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One of the things I've heard stressed time and again is the need to build-in equity at the outset by only purchasing below market value. However, whilst I can see that good deals are probably available, is it realistic to expect to buy anything significant under value? Should I not, instead, expect to pay more or less market value but aim for a property that ticks all the boxes for location, demand etc?
In my search for good deals I've just subscribed to RePoList. I've cut and pasted below a (hopefully self-explanatory) email I sent them the other day and the reply I've just received. I'd welcome comments from anyone with experience of the site. In short, can it be a help? I've cut out the name of the person who replied.
Ive just subscribed. I'm looking to buy a house for cash, probably in Southampton (but would consider elsewhere). I thought Repolist would help me find "good deals" but I now wonder of that's likely? I was for example interested in this property https://www.zoopla.co.uk/for-sale/detail...s/44995147 but when I called the agent it became clear it was on at only slightly below the market price and that once refurbished there'd be little if ant=y profit in it. So I don't understand what marked it out in the first place as worth putting on RePoList?
HiI am sorry that you are disappointed in Repolist Ltd, we do offer a 24 hour free trial for the very reason that our potential customers can see if the site suit their needs.We have many happy customers and use our site for long periods at a time.Regards
Hi Jar,Thanks for subscribing to RepoList - hopefully via Property Tribes? Your experience actually proves that RepoList delivers. Although the property was on at a "slightly" discounted asking price, that was the asking price. It would certainly indicate to me that there was a deal to be done there and that more of a discount could potentially be achieved through strong negotiation.As an affiliate of RepoList, we have the data that suggests people do subscribe for significant periods of time which in turn suggests they are getting value from it. However, not everyone is in buying mode all the time, so it is reasonable to suggest that people would cancel their subscription when they are no longer in acquisition mode.RepoList is nothing more than a smarter search for landlords and property investors.See: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 must confess, when people pay thousands for mentoring, training and property deals, I find it perplexing that they do not do the due diligence like you are doing here for a legitimate product that costs £9.99 a month and supports Property Tribes as remaining free to use!
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**
Vanessa thanks for this (and for your as always very helpful replies to my earlier messages this week).
Although I think the reply I received wasn't helpful, I wan't looking to criticise RePoList, but rather understand what it does.As far as the Southampton property goes, clearly I'm no expert, but it looks to me like any other property one might expect to see in an agent's window,. Indeed, the agent told me they'd already received over the asking price. So I'm still not clear why it was deemed a property worthy of putting on RePoList.
But I shall hopefully learn more as I progress.
Thanks for clarification.Perhaps it will help your understanding that RepoList is just a curator of properties that are silo-d as "repossession", "refubishment opportunity", "cash buyer only" and "auction".Therefore, all it does, is cut out properties that are not in these silos on the portals.So, it effectively highlights potential deals - sorting the wheat from the chaff.What people are prepared to pay for such properties is obviously beyond RepoList's control. Further information - *Finding repossessed properties for sale - announcing the launch of PT RepoList
Thanks again. That makes things more clear.
Why not try propertytorenovate.co.uk? It's free and seems to do the same thing as RepoList.
Heather thanks.This certainly looks interesting..
I just searched my home town on propertytorenovate.co.uk and as far as can see it simply lists anything that contains key words, such as cosmetic, refurbishment, opportunity, potential, development, planning, etc.
The prices seem to be inline with the market for their location, condition etc, if they are cheaper its almost undetectable.