I know that due diligence is needed when buying Below Market Value “BMV” when the vendor is in financial difficulty. My understanding is that if the vendor is subsequently made bankrupt the sale can be overturned buy official receivers. However, if the buyer was to re-sell the property for a profit? Is the person who buys the property at this point still at risk if the original vendor goes bust?
For example, let’s say a property is on the market which was purchased for £105k a few months ago but its market value is say £150k. The estate agent advised the vendor not to sell at such a low price and even made him sign a letter to say it was against their advice. The same property is now back on the market at £140K. If I was to buy this property would I be putting myself at risk if the original vendor declares bankruptcy?
Salford has a strong rental demand; professional workers like the easy access to the City of Manchester and there continues to be strong rental demand from Salford university students.
Students tend to like renting 2 or 3 bed properties near Salford University and one area that seems to be popular with students is the M3 post code. Rooms in a shared flat are rented for £ 100 and £125 per week. Continue reading Property deals to be done in Salford Manchester
It’s time for me to share some controversial views on why I believe landlord licensing to be a pointless exercise I think.
Now don’t get me wrong, I hate the fact that a very small minority of bad landlords have earned our profession a bad reputation. However, it appears they might be a necessary evil too.
Allow me to explain. Continue reading Is landlord licensing a pointless exercise?
Can you believe these were real headlines in an email that landed in my inbox this weekend? Well my spam folder actually! ….. soon to be renamed my scam folder HAHAHA
How can people be so stupid to fall for scams like this?
OK, so I’m on another one of my rants, feel free to join in by posting a comment below. Continue reading 43.06% Below Market Value – Instant Equity!
Alex has written in to ask other landlords what they would do if faced with a similar scenario of a BMV deal gone wrong. BMV means “Below Market value” by the way, just in case you didn’t know.
“I purchased a 2 bed flat (67 years left on the Lease) which was repossessed. I purchased for £80,000 but knew they sold for £125,000 so thought I was buying a bargain.
Continue reading BMV property deal gone wrong – what would you do?
All the property “gurus” (and I’ve really started to despise that word) advocate buying BMV property – “you make your money when you buy the property not when you sell it” as Robert Kiyosaki (the guru’s guru) says.
One of the best ways of doing that is buying repossessed property at below market value. Given the state of the economy, you can find plenty of these deals through estate agents and auctions and, if you are buying large numbers direct through the asset management companies. It helps enormously if you are a cash buyer and at the very least you need to have funding already in place as the seller will always want to see proof of funds before even considering an offer. Continue reading The Truth About Buying Repossessed Property
Didn’t know who else to ask about this – I was an avid user of both Property Snake and Property-Bee to research property prices and source BMV (Below Market Value) deals
Property snake seems to have disappeared from view – Google searches draw a blank and my bookmarks also link to nothing (“oops, sorry can’t be found!”) Continue reading Property Snake and Property Bee
Dear Property Ombudsman
I am very concerned about the number of readers letters that I receive from both landlords and vendors of properties who feel they have been ripped off by unscrupulous and unlicensed agents calling themselves “Property Sourcers“.
There is very little I can do about this other than offer sympathy as Property118 is neither an arbitrator nor a regulator. Continue reading Open Letter to The Property Ombudsman – Agents Operating Illegally
Mentoring courses and property networking – have I been a Plonker Rodney?
What a plonka!
Are landlord mentoring courses value for money and are many of the property networking meetings we get invited to simply a sales pitch?
When I started investing in property, back in the late 1990’s, there was no such thing as buying below market value (BMV) because the housing market was absolutely booming. Even if you were prepared to pay the FULL asking price for a property – the investor was at risk of being gazumped by a more enthusiastic investor or a first time buyer (anyone remember them?) who would pay OVER the asking price to secure their dream investment/home. Continue reading Mentoring courses and property networking
Bridging finance has quite distinct and individual features offering some very useful advantages over other types of secured funding.
The terms are flexible from one month upwards, which allows you to structure the loan to your requirements, and can often be arranged quickly with an agreement possible within 2 hours and the funds available in one or two weeks if the circumstances fit. Continue reading What can Bridging finance be used for?