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  • Property-a-holics

    How has your 2010-2019 decade been?

    Rubbish, been searching for a place since 2009 and still having no luck
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    It's been my first decade and also my best.
    Multiple properties acquired and working mostly well so far. 
    Some hurdles and money lost along the way so by no means plain sailing
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    I finally bought my first BTL in 2010. I had been looking to get in to property since 2004 after attending a seminar by the infamous Instant Access group. Fortunately I was savvy enough not to fall for all their BS. I refinanced my PPR in 2005 to provide a £100,000 fighting fund but thought at the time there was a property crash coming courtesy of HPC website. I delayed my entry until 2009 and had five BMV deals fall through before acquiring my first BTL. I now have seven vanilla BTL’s and a 1/3rd share in a eighth which I inherited mortgage free.

    My strategy to date has been to invest in high yield houses or ex-LA flats in Wales and the north of England. My portfolio is geographically spread with different letting agent managing each property. I have a stressful day job and struggle to find the time to devote to building my property portfolio. Because of this I have used deal sourcers to find most of the properties. My experience with them has been mostly negative. Deals that appear to be BMV are usually nothing of the sort or exploit pricing anomalies that make them appear so when you do your DD.

    By 2013 my fighting fund was almost depleted and I sought JV opportunities. That is when my problems started. Despite extensive DD I got caught out twice by two different scumbags.

    I bought my last property in 2018 the first where I did not use a sourcer.
    I have had my share of bad tenants over the years. Couple this with bad JV deals and it has taken quite a toll on my mental health.

    Would I do it all again? Hell, no. Putting 100K into my pension would have been much less stressful and probably more profitable? Most of my properties have seen no capital growth in the decade. I bought for yield but I did not expect that.

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