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A friend of mine has pointed out another issue, that of properties with tenants on fixed tenancies, when the comparables offered are untenanted. We haven’t come across this ourselves but he has. I’ve also seen questions asked by less experienced investors about fixed tenants a few times on Pig. It would obviously affect what you could do with the property and so the market value.  

 

Rich.

Yesterday had a look at a house here in Bristol. A low-value place for the city (in Knowle), comps suggest val of £110K even tho estate agent is claiming 120K hah hah ha. It’s a repo and the last attempted sale just fell thru. They are taking offers and will accept 85K. A 22.5% discount not really quite enough on a lower val prop like this. Especially as they have said they will accept offers right up to exchange, so we could spend some time and money and still end up with nothing so we’ll pass on it.

 

The auction acquisition from last week looks promising tho! My main major reservation is that it has a (concrete) flat roof. Nothing we can do to change that without PP and a lot of money spent either. At least it is concrete!

 

Rich

Hello

Seeing as this is a thread about finders I wondered if you could help me with something. I spent £9000 exactly a year ago on finders fees - same finder - for 3 properties and another £1000 each for the reservation fees for said properties to the property dealer to build my portfolio quickly. I am only now starting to get results from one of the deals as the original deals fell through for one reason and another and two of the properties have been tied up all year with solicitors as part of a portfolio of repossessions. Since then the dealer has accepted that I should not have to wait for those properties to become available as no one knows when they will be out of the legal sludge and has said that I will be refunded my wasted valuation fees from the other deals that fell through (around £900) hence my first deal is only now coming to fruition.

A year later I have learnt a bit more about property (still a beginner) and am feeling uneasy that my money is still tied up with the finder, the dealer and only half a house to show for it. I never had a finders fee contract but the finder is reputable. The dealer is North West based and I am North East and am now less happy that nearly all the properies they deal in are Lancashire based and in areas that I have no knowledge of.

I was told that if I couldn't get a mortgage my fees would be returned and that if there was something wrong with the property then they would replace the deal with another one. I have asked my finder about the notion of getting my money back and they said that I couldn't but what I want to know is do you think it is unreasonable for me to ask for my money back for the two properties that have not emerged yet so I can put the money to work elsewhere? If not how might I go about this if they are very reluctant?

Thanks for the thread and info. I would like to invest with Colin but can't because of this situation. Am I just being too impatient?

Hi Jayne I’m not a lawyer so I’m really not the person to ask about this. I have used the Small Claims Court a number of times and in my experience as plaintiff (claiming against clients for moneys not paid) I have always won. It’s a very simple procedure. The most important thing is to prepare your case thoroughly with all paperwork, decide what you want to say (take bullet-point notes if necessary), and BE CALM AND POLITE! It’s amazing how one of my opponents became heated and emotional, that lost him the case before he’d even started!

 

For a claim of this magnitude you should probably use a lawyer, at least for advice, if not to represent you. You can represent yourself if you like. I always did.

 

You might find that if you tell the company that this is your intention they back down before it comes to court. You should serve them with a letter stating your intention, and that if they lose, they will have to pay you all moneys owing, AND your court fees. If they don’t back down then, they will receive a court summons. That is another chance for them to back down – but they will have to pay your costs by that stage. Also if they fail to attend court they lose by default.

 

Hope that helps. Colin seems to offer a transparent service that may serve you well, tho I can’t give a personal recommendation as I have never used him.

 

Rich

Mark I'Anson is here.....live and kicking, what was the question? Any good sourcers can source 30%+ bmv, around 100miles from Bristol? Then I can't, so no reply. There are many properties offered to me at greater discounts. Today, some were offered at 46% BMV, well I could hardly believe it myself, so I did some digging. he chap had made a slight error on his calculations, the property value £146k, the price £100k, now that doesn't make 46% discount in my book.

There is no point emailing deals with massive discounts that don't stand scrutiny and we now have fairly strict due diligence when sourcing deals. Can we provide you with 30%+ BMV around Bristol - NO. Why, because if it came up I would buy it myself. And I do on a regular basis - not Bristol as I buy in the North, but the even so - 30%+ BMV around Bristol - yes, even I would would go for that....

Last year I marketed NMD deals and what I found was there were a few sharks around, we were selling properties from sourcers that offered these deals at 25% BMV AND NMD. We marketed these deals and I'll even mention names. Whiterose Portfolios (Tom Long), and Buy2LetSuccess (Adrian Roscow) and Think Investment (Chris Gill & Tommy Tolson).

These chaps have retired, gone bust or turned out to be utter scammers, and yes, you can sue me if you dare boys..! My lawyers are as big and nasty as yours and I don't cave to death threats as some of you have found out...!

Chris Gill is being held by West Yorkshire Police (in custody as I write) on charges of 'obtaining money by deception' and 'fraud' and 'forgery' as a direct result of crossing us..!

Others will follow as soon as we catch up with them and believe me I will stop at NOTHING to achieve justice for my company and any investors that have mistakenly parted with cash with these companies.In fact we still owe Colin at OnePortfolio £4k in commision for one of Whiterose's 'deals'. For Colin's grace, I am thankful.

Back to the original question Richard - Nowaways we source and sell deals from our own supply, yes, you will need 25% deposit and our property is in the North, tenanted and cashflow positive. We source the property ourselves using leads we buy from others and negotiate to obtain a discount. This takes time and effort and for that we charge a fee. We protect our sources, our deals and they stack up to anyone who would like to invest in property the legal way. 

Come and speak with us if you seek northern property.

Kind regards

Mark

 

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Well hello Mark!

 

‘Can we provide you with 30%+ BMV around Bristol - NO. Why, because if it came up I would buy it myself.’

 

Fair enough. And why wouldn’t anybody? Which has kind of become the point of this discussion. Anyone with deals that good falling into their lap is probably going to take them themselves unless they have a very good reason not to. So anyone advertising deals that good (unless rare one-offs) is likely telling fibs.

 

New investors beware!

 

Thanks Mark for bringing this one to the fore again, as a warning to the unwary.

 

Rich

Mark I'Anson Property:

Chris Gill is being held by West Yorkshire Police (in custody as I write) on charges of 'obtaining money by deception' and 'fraud' and 'forgery' as a direct result of crossing us..!

 

 Well done Mark!  I know of several other people he crossed. I suspect they wont get their money back, but may feel as if some sort of justice is being done.

Regards, Debbie

An interesting offshoot of this discussion has moved here.

Rich