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Converted Lurker

Singing Pig..laugh Or Cry

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Again this is a real eye opener for me, I had no idea that folk with so little perceived equity were chasing more deals. No one has replied to him when he asked where to buy these properties for 25% BMV.

Hi everyone

I am very much a newbie regarding property. Our current situation is this:

We live in one property with a £90k mortgage and a value of around £120k

We have another flat with a £70k mortgage with probably not much more value in it.

We have no cash at present.

Would it be feasible for us to start down the BTS route. How could we offer to buy any property?

Or am I asking a dumb question (opening myself up for attack here).

Phil

Hi Phil.

No doubt you will be shot down in flames. But...

I'm sure you could pull out £10k from a remortgage, which means you could buy a prop for around the £60k mark. If it's worth £90k, you've cracked it.

The only initial cost is going to be advertising.

Have you any investor friends/family who could finance a deal while you went out and found them?

If you've done enough research, and found the right team ie. conveyancers etc. then you shouldn't be thinking "How can I do this?...I'm an amateur", but "I CAN do this, I'm a professional"!

HTH

Can I say that it seems that you are letting the fact that you have little potential funds available limit your overall thinking?

In BMV/BTS what is vastly important is the ability to find deals..and get a reputaton for doing that. there are so many passive investors looking for people who can deliver deals on a silver platter for them.

You could be one of these people. If you became a top notch finder for say 12 months - you would not only make a decent wedge - but you would soak up so much information ff the people you pased your stock through.

Dont let you biggest limiting factor be cash....cash is everywhere..enthusiasm,experience, knowledge and drive are far more valuable to you that mere cash...repeat.....cash is everywhere........if you can be bothered to look for it.

Good luck!

Many thanks Craig and Rialto.

I guess it is the way we are brought up, indoctrinated, that buying property is down to us.

So, how do I find these properties that are >=25% BMV?

Phil

http://www.singingpig.co.uk/discussion/forum/?f=42&m=85215

Edited by Converted Lurker

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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