Go to a town, find a deal, give it away..!

That might sound quite ambitious, but I was very pleased to be asked by Yvonne Emery to be the speaker at the Peterborough Property Investment Group (http://www.petpig.org/) recently.



I got a bit carried away when she asked me what I would be speaking about and what I intended to do on the evening; I said to her that I would come up to Peterborough for the day, spend the day in town speaking to Estate Agents and see if I could find an options deal.



Well, that all seemed really good in principle, however the only problem was that I did not leave Kent until later than I intended and didn't actually get to Peterborough until 3pm. Ooops, I thought. I may have really "shot myself in the foot" here as I will look very silly when I see everyone tonight and they all think I have a deal that I am going to give away and I haven't found one..!



Anyway, apart from rushing back to the car every 30 minutes to put more money in the meter (gosh it is expensive to park in Peterborough!), I just about had time to speak to 3 estate agents. They all new about property investors, and joked that every time Rob & Mark (from Progressive) do a course, they get inundated with "property experts" looking for 30% BMV deals...



Well the first estate agents I went into, they just weren't interested in what I had to say at all. There were 5 empty desks, where they had laid off most of the agents, but they were keen to tell me how bouyant the market is...



The second agent got what I was talking about, but had to rush out to do a survey on a property, so we may catch up soon. However the third agent really got it and within about half an hour had identified a property that we could do a deal on.



In a nutshell, the owner owes the mortgage company pretty much what the property is worth. She is desperate to sell and move on becuase her fiancee lives far away, they both want to get married and emigrate to Australia. None of this they can do because their mortgage will still need to be paid if they leave now without a buyer. They have the property up with three agents and are getting nowhere with any of them.



We have basically agreed to buy at the amount the mortgage is outstanding and allow them to move on with their life as soon as possible. She cannot believe her luck and at first did not think I was being serious. We are obviously very serious and will be using an "Instalment Contract" to sell the property on to another buyer, probably at the same price, and will make a bunch of cash from the transaction..!



On the evening of the PetPIG event, I put everyone's name in a bucket and we picked out the winner. Pierre Tanner was the lucky guy and we are doing a Joint venture on this property. My knowledge, his legwork... I think he should net about £30k from this. Needless to say, he was very pleased!!



Have a look at what the Pierre and the estate agent had to say about it all in the video below: