Buy To Let Blog
Not our comments but Buy To Let Blog comments
Blog: Folks -
I've just returned from another auction empty handed. Two weeks ago I had 12 potential properties, and then gradually I wittled those down to just three. Having done my numbers I went off to today's auction with my "ceiling price" written on the palm of my hand in ancient hieroglyphics.
As per usual the bidding all started pretty close to my ceiling and either failed to make the reserve or went to some astronomic figure where there was no way the buyer could have made a profit.
As I left (empty handed) I started to wonder if auctions are still a good way to find properties that can be renovated into good BTL properties (or flipped for a quick buck). The auction rooms appear to be full of
a) people buying properties to live in
b) novice BTL landlords who's margins are too low
c) investors who are still counting on the market to rise or
d) builders who aren't factoring their time into the cost of referb
Am I right ?
How does everyone else find their BTL properties ?
Apologies if this is a well worn discussion, but let's have it again for old times sake ..and all the new members like me ;-)
Blog reply: Just an idea but look at the areas you are interested in, then look at all the new developments in those areas.
There are deals to be done so call each one and find out what deals are on the table for a quick completion.
I did exactly that in one area I was looking at and got 18% off the price if I compelted in 28 Days, saving £28k. The Norm was 5% cashback so benefited by 13% making it a good deal in my view.
Worth a try.....
Blog Reply: I find 90% of mine thru estate agents, I do venture into auction rooms, but only rarely.
I can keep control of a sale throughout.
Actually I really don't like auctions, too much time gets wasted.
Blog Reply: From some of the property programmes on the box, it would appear that there are still some bargains to be had at auction, but they are few and far between for the reasons stated by PJ in his initial post. I discovered this a number of years ago and have found that a bargain can sometimes be obtained by making an offer prior to the auction, but networking, and helpful estate agents are usually the best sources of Below Market Value properties.
Blog Reply: Also if property fails to make reserve at auction approach the auctioneer as by definition the seller is now probably about as distressed as is possible!
Blog Reply: Go through estate agents.
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