Partner required to buy properties at Auction
10:21 AM, 12th November 2014, 11 years ago
9
Categories:
I’m looking for a like minded individual who, like me, wants to buy properties at Auction in the area where I live – Brighton
I’ve up to £100k cash, not enough to buy something outright but my plan is to buy at Auction, do it up and sell it on the open market within a short period of time and then move onto the next one – repeat and rinse.
All the best
Anthony
Comments
Have Your Say
Every day, landlords who want to influence policy and share real-world experience add their voice here. Your perspective helps keep the debate balanced.
Not a member yet? Join In Seconds
Login with
or
Member Since January 2011 - Comments: 12196 - Articles: 1396
10:26 AM, 12th November 2014, About 11 years ago
Hi Anthony
If you are so confident that you will make a profit why don’t you simply borrow the money?
If the cost of 50% bridging finance is too expensive then why do you think the returns would be attractive to another cash investor such as yourself?
You will see that I have chopped out some of the text from your readers question because we don’t have a private messaging system and because we don’t generally allow people to post their email addresses or contact details on our forum. Property118 exists to facilitate the sharing of best practice.
.
Member Since November 2013 - Comments: 35
10:15 PM, 12th November 2014, About 11 years ago
Hi Anthony
I agree with Mark, but I know what you mean Anthony I am also interested in the same method as you are maybe we can network or hook up and do something together some time, as I am quite local to Brighton.
Let me know what you think.
Thanks Tony
Member Since January 2011 - Comments: 12196 - Articles: 1396
10:19 PM, 12th November 2014, About 11 years ago
Reply to the comment left by “Tony Church” at “12/11/2014 – 22:15“:
Hi Tony
Would you like me to pass on your contact details to Anthony?
.
Member Since November 2013 - Comments: 35
10:37 PM, 12th November 2014, About 11 years ago
Yes sure that would be good.
Member Since January 2011 - Comments: 12196 - Articles: 1396
10:52 PM, 12th November 2014, About 11 years ago
Reply to the comment left by “Tony Church” at “12/11/2014 – 22:37“:
Done 🙂
.
Member Since August 2014 - Comments: 8
1:02 PM, 13th November 2014, About 11 years ago
I know the rule is purchase in your local area so that you can manage the property and development but there are options to make you money go further … in other areas.
I have just purchased an eight bed victorian house in an up and coming area of Liverpool for £100,000 (JV deal) and developing it with £50,000 into a ten bed HMO. Income will be aroung £40,000 to £45,000 pa. The valuation in 6 months will be around £400,000. so we will be able to mortgage it for £300,000 on a 75% LTV.
I see loads of properties in Liverpool auctions on really good deals.
Others areas of the country can bring in a better yield and ROI, if you do your due diligence and work with trust worthy people.
Just a thought…. all the best Rich
Member Since November 2013 - Comments: 35
1:47 PM, 13th November 2014, About 11 years ago
really? 400 k dream on,
Member Since August 2014 - Comments: 8
6:50 PM, 13th November 2014, About 11 years ago
You are right I got the value wrong but I would like to know how long have you been purchasing property for?
I found a tired landlord who desperately wanted out of the business and agreed price of 100k (evidence of purchase is available to public). I have an excellent Powerteam of people helping me to sort out the purchase and development (including a fantastic builder, name not available!) for 50k.
The house will be a fully licenced HMO with 10 beds each room is going to be let out for £100 (or even £105pw – high demand) which means that the annual gross income of the house will be £100 x 10 x 52 = £52,000, therefor the commercial valuation will be £52,000 x 9.375 (standard industry rate) – £487,500.
So you were right the valuation of £400k was wrong, it was actually £487k
Good luck with your property investments.
Rich.
Member Since March 2014 - Comments: 9
10:02 PM, 13th November 2014, About 11 years ago
Reply to the comment left by “Richard Roberts” at “13/11/2014 – 18:50“:
Hi Richard, do you source deals for others? I will be interested to chat with you for potential JV…