Guys, I know the Leeds market pretty well and imo, there are a number of BMV props in Leeds, which are currently available in the student/young professional areas. These props tend to be 5 bedroom but would probably benefit from being a 3 or 4 bedroom (or convert room into walk-in wardrobe/study area). They are so cheap due to being repo's (long story here but are genuine repo's).
Anyway, genuine value is some 30% above purchase price (which can prob be negotiated down). Issue as ever at the moment is funding. I know there are possibly bridging options out there to remortgage on completion but I think lenders are wary at the moment. Purchase price circa £100k.
Here's my idea, if we can get 4 or 5 of us to chip in an equal amount as a cash buyer, we can then do a light refurb (most are pretty good condition) and re-mortgage. Here's the best bit, I have done my homework with local agents who are letting these type of props as 3 beds for £900+. So these will be cash +ve, if we remortgage at £135k+ and you will get your money back.
So, to keep this simple, I'm looking for investors that live in and know the Leeds are. I want to meet up, view and agree deals. There will be legal stuff to sort but the important bit is string the deal.
Happy to take any input here from other interested parties - I'm not trying to create a property club as such, unless it has to be that legally.
Weller