I have managed to secure 35 deals (average price £28k) and I have not really been trying! My personal quota is to buy 50 deals a month which I think will be easily achieved because of one reason:
NO ONE IS BUYING!
It just seems too easy. It reminds me of when I started out. I would buy, rent, remortgage and buy more. It was so easy it prompted me to write my first book The Buy To Let Bible.
Now it is buy below market value and rent. Repeat this process 50 times a month until the market prevents you from doing so. Then become fabulously RICH!
I have doing a bit of reading and here are the headlines:
Property Prices Fall Heavily
July and August have seen big falls as reported by Nationwide and Halifax. Their version of big is 0.5% and 0.9% per month. In my books that is nothing. However what it serves to do is scare away MOST of my competition from buying.
No First Time Buyers
No novice landlords
No professional landlords with diminished credit lines
All I have competing with me are professional landlords with either LOTS and LOTS of cash or MASSIVE credit lines. Problem is they don’t want to pay the prices I want to. In their opinion I am over paying. I can over pay as I am a long term player.
I will buy, hold and pass down to my future planned generations (if they want it) or sell out when I am too old or bored with being a large landlord.
So expect 2010 and 2011 to be the years of the cheap bottom end property land grab! Well it will be for me anyway…..
Want deals? Contact me.
Posted on: 4th Sep 2010
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