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I'm looking for a property sourcer or broker who can help find run down 3, or 4 bedroom houses that would be suitable for converting to HMOs. I have been looking in the Grimsby and Cleethorpes area
Typically I'm looking to spend a total of around £100,000 on properties that need a total refurbishment and who's refurbished value would exceed the price and refurbishment cost by a reasonable margin.
Sorry I can't help other than to recommend you stay well clear of Samuel Leeds who operates in that area.
Thanks for the warning.
Hi Betty and welcome to the tribe.This commentary may interest you in that regards.I fear you may struggle to find properties that meet that criteria! Additionally sourcing fees on a £100K property could amount to £3K to £5K, not to mention the costs of the project manager, so any profit there is would be bitten into quite significantly by paying deal sourcing fees and not managing the refurb yourself imho.
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**
(*Moderator note: Content removed*). Have you tried looking on LinkedIn & try to connect to property sourcers in that area ?
You'd be better off speaking to the local Estate Agents and explain you're looking for "fixer uppers".
These so called "Sourcers" generally aren't a real thing, mostly Facebook based Spivs who might get the occasional nugget from an Agent.
Go straight to the agent and you can cut a link out of the chain.
If I was wishing to sell a property which needed major refurbishment i would just advertise on RM.
Cost would be £99
That is it.
Anyone after property looks on RM etc.
Why would you pay a scourcer to find what anyone can find.
Just put a property on one of the major web portals and then EVERYONE can see it.
There was a recent post in Samuel Facebook group of someone buying a HMO via their sourcing company and it is turning into a sizeable loss for them. so be careful you do your own research as you need to get it in the right area.
Yes, after buying 5 year Rent to Rent HMO deal in Grimsby from Buy Low Rent High Ltd for £5k and paying a £1k deposit, 2 months down the line still no tenants, property broken into, damaged and electrics stolen, giving 6 month notice to end the agreement with a minimum liability of £3k. Expensive lesson, feel for the guy. Full details towards end P31 https://www.propertytribes.com/samuel-lee...86-31.html
I have good experience of working and investing in the Grimsby and Cleethorpes area. You could definitely buy a property that would fit your needs, but it would almost certainly be in an area that would have very limited appeal to HMO residents and I fear it wouldn't be a wise investment. The market in that area is very much geared towards students and professionals at the moment, and if your budget would stretch to an extra £40-50k then you would be able to buy a much stronger asset with a higher probability of regular occupancy.
I'm happy to offer what advice I can if you think there's anything I can help with.