Singing Pig

Hello all,

I have, for a long time, had an interest in property investment and until now have been focussing more on my career than actually doing anything about becoming an investor and heading for my dream of financial independence. However over the past few months i have dedicated a large portion of my time to reading books, watching downloads, and, more recently, scouring sites such as this one.

My question is a practical one: I feel i have a reasonable (cant say more than that as you dont know what you dont know) understanding of the BMV strategy. What i would like to know/hear from those who have been there and are doing it, is what the next step is from being a keen researcher and student of these principle to actually going and doing.

E.g. do i simply walk into a solicitors office and my local estate agents, explain that i am keen to do same day remortgaging on BMV properties and expect to get somewhere from that? Or is there a better intermediatary step between the theory and action?

I'm keen to turn learning into practice but dont want to go crashing into this and get it wrong at the first step thereby burning important bridges. Therefore im keen and looking forward to any information and advice my experienced peers here can offer me.

Many thanks for any help you can offer!

hi john,

 in my opinion the first thing you need is a stratagy, and it always helps to get these things down on paper.

what kind of property are you going to aim for? flats, houses, hmo's, student lets? are you going to stick to your own locality or look further afield? are you going to source the properties yourself, or use a finder? have you got a broker? do you know how much you can borrow? (this may be the most important question initially: if you can't answer this, how can you answer the other questions?) have you done any research to ascertain what the current market value of property in your target area is? if not, how do you know what BMV is? do you understand that property is a medium to long term investment?

sorry to sound so negative, but it IS important that you do not jump in with your eyes shut, especially with the way the market is at the moment. there is a lot of money to be made with BMV property. there is also a lot to be lost by the unwary. I feel sure that you will not be one of those, as you have had the good sense to ask for advice at this early stage.

i'm sure others wth more knowledge and experience than I will add to this in due course. meanwhile, you could do worse than spend a couple of hours browsing through old posts on this excellent website.

lastly, and most important: GOOD LUCK!

regards,

pete    

Hi Pete,

Many thanks for your reply apologies for a delay responding i have been out of the country working.

 Initially i am aware i will be limited in the amout of lending available to me as i do not have a big salary hence i have taken an interest in the BMV with bridging loan approach. Given the complexities with this approach and my lack of experience i am of the thought that i need to network to meet and learn from investors who have been and done it.

 In the mean time i am keen to pursue investment in Western New York, i have a friend who is having some great success with this strategy and is gaining good cash flow- something which short term i expect will to be preferential to aiming for capital gain given the current downturn in housing prices.

 I am always very keen to recieve feedback from other more experienced investors so please if anyone has any thoughts or suggestions i'm keen for the dialogue