Finding Cheap Properties (Yes, They Still Exist in the UK)

by | May 13, 2019 | HMO |

Regardless if you are seeking buy to lets, professional hmos or even social hmos….cheap properties do exist and come on the market. Still, in many of the areas we source properties in Greater Manchester, prices have shifted dramatically. However this is how we find cheap properties.

  1. Righmove

Rather simple, but list by lowest price. It seems the default is always highest but we look for lowest and longest on the markets. Many estate agents leave properties listed even though they are sold in order to generate interest so take that to mind.

2.Look at alot of properties that are listed

Ones with no pictures or just one are usually ones in tough shape…thus profit potential

3. Dont be afraid to make many cheeky offers but have your finance ready to go

We use the 100-10-1 rule, which says you should look at 100 houses, offer on 10, and get just one accepted. By submitting a lot of offers, assuming most of them will fall through, you increase your odds of getting a really great deal on a cheap property.

4. Set up automatic alerts on Rightmove 

We have alerts on properties that we want to buy automatically setup. We simply get an email no matter where we are & can organise a viewing it the property ticks the boxes.

5. Our favourite is For Sale by Owner

In order to save money, people list their homes with a “For Sale By Owner” (FSBO) sign in the yard or on their wall and hope for the best. However, many times these people have no idea what the true value of their home is and may consider selling much cheaper than other homes in the neighbourhood.

6. Negotiate and negotiate and negotiate again.

Never accept the first price. Obviously it really depends on the current market we are in. For example we purchased a property in Wallasey. We had another investor who wanted the property…however he was going through a bridging company and could not convey quickly as we could. When there is less competition, negotiating with the seller is one of the best ways to lower the cost of your home purchase. Be OK with losing the deal—and you’ll be on top of the negotiations. Trust your number and do not chase a deal.