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I've spent the past 2 years deciding what to do with the proceeds from an inherited property. I've narrowed my search to 2 towns and walked the streets of both many times, casually viewing properties for sale and the immediate areas. I've spent countless hours on this forum and other property sites, studied tax manuals and legislation and asked 'what if?' many, many times. I finally decided on one location.
I felt well informed and prepared to arrange some formal viewings. I had carefully selected a manager within an agency that covered most of the criteria I hoped for - a commercial unit, a residential unit to share with lodgers plus another residential unit, but not on an AST. Was I prepared? Hell no! For the first 15 minutes she ran circles around me, a credit to her knowledge and experience. I finally regained some form of control by blurting out relevant pieces of legislation and confirming that I really wasn't interested in 'those wonderful properties that would be much better for me'.
Armed with a few brochures and and exchange of details, I took a walk through the town. I paused to look at one of the mixed use properties, currently vacant. A mature couple approached me and asked if I was from Swindon, which surprised me. They were the owners and had been waiting in the hope that I would pass by. I was still recovering from the previous meeting and now found myself on a whistlestop viewing.
I could hardly take in the viewing but the couple very quickly earned my respect and made me reconsider the impact on people of any potential purchase. They were concerned whether I would retain the current residential tenant, they also had a commercial tenant available and waiting but didn't want to commit just in case I intended to purchase for my own business. The third unit was in need of significant repair but all asbestos had already been removed in preparation for this. The proceeds from the sale were funding their retirement plans.
I had already considered the potential impact on the residential tenant. I hadn't really considered the impact on the vendor. What really hit me is that there is a local business person hoping to earn an income from this property and a local community hoping that the business will continue and not become another commercial property converted to a flat.
It's been a good learning experience and there is now a lot more to consider than whether the numbers work.
A good teacher must know the rules; a good pupil, the exceptions.
Martin H. Fischer
Hi Gary I like your frankness. I agree it has to be more than just numbers (hard as it is for an accountant to say that!). Humanity hopefully still rules the day! I hope you buy this property and it all works out. I would appreciate an update.
Chartered Accountant, Tax Advisor and Mortgage broker
(and BTL portfolio owner)
Having slept on it, I've decided its not for me. I think it will be better to go for the property in this thread, or something similar.
As I go around trying to find deals I encounter a fair bit of human misery walking around peoples' homes who are clearly in trouble. And sometimes you just don't want to get involved, no matter how much you could potentially make, your conscience is worth more.
I guess sourcers find these people, package the deal, sell them on and someone makes a lot of money on it. This is the fabled BMV