Finding great property deals in Manchester is not overly easy in today’s market. Maybe London is slowing, however Manchester is very in demand due to the healthy yields both in buy to let and in HMOs. We seem to be getting outbid and prices are shifting in one direction….UP!
So how do you find good property deals? I have a short list with my JV partners and it starts with communication…..building relationships with estate agents…doing what you say you will do….and much basic property sourcing ideas which are not rocket science. The real difference is that we have built relationships with estate agents and we answer emails quickly….answer all calls….speak to everyone and anyone. I feel this is why we find GREAT deals…..Most people don’t do this. There is a communication disconnect. There is an integrity lack.
For example we just bought a 5 bed HMO for social housing which will generate 14,950 per year….with no expenses….no management …We were bidding against another group, whom the estate agent told us, they simply did not perform. They offered more money than us….but we have purchased numerous properties from this agent and she was tired of nonsense. We had a structural survey….did a pencil search and we are off. This is an example of building relationships with estate agents.
Finding great property deals is as simple as the following
- Driving around and searching for neglected properties. They are out there
- Do a mailing…make your letters somewhat different….potentially hand write them…and most importantly…when people call you and you are not in…CALL them back. I know so many that get leads and do not follow up.
- Knock on doors. Yes….knock on doors of neighbors of houses that look abandoned. They do not want a poor looking house next to them. They will tell you who is the owner or who to contact.
- Network at the PIN meetings. Go up to people and introduce yourself to people and ask them what they do.
Mostly under promise and over deliver. I have heard all too many times….Leave it with me….and yes….it is left…