You never know what following up with your leads can take you.
I like to share about the new property that I have acquired; I say “acquired” because I haven’t actually bought it yet. It was a creative deal in which the landlord wanted to have his rights, so he agreed for me to buy the property in seven years’ time.
What we’ve agreed to is a type of lease option, so to say. I am now looking after the property as if it were mine. It is a seven-bedroom HMO complete with a garage, two kitchens, and bathrooms. Absolutely massive property.
I have been following this since last October. At one point, I really thought that I would not follow through on this deal. What led me into getting it was that I really wanted to help the landlord as we had built up a pretty good relationship. This deal was done around the Easter holiday.
The reason why the landlord wanted to sell the property in the first place was because it had actually turned into a liability. The HMO licence had been terminated and he was basically paying for all the bills.
With this deal, going forward, I will be paying for all the bills in the property and managing an HMO for him.
In my eyes, it is a win-win situation for both of us. These kinds of deals are able to work quite well if the landlord is not looking to sell the property immediately. With me having this cashflow from the property, I am able to buy the property at the price that the landlord had wanted in a few years’ time.
Now, these types of deals are out there. At first, I really didn’t think I would be acquiring this property, but one thing to keep in mind is to keep following up with your leads. As the months flew by, I had kept in good contact with the landlord, talking about the property and trying my best to help out.
Remember that the main thing is to help the landlord and try to work with them. This is how a win-win situation can happen. Now, you are a property expert, which means you are a property problem-solver. This is where you need to get good at.
Whenever getting into any property deals, always work your numbers. I think numbers are very important to make sure you’re not taking a liability yourself. Make sure it is an asset. There can be purchase-lease options out there, but make sure that the numbers are realistic, and then go for it. Make sure that you know your area, that you know what you want, and what you are looking for.
Make sure that the numbers do work.
If you have any questions in regards to pursuing property investment, or how I can help you, do drop me a line at info@ukpropertytastic.co.uk.
#UKProperty #PropertyInvestment #UKPropertyTastic