The blog of BuyaHouse4aPound.com, the website where to learn how to buy a house for a pound!
Monday, 15 March 2010
You are running out of time....
...to get your ticket for Rick Otton's Live Event this saturday 20th and Sunday 21st March.
Rick landed in the UK on Friday and is doing a whistle stop tour of some property events prior to his full-on weekend of training.
If you haven't got your ticket already then watch the video below with Mark Canning in it from Scotland. He came along in October last year to this 2-day training and he went away and did 47 deals in 6 weeks..!
Having just spent the last couple of days in Cork, Southern Ireland, their market is well and truly ready for the strategies that we use here.
Whilst some of the estate agents that we spoke to, just don't get it and want "proof" that it could work, there are others that get it almost before you have dicsussed how it could help people..!
Because the property market there has been SO turbulent in the last couple of years, there are so many people trapped in property that they can't move on from. The other massive problem is the lack of money coming from the Irish banks which means that it is so hard for anyone to get finance!
I presented to a group of property investors and the overall feedback is that they can't wait to get their hands on these strategies.
I found out that Ireland never had the MX "same day remortgage" product, and is only just getting "sale and rent back" over there. However developers have been doing a "rent to buy" solution on some of their empty newbuilds just to get some income coming in and to pacify the banks that they owe so mouch money to! What this means is that as a concept to most people, it is not completely off the wall. But, this has not been made available to "2nd hand properties" which is our preferred market.
What an opportunity. Oh, and of course, I found a deal... :0)
Having been travelling for a couple of days it took me a while to get back to the office to put this together, but see below a quick video from the Estate Agent and winner of the deals that I sourced in Leeds...
I had a great day in Leeds yesterday and a great bunch of investors joined me last night for my presentation on Options last night.
I only had the chance to speak to 4 of the 100+ extate agents in Leeds, but when I got to the 4th estate agent, he “got” what I was talking about. When I told the group last night that we had identified 18 possible option deals, there was an audible “gasp” from the crowd..! ;o)
At the end of the evening, Raj Limbachia (who is only 18 years old) was the lucky winner of my options giveaway. This means that I will be doing a JV with him on one or more of the deals that I sourced in Leeds. How pleased was he!!
Off to Manchester now to do the whole thing again. You still have a chance to see me this week. I will be at Manchester tonight and Birmingham on Thursday:
Manchester Date: Wednesday night (yes, tonight, 24th February) Venue: Travelodge Sportcity, Birch Street, Off Hyde Road, West Gorton Hyde, Manchester, M12 5NT Time: 7.30 for an 8pm start
Birmingham Date: This Thursday evening (the night before Mastermind 5, no excuses guys..!) Venue: Crowne Plaza Hotel (you know it well, it is where we do Mastermind trainings) Time: 7.30 for an 8pm start
Make sure you come along and it could be you going home with an options deal tonight!
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:
I have put two of the best minds in property together for one night only on a FREE webinar!
Simon Zutshi and Rick Otton will be joining me on a webinar this Thursday that you can all listen into. As you know, both of these guys are very well respected in the property industry. I don't need to tell you about Rick as he is all over this website, but if you haven't come across Simon before, he is one the most well known property investors / educators we have here in the UK.
So how do you fancy being a fly on the wall as these two professionals discuss the creative ways that you can put deals together right now, given the financial challenges that most investors are facing right now..?!!
