Finding the deals

We find good leads: 

Our property leads come from online sources or directly from estate agents who we've built up good relationships with. Before we even go and view the leads, we first do checks to filter down the very best leads out there. These checks include: 

Location of the property

The property should be located in a decent area close to amenities, such as transport links or places of work (as a rule  of thumb it should be within 15 min walking distance to places of work of town centre).

Size of the property

We are mainly concerned with the size of the property when it comes to HMO's (Houses of Multiple Occupancy). Our HMO's need to be able to fit in at least 3 bedrooms (not smaller than 6.5m2 each)

Rental demand

Before we go and view the property we want to make sure that there is a rental demand in that area. We use online sources as well as speak to estate agents when getting a rental insight about the area. 

Condition of the property

Depending on what investment strategy we are going for, we usually want this to be either good or bad.

Market Price

We have got good at valuing property over the years, it's important to take note of the current market value of the property and compare it to the asking price. If renovation works will be done we will also estimate the After Renovation Value (ARV) to ensure a good Return on Investment (ROI) is achievable. 

 

We view the properties:

Our checklist continues for every property we view: 

Street: 

We usually arrive slightly early to each viewing appointment to check the street and get a feel for the area. 

Outside of the house: 

From the street we check the external walls and roof for any obvious structural issues such as large cracks or a bowing roof. We also check the roof for missing tiles and broken windows (general condition).

Condition: 

General condition- walls and floors looking for damp or cracks

Switch board- check the electrics and see if they are dated and need replacing 

Boiler- check if its fairly new or old and when it was last serviced 

Inside of the roof and ceilings - check for damp coming through the ceilings and check if the felt lining needs replacing. 

Measure: 

Briefly measure room sizes to confirm there's enough space for what we intend to do.  

 

Numbers, Offers and Negotiations 

Once a property has passed all these above checks we have one last final step: 

Number crunching:

We check the best, realistic and worst case scenarios. 

From these we figure out what the maximum offer is that we can put forward and negotiate a price. 

 

Acceptance & Sale:

If our offer gets accepted we will package it up, display all the benefits of the property and email it out to our investors on Thursday at 9am. If you like the look of one or more of the deals, simply follow the steps showing you how to reserve the deal on the email.