How many of you wish you could have purchased ( if you had the money) back in 2010. Property was cheap yet fear was rich. The reality is most money is made when there is forced liquidations.
The Bank of England has virtually predicted the next recession with the interest rate cut of 0.25%. Some businesses have been cutting back already and redundancies are increasing. We have a choice, be fearful and stop or simply look to buy the best deals out there. Make tons of offers. This is exactly what we are doing. Having been a full time property investor for 22 years I’ve weathered my fare share of storms. I’ve seen the fool-hardy get sunk by the dangers and the educated come out on top.
We are making offers of at least 20% bmv. We are in the process of conveying a property in Worsley, Manchester. It is a fantastic area right near the train into city center. We bought a property 2 doors down last year for 74,000 put in a great deal of money in the refurbishment and sold it for 160,000. We made a very nice profit of approximately 50,000 in less than 6 months. The property we are conveying we are buying 84,000. It is in better condition. The reason we are purchasing so low is the family is in need of urgent funds to pay for the care home for their mother. There was no mortgage on the property and first time buyers did not step up to the plate as a refurbishment was needed.
We are creating value with this property making it into a 5 bed En suite which on a low side should rent for 100 a week maybe even higher. This is a no brainer property. Recession or no recession. The key is buying right. We will make the property to a high standard. The below pictures are the example. We sell some of these HMOs as well as the Social housing HMOs and keep some for ourselves..
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