| Hopefully in selecting your cheap
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| | Once you have the list approach the
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| property for investment you have followed
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| | seller. Explain that your surveyor has
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| our tips detailed within our last article
| |
| | found that the property needs a lot of
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| entitled "How Do Property Investors Find
| |
| | work. Mention one or two of the more
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| Cheap Property". You will have looked for
| |
| | expensive items. Then prepare the seller
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| and found an area where prices are soon
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| | for a low offer explaining that the
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| to rise dramatically. You will be sure
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| | repairs will cost substantial sums and as
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| there are plenty of buyers or renters for
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| | such your offer will not be anywhere near
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| your cheap property.
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| | the asking price.
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| Now you need to talk to the seller about
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| | The next step is let the seller know you
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| how much he will accept for the property.
| |
| | are in a good financial position to buy
|
| First rule for a cheap property investor
| |
| | his cheap property. Your loan has been
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| may seem obvious but you would be
| |
| | cleared by the bank and you're willing to
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| surprised at how many investors don't
| |
| | arrange for a fast exchange of contracts
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| follow it. The rule is quite simply
| |
| | and completion.
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| 'never ever offer the full asking price,
| |
| | Then and only then make an offer. Maker
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| no matter how much you want to buy'. The
| |
| | sure its well below the asking price,
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| second rule is 'Don't just offer less
| |
| | possibly 25-30% less. If a cheap property
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| than the asking price, offer
| |
| | is on the market for £100,000, offer
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| substantially less'.
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| | £69,000. Lower the seller's expectation
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| The first step in the offer process takes
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| | level. The likelihood is that depending
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| place way before figure is discussed.
| |
| | on the attitude of the seller you will
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| Firstly get an experienced surveyor to go
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| | agree a figure between £80,000 and
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| through the property with a fine
| |
| | £85,000. That's a cheap property you
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| toothcomb. Make sure he finds everything
| |
| | will have bought and most importantly
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| that's wrong with it now and all repairs
| |
| | £15,000 extra in your pocket.
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| that are likely to be required within the
| |
| | Our next article will cover the subject
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| next five years. Make sure that the
| |
| | of builders. How to find and motivate a
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| surveyor puts a cost against each item.
| |
| | builder is an art that the successful
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| This I promise you will be money well
| |
| | property investors have mastered.
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| spent.
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| |
|
