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Hi every one.
This is my first post here, as am sick and tired of these so called property gurus who can make a property millionaire overnight, but they want my cash not in hundreds but thousands to do so.
I want to buy properties in near derelict state then add value and sell or try in to BTL.
My question is , where does one go to find BMV properties? is there a website i can look at or is just a matter of driving around till you see something?
Any help would be very much appreciated.
Welcome to PT Az.
I think you are one of many people thinking and now saying the same thing about these so called property gurus.
Though I am self-taught (making mistakes, asking questions to real investors/landlords) I have to say there are good property investors out there. I have had good experience with Hanif Khan and Simon Zutshi.
There are many BMV websites, though I have never purchased from here. Plus your own Due Diligence ALWAYS needs to be performed. Also, BMV can mean different things to different people depending on their strategy and capital.
It difficult to find these properties I admit, but its not impossible.
Where are you looking to invest?
Good afternoon Richard, Thank you for your reply.
Am trying to learn by asking questions just as your self, the gurus are not genuinely teaching anything that you can't learn by research in my opinion.
I do use Zoopla and Rightmoves etc. However i wondering if there was other websites that i don't know about, if you any that you know of i would appreciate the info.
Am looking in the South East of London ,Kent, Manchester anywhere that represents value for money. Again any pointers would be welcomed.
People talk about buying properties at 25% plus below market , i guess that's what i mean by BMV.
My strategy is to replace my income through property rather than a job.
Look forward to chatting.
Good Evening AZ
You are welcome.
If you google search BMV properties you will find the sites. However be VERY cautious. The so called guru's may well have websites too?
You may find these "guru's" have attended training courses themselves and now use that to sell on via training/professional consultancy or as an online estate agent offering BMV properties.
I'm located in the Northwest, Liverpool and surrounding area. Therefore my knowledge of SE London & Kent is more than limited. Other than its bloody expensive to buy. Though there may be FLIP opportunities. I am myself looking for these opportunities for myself or my clients. (but local to me)
Yes, people tend to talk about BMV being 20% - 25%. (The idea being when you refinance you pull your money back out)
Your objective is replace your income through property, rather than a job. What is your strategy to get there. Plus financial freedom means so many things to different people. Simple terms.
How long will it take you to replace what you earn now. Maybe you are only starting your career so may not take too long. However what about in 10 years.
And believe me property investment/management is a job. Be it a very enjoyable one.
We are just currently going through our 3rd purchase of a property of this type. We have bought 3 that are all within 2 miles of one another. We have always used our local knowledge to our advantage, just searching Rightmove/Zoopla and as @Richard Lyon states above, doing your own due diligence. Check out recent sold comparables, what you think the value could be after refurb. Obviously the biggie is getting a handle on the potential refurb costs, then pitting the correct value offers to the owners via the agents. I do this by sticking to strict criteria using calculators for Actual Net R.O.I including all taxes etc, basic yield calculations and also a 2 year R.O.I figure incorporating a refinance value and and cashflow.
Don't see the need to pay a sourcer for somebody who has a keen interest/is serious in property. Have been looking myself though into changing the sourcing market for our area, helping people who either want to get onto the b2l scene and either don't have time or are unsure of the pitfalls when purchasing. This would be a much cheaper/realistic sourcing fee, along with realistic BMV properties and a personal guide through the process so that the purchaser can take it away and see the whole process through and if necessary be fully competent in going off on their own for any further purchases. This is a year or so off though, I want to ensure everything is in line before commencing.
Hello , really appreciate you taking the time out for me.
I do not have any calculator that you guys use, if you could share that would be awesome.
I for one would be your client for the scenario you mention in paragraph 2, just a pity its not now, when i need it ,lol
In the mean time could you point me in the right direction to source these BMV's?
Hi Az,Welcome to the Tribe.There are numerous way to be able to source discounted properties, and I have curated many of them here:Top 10 Property Tribes resources to learn how to find property dealsProperty is very much a "people" business, so getting to know local estate agents in your area, and building relationships with them is a good way forwards.You can ask them to notify you if they have any buyers pull out of a deal, as you may be able to step in and keep the transaction alive.You can also chat to people in your local community asking if they know anyone who is looking to sell. Becoming known and trusted in both on and off-line networks will result in the deals finding you, rather than you finding the deals, but it is not a quick process and needs a significant investment of your time. You should aim to build a digital footprint where you become known for what you do and this will attract people to you.Also, take a look at our "Deal Sourcing Week" content:Deal Sourcing Week 2016 - powered by RepoListMonday - An overview of deal sourcing & the different channelsTuesday - Deal sourcing for newbiesWednesday - Looking for the anglesThursday - Dispelling the myth about Below Market Value (BMV)Friday - Crunching the numbers & stacking deals. I would recommend that you digest all of the above before taking any further steps.I hope that helps and good luck!
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
Thank you so much Vanessa, this is awesome.
Vanessa is so right, I don't know why there's all this talk of gurus and sourcers on here lately, it's all nonsense taking a cut of your profit.Starting out you'll probably struggle but as you buy more, do more, meet more people and the agents realise you are serious, have money and do buy when you say you will, they'll look to you, but also other people will start to ask do you want to buy this and thay to avoid agents etc, There's loads of opportunities just got to get out there, I wouldn't worry too much though, good time to buy right now I reckon.
Though I see where you are coming from I wouldn't agree all property investment training or sourcing are complete rubbish. I would agree that there are people making money from both and they are rubbish. For example sourcing is a good option for any investor to use if the deal stacks. But the investor needs to know it's a good deal. This is where some training/ground knowledge is needed.
As am sure you will know a good deal is not solely on one factor. It really should be ticking 3 or 4 boxes.
Starting off in any game is difficult and people seem to start off in property knowing virtually nothing. (I did) So any good honest help must be a good thing. PT is a prime example and it's good we talk openly about these topics.
What are your thoughts my friend.
Thank you Mark, Am gonna take your advice and get out there.