Singing Pig

Iotrez:

Pod:

if i were you, i'd buy myself a small 2-bed house that needs work doing ... but work that will add a bit of value, not just a bit of decorating.

 

Wouldn't he be better trying to find BMV properties?  maybe sending some leaflets out targeting FTB houses.

He should try to "buy cheap" ... !  The two are not mutually exclusive ... he can do both ... buy cheap, and refurb. Not rocket science ... just takes effort .. to source, and to refurb.  Good fun though ... and very satisfying to build equity rather than paying full retail OMV for a property that can't be improved.

 

im finding the market of refurbing properties kinda dying of these days, has anyone else had the same problem at all? i have purchased 2 properties both below market value deposit paid etc from a sourcing company and am very happy with the results, both new builds and rents covering mortgage just about, i am looking into purchasing my 3rd property and 10k is plenty if you are using the right company. which areas are you looking to invest in at the moment? i have been looking at a refurb in prestonpans in scotland but am struggling to raise capital to refurb the property, anyone have suggestions or anyone know if their are grants available etc?

Hi Postie,

You will find it hard to find anything around Canterbury, Kent for £100k. Possibly a run down house around Chatham.

Anyway, £10k won't get you far these days I'm afraid. The minimum BTL mortgage is 85% i.e. £15k deposit.

As other people have said, act as a property finder for investors on this forum and make some money this way, then reinvest this back into property.

Once you start advertising locally and are able to find people who are willing to sell 20% BMV, you can then use 1 day bridging, then remortgage the property you purchase for the full value, then possibly have a cashback on top.

You can then spend the £10k refurbishing your new property to sell on, to make more hopefully.

All the best with your new venture.

Alan

 

 

Canterbury,Kent

Hell there,

Why limit yourself to the UK?

There are much bigger returns on investment if you look a bit further.

Please email me or look at my posts for some ideas.

If you fancy a chat just give me a call anytime and we`ll discuss some possible ideas that may be just what you are looking for!

Hope to speak to you soon,

Best regards and good luck!

Lisa

I would buy a few cashflow positive deals from http://shop.rapidpropertyinvestment.com/ready-made-deals-22-c.asp

For 10k, you will end up owning 3 tenanted properties.

An amazing and unbeatable result! 

 

 

Phil Martin:

I would buy a few cashflow positive deals from http://shop.rapidpropertyinvestment.com/ready-made-deals-22-c.aspFor 10k, you will end up owning 3 tenanted properties.An amazing and unbeatable result!   

how so?  which lender will allow only a £3k deposit per prop?  is this a "creative" deal?  if so, i'm all ears!!!

" if i could pick something up for £100k, put £5k down, £1k for costs"

No sane lender is going to do that, know that the market has woken up.

Does it make sense to work with an insane lender, if you can find one?

++++

 To clarify my point:  In today's more risk-aware environment, there's a real chance that today's few aggressive banks will be tomorrow's conservative banks, and you will find you have nowhere to turn if you are facing cash-tighteness.  In the example, there is really no safety margin, and you will be flirting with disaster.

Try bungey-jumping without a cord, it may be more rewarding.

 Take from an "old guy" who has been around long enough to see some good and bad markets.  I wonder how many here were involved in property more than 10-15 years ago?

 I reckon this downturn could be much worse than the one in the UK in 1990-1994.  How many here have seen a 70% drop, like Hong Kong experienced from 1997-2003 ?

james ... up until very recently 5% deposit on a home (not an investment), subject to reasonable income multiples, was fine.  even now, lenders have only increased this to 10%.   "insane"?  hardly.  buying a single £100k on a UK home (not BTL) is hardly "flirting with disaster".

 

moderator ........ am i the only poster that has spotted dr. bubb in disguise?!  also, does every thread that "james" gets involved with have to become a market discussion?  this thread is about starting out in property, risk management, cutting your teeth .....