Everyone has their own thoughts on how to find below market properties in the UK. You can go to scourers, however in many cases they have high fees or don’t really control the property. In this short piece I will share with you ideas in which on two separate occasions found a 39 housing project to build as well as a 32 block of flats to refurbish. In my personal experience, finding great deals is that they are not in the public domain. They are not listed on Rightmove or Zoopla…However myself and my JV partners do find deals on Rightmove & Zoopla….I have found in the past unbelievable deals simply by driving around on Sundays. Sundays there is less traffic on the road and my mum also loves real estate, so we make a day out of it. I know the areas in which I am searching for. What I look for is a pile of old newspapers not picked up…mailing purging from the mailbox…grass higher than my knees….basically houses in disrepair….Could be roofs look very bad…or even old for sale signs that are rusted beyond belief.
Once you find these gems in the rough, you write the address & pay your £3 to the Land registry and start your letter campaign to see if you have a motivated vendor. My JV partners even knock on their doors….believe that or not…
These are the proverbial off market deals.
Sharing my own personal experiences, In one deal I saw a large lot with a rusted for sale by owner sign. It was in Florida where I lived in an amazing location, one block off the intracoastal ( water way to the beach). I called and an old man answered. He told me to come to his house in order to discuss. I went to his house which was a mansion in West Palm Beach. He was more interested in talking and speaking about his life than a selling price. I ended up signing a contract on the spot, subject to soil tests & title work for $150,000. I had been building houses and knew this was a steal for 39 houses/townhouses. As I owned a bridging company I asked one of my JV partners and investors if he would be interested to building the houses. I met him at the property and he thought just to flip the project. He knew a builder whom this would be perfect. 5 minute phone call and a meeting was arranged. In less than 24 hours we sold the project for $500,000. Granted I split it, but a home run. All from driving around. I have similar stories. Bottom line is that deals can be found off market by simply driving around and having all of your eyes open.
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