Property is Problem Solving
Had a discussion with our JV partner the other day. Not that we were moaning regarding problems ( issues) but he so profoundly stated…”Property is problem solving”. This week seems to have been resolving( attempting to) many issues. We are selling a Professional HMO and the buyer could not decide how they wanted the HMO license titled. Back and forth and 800 qid further the issue( problem) was solved. We are in the midst of selling 7 Social and 1 Professional HMO. Each one has issues. One social housing was supposed to convey today…however the buyer from Dubai flew out of the country and could not wire the funds. We have another 6 bed social HMO we are selling for cash and yesterday we were told they wanted a mortgage. Just finished explaining via email that most ( all ) lenders have an issue with Social HMOs and avoid lending. Then we have a new buyer for a 4 bed social HMO in a great area near Manchester. We did a memo of sale 1 month ago and as one of the conditions is that they commence with a survey. Since the beginning of March every week we have asked. Phone calls not returned…emails not answered….Not a worry, just an issue. Now there are now new longer contracts on these social HMOs and we are selling most. The next issue is, we can not replace what we have. Most areas are closed for procurement…So we solve the problem ( issue) by looking at flats and conversions. There are always solutions. Just have to keep on going…Have faith…Quitting is not an option.
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