Buyers Agents for Professional HMOs
Wanted to share idea we are trying in order to find more deals is utilizing a buyers agent. We are willing to pay extra for someone to find us good deals. This way we can provide more professional HMOs and also potentially buy better. Currently what is happening in Manchester is simply mad. We viewed a property that could be a 6 bed Professional HMO. Without exaggerating, there were 30 people looking to buy this property. It sold ( assuming 50,000 over asking price). This is complete and utter stupidity. After refurbishment costs…legals…SDLT…I have no idea how this investor ( I use the word lightly) can make any money. I have seen this before in my career, where prices go silly. The real funny thing though is a couple of years later no one is laughing and no one even wants to buy these same properties when they are a complete bargain…they are afraid to setup to the plate.
To too many investors find comfort in over paying….yet in the eventual very tough times ( Yes there will be some type of pull back or real estate market crash…there always is) very few have the courage to pick up the bargains…
So, in the short of this post….only buy good deals…Yes it is tough to find good deals….my suggestion is drive your focus area…look for unkept gardens or fronts of houses…..look to encourage buyers agents to leverage your time and effort. People always need to sell for many reasons…majority of these motivated sellers have patience to wait for a bank or bridger to lend money…
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