The biggest challenges come from the stumbling blocks that get in the way and it’s your job to get rid of them, so here are some of the tips most people won’t tell you so that you can get the best deals and the best properties:
1. Learn to do your Due Diligence thoroughly so that you know what the property could be worth when you have refurbished it. If you haven’t got the tools to do your due diligence quickly here’s a link so you can get this e-book for free.
2. Look up the ownership of the property on www.landregistry.gov to ensure you are speaking to all of the owners.
3. Help the owner to get over their concerns by offering to pay the legals, the extra agent’s fees and the mortgage whilst you are working on the property. Write yourself a list of questions to ask them and put together a pack which explains what you would like to offer them – just talking about it doesn’t give them time to think about it fully and in their own time.
4. If you see a property that is run down and you would love to have a chance to refurbish it then write to the owner at the address – if they don’t live there the letter might well get re-directed.
5. Ask the Empty Homes Officer in your council about the opportunity of being introduced to the owner – there will be more about this in the article next month.
6. Have a quick system to establish how much work needs doing on the property – we renovate one property a month and transform derelict properties into 6 bed HMO’s – we spend about £10k to £15k on the refurb with basic amenities that look great. Add another £5k to these figures as you will be renovating to sell.
Don’t miss out on this exciting opportunity