Myself and our JV partners are constantly looking for deals in and around the Manchester area. We look to buy and refurbish HMOs as well as conversion projects in which we can make flats. We are always looking for the proverbial needle in a haystack.Yesterday we found two great potential deals that we are viewing. One is a Victorian house to make flats – Deal size about 300,000 with a potential profit of 120,000…The other is a commercial piece in which we bring back to 3 houses. This is a very cool one as it has beautiful architecture. This deal is about 240,000 and could bring back 310,000 maybe slightly more. Both of my colleagues want to buy both. Currently we have going 2 Social Housing HMOs which are finishing shortly & hopefully sold and 1 Professional HMO in which we sell. Another Professional HMO is in a FANTASTIC area and will be 5 En suites. This we will probably keep unless makes us an offer we can not refuse. It is a hop skip away from the train straight into Manchester.
In order to move at the pace we are moving…We need 3 things…Deals…Money…and Good negotiation skills.
Our Negotiation Tips
1. Try to get as much information nicely why the vendor is selling
2. How quickly they want to do a deal
3. What price they are looking for ( this way we know if they are realistic)
4. Is that price flexible?
5. My favorite- What will they do if the property does not sell…
6. We let the other party speak. We have 2 ears one mouth…Use them to the best
These all determine motivation. We seek highly motivated sellers.
Recent Comments