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Property Auction Tips – Buying Bargains At Auction 1.7.10

July 1, 2010

WELCOME to issue 8 of my TRIO of real auction tips from around the country!

Results from Tip sheet 7:

As you can see my target prices from the last issue are spot on which means you can get yourself a great property investment at auction!

Tip 1: Birmingham – Recommended buying price: £68-78k. Sold before auction for undisclosed sum.

Tip 2: Hampshire – Recommended buying price: £65-76k. Sold for 70k

Tip 3: Kent – Recommended buying price: £105-125k. Sold for £124k

For your next FREE tip sheet email me today: sam@virtualletz.com Please pass this tip sheet on to anyone you think will be interested!

And if you need to let your house remember to visit: www.VirtualLetz.com to advertise your property for FREE!

Hope you enjoy!

Sam

Tip 1: South London

Description: A 1 bed first floor flat
Guide: £90k+
Area Notes: This property is situated in a popular and convenient residential location just a few minutes walk from two train stations giving easy access into central London (Victoria and London Bridge) in approx 25 minutes. The property is also within walking distance of local shops and amenities with more restaurants and facilities being available just 1 mile further in the neighbouring locale.
Land Registry: Recent property sales: 28/8/08 @ £144k, 13/12/07 @ £190k and 14/9/07 @ £209,995k
Sales data suggests retail price: £115-120k
Rental figures suggest: £650-750 pcm
Research indicates: The property is presented in reasonable order though may benefit from some cosmetic improvements. It is a small apartment which has been converted approx 18 years ago. The property would suit a single professional working/ living locally, or a couple who are on a tight budget (and don’t have too many belongings!). The convenient location should ensure this property remains in demand – it has excellent transport links and a wealth of facilities on the doorstep. This property offers an affordable step on the ladder for first time buyers. Given the future upgrades and ongoing improvements in the area, this property may prove to be a good long term capital investment.
Recommended buying price: £90-100k
Potential yield: Approx 7.8% – 10%


Tip 2: Hampshire


Description: 1 bed first floor flat
Guide: £50k+
Area Notes: The property is situated in a popular location and is well placed for regular bus services and local shopping. The flat is conveniently located within walking distance of the comprehensive facilities around the precinct with its many shops and restaurants and just beyond this are the open spaces of the Common and the Seafront. There are good links to other parts of town, the university and the mainline railway station.
Land Registry: Recent property sales: 18/11/09 @ £100k, 13/03/09 @ £122k and 13/3/09 @ £111k
Sales data suggests retail price: £70-80k
Rental figures suggest: £450-525pcm
Research indicates: This property is a repossession which is presented in good order. Documents suggest it has recently been converted and benefits from a modern kitchen and bathroom. This property would suit those who are looking to invest for the long term as a high yielding investment, or if bought at a competitive price may enable a buy and sell strategy.  Bought well this property should prove to be a good capital and income investment.  The area is continuing to undergo improvements and is attracting an increasing number of people.
Recommended buying price: £48-58k
Potential yield: Approx 9.3% – 13.1%

Tip 3: Devon – What If?? Get your thinking caps on!

Description: WW2 Bunker
Guide: £50k+
Property Notes: A rare and possibly unique opportunity to acquire a World War II bunker/pillbox measuring internally c.3.7 x 2.2 enjoying a stunning location overlooking the sea and island. As well as the building itself, the property benefits from its own general amenity land and slipway.
Research indicates: This unique property is situated in a desirable and sought after location which should appeal to those who are looking for a place where they can “get away from it all”. The size of the actual property is tiny and thus clever additions (vertically/ into the cliff face/ glass extensions) need to be developed to fully leverage the stunning location.  The property benefits from amenity land and slip way which is most probably the way to unlock the value of this. The location is a popular tourist destination and a number of commercial initiatives may suit this property.   This is a unique challenge in a desirable front line location – the rarity value will ensure a potential bidding war!


Sounds interesting? What do you fancy doing next?

Package 1 – The Straight Analysis

  • Give you the details of the property and auction house and you do the rest
  • £9.99

Package 2 – The Full Shebang

  • I will personally do a viewing, take loads of photos, conduct a live rental market assessment [on top sites – Rightmove, Zoopla, Yahoo et al]
  • Arrange a solicitor to check the legal pack
  • Arrange a surveyor to inspect the property and produce a report
  • Attend the auction/ accompany you to auction/liaise by telephone and bid
  • Organise a financial advisor to contact you and arrange finances
  • £299 + professional fees of surveyor, solicitor, advisor

Package 3 – Personalised Auction Updates

  • The property scout service means you can subscribe to receive weekly upcoming auction details for your areas of choice [up to 3] – for just £10 per month!

Contact me: sam@virtualletz.com

Please note: Upon successful purchase a finder’s fee commission of 0.5% of purchase price will be added to your bill. This guide is prepared in good faith; I am under no legal obligation to you in respect of the information contained in this document. The properties have not been inspected or surveyed.

First time you’ve seen Sam’s Auction Tips? – Let me introduce myself and the idea!

Why did I do this? My financial advisor convinced me to share my knowledge with other people as it’s not so easy to get as much funding as it once was – which means I find loads more interesting properties than I can buy!  The theory is I get to share my knowledge and tips – you want to know more – and then maybe, just maybe, we get to do something together?

Why should you listen to me? I own a development company, am a substantial nationwide property investor and own a lettings, management and maintenance company – Gorgeous Homes, and an online property portal for private landlords – VirtualLetz.com.

I can’t tell you I know it all, no-one can, but I can offer a few tips for anybody interested enough to have a look.  These are the properties which if I had enough money I would be looking to buy.  The essentials of my research are here for you to feast on. It’s only a guide, it’s not advice – it’s a lead and if you want to take it further, that’s up to you

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One Comment leave one →
  1. October 18, 2010 5:22 pm

    Thats an interesting perspective. Most of the people I discuss this issue with would probably take a different view but you have definitely altered my perspective.

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