10 Deals in 10 weeks
Wallingford £40k BMV £700 refurb (2005)
I have seen your advert in the paper and I want to sell my property. I think the property is worth £120k. I can take £110k said the voice on the phone. 20 minutes later I was sitting in his living room drinking tea. I hate this place he said too many bad memories, my girl friend has run off with her boss, I have lost my job and I’m behind with all my bills. How quickly can you buy it again he said. 3-4 weeks is the norm we have done 2 weeks but we had to pay both sets of solicitors, a bonus I replied. 4 weeks will do he said yes £105,000 will be fine. Against the advice of my solicitor (good old Vicky) on exchange I gave him £1k to sort his bills out. In return he started helping my painter paint magnolia over his lovely yellow and purple walls.
One week later with the painting 50%, there I completed on the Friday. One common problem he shared with many of the other distressed vendors was that he couldn’t afford to pay his solicitors a deposit. So he used a second set of solicitors (a conveyencing firm my solicitor used to work for that she said she could work well with). I used to undertake to pay my vendors bill should the deal fall out of bed. I no longer have to do this, because of the amount of business we are now doing they have agreed to swallow the bill if a deal falls out of bed.
On the Monday he moved into his new place. A lovely room, 2 miles away paying me £70pw. He had impressed me with his comment and expression I want to sort out all my debts before I leave, I bat with a straight bat and I know where I am.
Re-mortgage is now in, I borrowed despite the valuation of £145K 85% of £135,000 as I want my rental income to be £200 more than my mortgage. This lovely 1980 built 2 bed semi with a garage has just rented at £650pm mortgage is costing me £429pm. Re-mortgage of £114,750 has given me £10k positive cashflow after repaying original mortgage and the £16k deposit and 2% interest per month I borrowed. The loan was secured on a different property.
If you would like to learn how to buy investment property below market value and would like to invest in some property training then call Darren on 01908 423700. We run many property investing courses to suit every level of property investor.
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