Sourcing BMV Properties – Landlords Question

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!

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.

sam says:

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.

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.

Sondra McCrohan says:

Thanks for all the great articles Mark!

mark says:

I get two or three enquiries from investors each week asking
if I can help them find something here in Oxford. Oxford offers low risk but fairly low yield
on the whole, and for some, Oxford represents a safe place for those seeking
to hedge against the more high risk parts of their portfolio.

We have now set up http://www.facebook.com/OxfordLandlords?fref=ts where we can post
property that we think offers reasonable yield and best possible capital growth
potential. I agree that forming a relationship with a safe letting agent is the best
way to get to know an area………. when you are clear about what you are
looking for, contact the sales agents, where you may to choose to be a little more fuzzy
about your agenda; if they believe you are looking for a property to flip and
think you are going to offer them a resale after improving the property they
will always work hard to find you a jewel!

Mark Alexander says:

Hi Mark

Please call me on 07834 754 223 about writing a Buy to Let Hotspots article for the Oxford area. I only ever hear about the downside of Oxford and it’s Article 4 planning restrictions and selective licensing schemes. It would be nice to produce an article featuring the upsides too.