The story of 10 deals in 10 weeks, when Glenn first got started - Deal 1

Posted on 28. Jul, 2009 by glenn in Glenn's Blog

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.

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