I spoke to James, the senior partner of the Scottish firm of solicitors I use when buying in Scotland.
He told me something that had my heart pumping with excitement.....
Get ready for it.....
We can do No Money Down in Scotland!
This is such exciting news for 3 reasons:
This means if you can go on massive buying sprees in Scotland as long as you can get the property at 30% discount of what the survey is.
So guess what. This is exactly what we are going to do. We will approach EVERY estate agent in Scotland and tell them to call up every vendor to say they have a buyer for their property as long as they accept 30% less than what the survey says.
So if the vendor does not have a survey that "fits" they best go out and find a survey that "fits". If they have a survey that fits then say hello to my client base.
As long as the property yields (which more do than not in Scotland) then the likelihood of building a large property portfolio that chucks out cash every month becomes an almost certainty!
I do not think property investment has got so exciting. The only thing that will stop you becoming extremely wealthy is your credit line. So my advice to you if you have exhausted your current credit lines is start speaking to some of these troubled banks. They need you as much as you need them.
I am meeting with RBS hopefully this week. I will also be speaking to my contact at Barclays as a back up. It will take me a while to utilise my credit limits with these guys.
This really could be the best year fro property investment. If you find yourself looking at property at the minute saying "where's the catch?" then join the club. Conditions are so right:
I make that Pimms o'clock! For those who have read my book "beating The Property Clock" the clock has just rung 11 o'clock. It means there may be a bit of turbulent times ahead but those that are buying (which will be the professional investors) will be having a field day!
Posted on: 15th Feb 2009