Property Renovations Ely

Attended a BMV (below market value) training course in Milton Keynes back in February 2006…

Introduction:

• Buy-to-let or buy-to-sell (differences in refurbishment costs)
• Where do you start? Buying right / Funding / cost of buying and selling
• No money down deals / bridge finance / deposit finance
• Are you going to find bargain property by simply calling on the local estate agents? Or do you think those deals will be kept for themselves?

Marketing Campaign:

• Flyers / Newspaper advertisements (numbers game!!!) - negotiating good rates (late ad space)
• Getting Calls
• Sorting out the timewasters at the point of the telephone.
• Analysing offers, valuing property www.rightmove.co.uk & www.ourproperty.co.uk
• Benefits of passing deals to local agents.

Negotiation:

• Remember to gear your deal to benefit the seller (and you obviously)… Never put your requirements first!
• Going round to an appointment, price negotiation 15% opening it upto 25%.
• Interest rates - consequence of interest rise.
• Development costs - your budget.

Team:

• Solicitor
• Mortgage broker
• Builder
• Estate agents

Property Renovations Ely

Today we decided to get three independant estate agents to value one of our current projects based on after refurbishment completion.

• Turner Evans & Stevens (Michael) - £129,950
• King & Co (Gill) - £131,000 - £132,000
• Mundy’s (Phil) - possibly £130,000

After reviewing the figures it seems the independant agents are in unified agreement on the resale of this particular property. Bonus!

Property Renovations Ely

Attended the County Property Auction at the Bentley Hotel in Lincoln hosted the estate agents JHWalter. There were 18 lots in all, 6 sold prior to auction and 2 were withdrawn, leaving 10 lots on the day. Auction kicked off at 11am on the dot, with the function room filled to the brim with around 150 people.

The first lot caught everyone’s interest, a 2 bedroom Victorian mid-terrace property in need of general upgrading offered by the City of Lincoln Council at a guide price of £55,000 with possible resale of £95,000. Well the bidding craze began and before you knew it the property was upto £81k, suddenly not such a great investment prospect…
All the properties / land sold on the day (except one) for the guide price or above (way above some cases), one property made the guide price but not the reserve, very interested game played by the actioneer.

The event was over in under 45 minutes, with a successful day had for the auction house…

Property Renovations Ely

There are many different avenues for making money in property (bricks & mortar)…

• Buy to Let (BTL).
• Buy to Sell (BTS) - Refurbishment or Renovation.
• Land Development (Commercial/Residential).
• Below Market Value (BMV) - Motivated Sellers (Repossession, Divorce, Quick Sale etc.)
• Property Finding - Earn a fee for finding a property for another investor.

The list above is far from exhaustive, the combinations of schemes to make money in property are almost infinate…

Property Renovations Ely

I‘ve found there are a number of outlets available to promote essential networking, finding contacts and building long lasting business relationships.

• Property Network Club (PNC) - (Ipswich, Birmingham, London, Windsor & Brighton).
• Business Network International (BNI) - Worldwide.
• Chamber Of Commerce - UK.

Specifically to property the PNC is the most beneficial, holding regular meeting with presentations from property experts. A regular feature of the PNC is speed networking, allowing all PNC members to become familiar with the experience and speciality of all other PNC member.

Property Renovations Ely Ltd

Home Buyers Show (HBS) 2006
Travelled to London HBS today to observe the latest strategies for property investing in the UK and overseas. Below is a brief summary of the companies and seminars attended on the day, plus a final summary at the end of my thoughts on the HBS 2006.

Exhibitors Visited

• Property Secrets.Net
• Residential Landlords Association
• Rightmove
• Property for Life
• Diligence
• Direct Auctions
• Land Registry
• Rightmove
• Mortgage Magazine
• What Mortgage
• Portfolio
• Your Property Empire

Seminars Attended

• Five Ways to Buy Property Less Than It’s Worth.
• How to Research & Analyse Your Property Investment for Profit.
• The Secrets of ‘No Money Down’ Deals in 2006.
• Why Houses Really sell: How to Get the most from your Estate Agent.
• How to Make it Big in Property in 2006.
• Landlords: How to stay ahead in a Competitive Market.
• How to start a Property Finding Business & find Seed Money to buy your first Deal.
• How to avoid Common Pitfalls when Buying a Home.
• How to Hunt down Real Property Bargains at Auction.

Summary
At least 85% of the exhibitors were concerned with property outside the UK, mainly Cyprus, Spain, US etc… The remaining exhibitors were focused on the UK, some offering BMV property for investment, with others offering information on sourcing deals via intelligent marketing strategies. Overall a very long day but fruitful, many contacts made, definitely recommend the Home Buyers Show to anyone serious about property investing.

Property Renovations Ely Ltd

Here’s a preview of a current project Property Renovations Ely has on going. This is a 2 bedroom detached bungalow on a corner plot with a detached garage. This particular property was purchased through an estate agent. Although a majority of our purchases are obtained privately from the vendor.

The property requires a kitchen, flooring, and general decoration throughout…
Watch this space for further developments!