Samuel Leeds - Magic Words To Get Bargain Properties
Have you always wanted to find out how to get a property 20% below market value or even a bit more? Can this be repeated time and time again or is it just a one of special find?
I will show you step by step how you can get a property 20% below market value time and time again!
I have always said it is important to make sure you when investing you make sure you get a minimum of 20% Return On Investment and it’s not so important about getting the property below market value, However right now in 2018 there are so many opportunities to get your hands on houses 20% below market value that it would be silly not to!
If you get yourself an investment property which is 20% BLV and 20% ROI that is where the real money is at. So here it is, the magic to very easily being able to get a property 20% BLV…….
Step 1 - Find the property.
The property you are looking for BLV you also want them to be getting a high return. Properties that give you a high return are typically properties that you buy low. This is due to if you buy a house worth £5000,000.00 the rent is not that much more than a property worth £100,000.00. So you will definitely be looking for cheaper properties or the correlation will not be there. So try this now and yes I mean get out your computer or phone and go to Rightmove right now and you will be astonished at the results. Type in an area anywhere north of Birmingham (Manchester, Liverpool etc) and put in a price of £50,000 to £75,000.
Put in the search of a 40 mile radius and you will find there are thousands and thousands of them. Now rather than searching from lowest or highest priced on rightmove put in longest listed. You will find some of these properties have been on the market for a very long time which will probably mean the sellers are very motivated.
Now look at the properties and it is very simple to value one that you think might work.
Make sure the asking price is the same as the market value.
Once you have done this you need to move on to …
Step 2 - Ring up the estate agent!
Now you might be thinking Oh NO! This is the bit I don’t like, I hate calling the agents!
But the truth is Yes to make money and Yes to get results you are going to have to do a little bit of work.
You are now going to call the agents and here are the magic words you need to say.
“Hi Agent, I’m ringing about the property on Church Street worth £50,000. Do you know the one?”
You are going to say do you know the one as you don’t want to be like amateur investors that just start spouting off about what you are going/want to do etc. The person who might have answered the call might just be the mortgage broker who happened to be near the phone at the time you called. The agent will then confirm they know the property you are talking about and then here are the magic words you are going to say.
“I don’t want to offend anybody but I can probably only afford to pay for that house about £40,000. (20% BMV) I don’t want to offend anybody so is it worth me making a viewing or not?”
Then if at that point the agent tells you it is worth you making a viewing they then can’t moan at you when you put an offer in of £40,000. (20% Below Market Value). Also if they have told you it is worth you making a viewing there is a very good chance the estate agent knows that the vendor will take that offer.
Step 3 - View and Put in Offers
If you spend a day making phone calls and then book a day doing lots of viewings (ten) on properties that have all qualified BLV. You then offer 20% BLV on all of them and say only 5 accept, you will have just bought five properties all 20% below market value!
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