Partner required to buy properties at Auction

by Readers Question

4 years ago

Partner required to buy properties at Auction

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Partner required to buy properties at Auction

I’m looking for a like minded individual who, like me, wants to buy properties at Auction in the area where I live – Brighton Partner required to buy properties at Auction

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

Mark Alexander

4 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.
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Tony Church

4 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

Mark Alexander

4 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?
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Tony Church

4 years ago

Yes sure that would be good.

Mark Alexander

4 years ago

Reply to the comment left by "Tony Church" at "12/11/2014 - 22:37":

Done 🙂
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Richard Roberts

4 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

Tony Church

4 years ago

really? 400 k dream on,

Richard Roberts

4 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.

Milena Toncheva

4 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...


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