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Sourcing BMV Properties – Landlords Question

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Hi Mark (and all Property118 readers who may wish to chip in with an answer too)

I am reading lots of really good articles on your website. Great information! Your article on Richard Baker inspired me to target Northampton, thank you for that.

I actually live in London and really only have Saturdays to travel to Northampton and view properties. I was considering locating a local sourcing agent to help me (I am keeping up with Richard’s recommendations). I read your article on sourcing agents and how some mortgage brokers don’t want to lend to people where the property has been sourced through an agent.

My question is, the article was written back in 2011, has this taken hold with many lenders? Apart from Estate Agents, where else would you recommend I source BMV properties in Northampton?

I hope you don’t me asking you these questions.

With kind regards

Sondra

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Comments

  • Hi Sondra

    Please read this article >>> http://www.property118.com/?p=2321

    My advice is to forget about BMV and focus on buying the right property in the right area to attract the right type of tenants. Then based on what you find look to see what gives you the best return on your money without exposing yourself to risk.

    Also, please read my Top 20 tips. It will take a while but if you follow all the advice offered in the articles I link to and the comments others have left in those articles you will not go far wrong. See >>> http://www.property118.com/?p=35936

    Also, please read this >>> http://www.property118.com/?p=35711

    I hope that helps


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  • Vanessa Warwick says:

    Hi Sondra,

    I agree with Mark.

    Forget BMV … if you go down that route, you will get sucked into the wealth creation industry … not the property industry.

    Please read this very recent thread to understand the dangers of BMV.

    http://www.propertytribes.com/bmv-bombshell-t-7128.html

    I recently curated the “Top 10 discussions for novice investors” which I would recommend you sit down and read before doing anything more. They include my “Route map for the novice investor – 7 simple steps to purchasing your first investment property” which should give you a plan.

    http://www.propertytribes.com/top-10-must-read-discussions-for-new-investors-t-7030.html

    Once you have digested all this, go up to Northampton and start building relationships with local agents. Explain what you are looking for and tap into their local knowledge.

    If you do need help through your first deal, please contact me and I will see what I will point you in the right direction.

    My email is vanessa (at) yulpa.com

    Good luck!


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  • YourLetting says:

    On many lenders application forms it now asks where the property was found, they are not “FOND” of any place other than an Estate Agent. They dislike family, friends or property sourcing This does not mean it is impossible to gain finance, but it does make it difficult.


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  • David Muir says:

    Always a difficult situation, do you want long term value or do you want cash flow. Do you have time or skills to improve property or will you outsource. The other way is to buy a ready to rent property .
    As has been commented on already find a good agent and work with them. Not all agents are bad I am always willing to help if we get the property to manage. I am in Coventry, service is bespoke and take time to get to know you and what you want. A relationship is built over time not sourcing 1 property. Take your time do your home work, there are people willing to help use them.


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  • David, thanks for commenting. Please email me your contact details mark@property118.com


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  • I think you are asking the wrong question.

    If you have so much difficulty looking for a property in N’ampton while you live in London with only Saturday to spare, how much trouble are you going to have after you become a landlord ? And you sound like a first time landlord on your first BTL ?

    I think it is a no brainer.

    Being a (responsible or otherwise) landlord is not a foc path to untold riches. It can be pretty hard work, time consuming and stressful – but then you could get lucky, I suppose.

    PS I live in Birmingham. Had a few properties in London. They were very profitable but I sold the lot because I couldnt cope with the hassle and the time and the resultant stress.


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  • Sondra McCrohan says:

    Thanks for your response.


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  • Sondra McCrohan says:

    I do have B2L and thankfully I haven’t had any major hassles, although the property is in London. I do understand what you are saying but I figure this is where letting agents come into their own. I’m not going into this with my eyes closed, I am taking the time to research and learn as much as I can. I know it won’t always be smooth sailing, it will be challenging and I am sure a few mistakes along the way. Travelling on Saturdays is not the problem, it is not being local to snap up the deals before they go. I am rethinking location at the moment.


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  • Sondra McCrohan says:

    Thanks David, good advice. I agree with you, taking time to build relationships and do the research.


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  • Sondra McCrohan says:

    Thanks for all the great articles Mark!


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