For those who want to follow my buying frenzy read on.
My offer of £6k got rejected and I was politely told to attend the auction if you want to bid. I am not buying at auction just yet. Not until I have access to guaranteed finance and I can afford to make some mistakes.
However I still have 9 purchases on the go. My cheapest property is a 1 bed flat which I have offered £14,500 and the most expensive is a 2 bed house for £25,000.
Yields on these are amazing and the total value is £185k. I reckon I will be able to buy £100k worth of property a week (about 4 or 5 properties) and refurb them and pull all my money out.
Bridge and Remortgage is back and will experience the full force of Ajay Ahuja as I try and buy up half of the North of England and beyond.
The recession is also here to stay for this year and experts say for the whole of next year. This means really low rates.
I am actually breaking one of my rules I told you about last week. RBS offered me 3.4% above base. I said not to go for trackers which are above +3%. I have to admit I am going for it as the deals I am going for are in excess of 14% in yield. I am also meeting with RBS to talk about interest rate management which means they can cap and collar it. Sounds interesting and since I am going to borrow £24m over the next 4 years getting some hedging might be worthwhile!
Do not forget we have my free Training Day this Saturday 27th June where you learn the basics of no money down investing through out the whole day!
Posted on: 23rd Jun 2009