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  • Property-a-holics

    Looking for investor(s) Lewisham area

    Hello,
    Working on the flat above the shop; 2 (3 if rented per room) bed; split between two levels, high demand (students). It is company sale, the asking price £155000,; leasehold - 118, flat was purchased in 2002 for £118000; FMV by NationWide - £164000
    Needs small upgrade (carpets, redecoration, bathroom, and possibly kitchen) or just refreshment as it can be rented almost instantaneously. Currently rented as a hole - £800; realistic rent after upgrade - £95 p/w per room. Close to all amenities and walking distance to Lewisham station (7 min).
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    What do you mean when you say FMV by NationWide? Are you saying you have a current valuation or are you saying you used the NationWide index to guestimate the value?
    What is the situation with the freehold? Is it owned by an independent entity or is it owned by the shop owner?
    John Corey
    Follow me on Twitter-> https://www.twitter.com/john_corey
    https://www.ChelseaPrivateEquity.com/blog
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    John Corey 


    I host the London Real Estate Meet on the 2nd Tuesday of every month since 2005. If you have never been before, email me for the 'new visitor' link.

    PropertyFortress.com/Events

    Also happy to chat on the phone. Pay It Forward; my way of giving back through sharing. Click on the link: PropertyFortress.com/Ask-John to book a time. I will call you at the time you selected. Nothing to buy. Just be prepared with your questions so we can use the 20 minutes wisely.

    Tomasz,
    Good on you for taking some initiative.
    However, I the same questions as John (and more!).
    Also I assume FMV= fair market value?
    I also presume that you've not had a survey?
    Basically there is a lot you'll need to cover. It might be a good idea to attend one of the networking meetings, armed with some solid numbers and evidence to back it up and you might have some luck.
    I really hope that helps and best of luck.
    Regards,
    Ahm
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    John, Ahmwaah,
    Thank you for comments.
    Yes, I should be more specific. FMV, indeed I meant fair market value and this is an estimate based on Nationwide calculator. There is no comparison, as it is different to anything around, so I presume a proper valuation could be needed. If I would like to do it myself whom should I ask to do so and how much it could cost? The £155000 is listed by the selling agent and based on the location of the property
    OK, this is good starting point for me. What details should I have in hand to be on the good position to source a property?
    I inquired for details on freehold. How important such information is when buying a leased property? This particular flat is owned by the private company and managed by the commercial lettings company.
    I also will need some more experience to able to asses refarbs required Smile
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    Q: If I would like to do it myself whom should I ask to do so and how much it could cost?
    A: Colleys https://www.colleys.co.uk - will cost you around £300. I had one done this morning & takes 3 days to get report
    Q: What details should I have in hand to be on the good position to source a property?
    A: No sure what you mean. I thought you had already identified the property? Anyhow most property investors will look at net yield, monthly cashflow, street trading history, area history, comparables via Estate Agent, type of tenant you're likely to get, etc. It also depends on your strategy - e.g. BTS or long term rental. I really suggest that you pop into a good book shop take out a few property books and start reading. If you want some suggestions come visit me in Kings Cross and I'll show you what I've got.
    Q: How important such information is when buying a leased property?
    A: Don't understand the question. However, you can log onto the land registry https://www.landregistry.gov.uk/ pop in the address and download the title (£4) that will give you a lot of info.
    I hope the aforementioned has helped. I really suggest you visit a few meetings, talk to a few people (in person) and get some good books in your hand - your knowledge will accelerate a lot faster then.
    Remember 'you don't have to be great to get started, but you have to get started to be great' - so it's good your making a start. Best of luck.
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    Ahmwaah,
    Thank you for this.
    John was asking about freehold situation, so this buying leased property question was referring to this. I asked the agent and he sent me the name of company who has a freehold and owns flat and the shop too.
    I will keep in touch.
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    Hi Ahmwaah,
    This house we spoke yesterday, well it has been sold before we came back to the office. I had a 'gut' feeling that it was a good deal but now it is a history Smile There will be more.
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