invest into a property and am thinking as the dollar is so weak to the sterling that now is a good time to purchase, especially with the housing market so low.

What i have been looking at is properties in upper New York state that are valued at around $25,000. I hope to buy the property outright and fix them up on a low budget, as many of these properties need work done to them. Then rent out.

Certain properties i have found claim that i can gain $1200 rental income a month, and the areas i have chosen have at least 60% of the local population renting properties. Most of these properties are available through repossessions.

This would be my first investment and i would definately like everyones opinions.

I am hoping that within 4 years i will start making a profit and eventually sell the property at a higher price once the credit crunch is over.

I am based in Leeds, UK and will be flying out to the US in July to do some research on this.

I am looking to make further similar investments in mainland europe too, specifically looking at Budapest, Hungary.

Thanks,

Adam