Archive | July, 2010

Today I had a lucky escape – read the legals!

30 Jul

Today I was again reminded of the importance  of doing your homework. I have been umming and arrhing about what to buy at auction and having viewed loads of properties in London and checking the values I finally decided I didn’t like the London flats that much and decided on a cheapie flat in Shrewsbury.

It wasn’t really an area I knew much about, but the figures made sense – guide of 33k against an end value of c. 60k and a rent of £300-325pcm meaning double digit yields.  I decided at the last minute to go to auction and buy it – but just before I left I thought I better take a quick look through the legals. All looked in order apart from a paragraph in the lease which I didn’t fully understand…not wanting to take a chance I emailed it to my solicitors to get them to explain it to me.

The auction was about to start so I raced to the train station. 5 mins into my train journey my solicitor called and told me what the paragraph meant “If you buy that flat you have to live in it – you can’t rent it out”. Shit – I was about to buy it for the double digit yield! Not only would it impact me, but it would also have an impact on the resale as I thought it may appeal to another investor when the time came to sell – but this would cut out a huge part of the market.

Bugger I was now on the train but with nothing to buy…and I didn’t trust myself to go to auction and not buy anything! Then I remembered there was a viewing for a property that I liked in an auction next week – so I jumped off the train at the next station, raced home got the car and made it into North London just in time to see a lovely flat – now on my hit list!

Having just checked the results for the flat in Shrewsbury it sold for just £32k…great price as long as the buyer intends to live there!

Today I am kicking myself!

28 Jul

Today I am still kicking myself for not attending an auction last Thursday…basically I have been considering opening another agency branch in Cheshire for a while now. Then I was flicking through the catalogues and I came across a cute little shop in a town just 10 miles from where we are based for just a £50k guide!

Had a chat with Karen my office manager and she LOVED the idea and convinced me to do a drive by…so I went and I FELL IN LOVE

It was central in the town centre, had great road visability – and was in pretty good condition…I could just hang a sign and open up!

And so I went back and told Karen all about it….and then I admitted I would have to postpone our refurbishment plans of the current office so that I could fund the set up of this.

“NO WAY” she replied. “I’m not supporting a new venture without you finishing this building first”  She made some sensible points and we agreed that I would leave it and if it did not sell at auction make a cheeky offer after…

On the day of auction I was still desperate to go, but Dimi my partner was not keen until I had finished the major refurb of our current offices…I sensed a theme and decided to heed their advice

My “what-was-not-meant-to-be-lovely-new-shop-in-Cheshire” sold for just £40k

I am SO totally gutted :..(

The Missed Opportunity In East Ham

26 Jul

Today I saw a property in East Ham – it was a ground floor purpose built flat with about 74 years left on the lease and a guide of 100-110k. I thought the end value was about 140-150k so there was something in it.

I went along to view and it the block was well maintained externally and internally:

The inside of the flat was a good size – there was some damp in the bedrooms, but that could be sorted

The kitchen was dated:

The bathroom could be sorted for minimal cost

The lounge was a nice size and just needed cosmetics

I had it down on my list to bid for…

Then I got busy and had another property I was trying to bid for…so I didn’t attend the auction as I decided with it being a big auction house it would go well over guide anyway. So I chose to go for the other project…

How WRONG was I

It sold for 99k! DOH!!!!

My Kettering Quandry!

23 Jul

Today I was driving back from North to South and while on the A14 remembered there was a place going to auction in Kettering. As it was just a quick diversion I thought I would do a drive by. 

The property was a 2 bed terrace which was listed as a sale by mortgagees NOT in possession. That means they have the power of sale (as the person hasn’t paid the mortgage) but they have not actually evicted the owner or changed the locks…which means they don’t know if the property is occupied or not! Importantly, it also means there will be NO internal viewings as they do not have access.

It was a street close to town and looked in good condition.

I decided that I should check out the back. In retrospect, me on my own at 8 o’ clock at night going down a back alley and climbing over the garden wall may not have been the best idea….I managed to get some pics through the window of the kitchen. It looked pretty new…

Then I was looking through the dining room indow and suddenly I saw what appeared to be a sleeping bag S***!  Was the property lived in??!!

I made a sharp exit – bearing in mind I didn’t know if the property was occupied and I was currently in the back yard.

I still needed to know if the property was occupied so I knocked on the neighbours door and got chatting. She was lovely and invited me in to see the layout of her property. She was very helpful and made my mind up that I would bid for the property…

But I got outbid 🙁

Today I am in Stylist Magazine!!!

21 Jul

I would tell you I love the article/ picture – but I have no idea I have not seen it yet!! I know that I am recieving huge amounts of emails from people asking for jobs, telling me about their expertise and asking for my help. I am absolutely chuffed to inspire someone enough to even bother to email me 🙂

UPDATE: I have now recieved a link it is on page 14 & 15: http://issue.stylist.co.uk/1W4c459edaecdbe012.cde

As I like to include pics – here’s the site where the photo shoot was done (this site was kindly organised for me by Peter @ Property Owl)