I am getting that buying feeling again.
I have been buying the odd one or two over recent months but I have not focused as much as I would have liked to as I have been focusing on building my sourcing business and running my current portfolio which always keeps my team busy.
I regularly check the property portals for deals and I have to say prices have never looked as good as now. I have put in 3 offers for some real cheapie properties at £22,000 each.
These properties will be pretty much what I have in some of my portfolio: ex-local authority flats in rough parts of Scotland! 20% yields can be had and sometimes more. They are not for everyone but when they work they really work.
And when the market comes back it is easy to get a value of £50,000 on a remortgage and release another £20,000 to buy more properties. This was how I expanded when I was younger. You would buy, remortgage and buy again.
Currently all you can do is buy at the minute but there will be a time when you can remortgage and get all your money back. This was be the old way of doing no money down.
A bit slower but still a method of getting to long term wealth. Buying is the only way you can get to your goals. Buying right just helps you to get there quicker. It is very difficult to make a mistake in property as even if you screw up inflation takes care of you and washes all your problems away.
So set yourself a personal target and get buying. Mine is 200 in the next 24 months. I will be 40 then and I hope to have 400 properties by age 40. It has a nice ring to it don’t you agree?
So what is yours?
20 properties by 2012?
200 properties by 2011? Or
2,000 properties by end of 2010?!!!!!
TELL MY TEAM
Posted on: 29th Mar 2010