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Property Auction Tips 27.8.10

August 27, 2010

WELCOME to issue 11 of my TRIO of real auction tips from around the country!

Results from Tip sheet 10:

Tip 1: Devon – Recommended buying price: £24-32k. Sold for £25k

Tip 2: Cornwall – Recommended buying price: £25-35k.  Sold for £32k

Tip 3: What If?! The Cumbrian Church sold for just £49k!

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Tip 1: Wales

Description: A 3 bed house with development potential & 30%+ yield!
Guide: £32k+
Area Notes: Situated in a former mining area, this small village offers a selection of local amenities.  The property is situated close to the local shops. The village is surrounded by a cluster of larger towns and villages which offer a further range of facilities including a train station.
Land Registry: Recent property sales: 13/10/08 @ £55k, 19/9/07 @ £40k and 12/6/07 @ £30k
Sales data suggests retail price: £45-50k (as single house) add £20k more for flat
Rental figures suggest: £400-675 pcm (as single house – and flat potential)
Research indicates: The property is situated in an economically deprived area although regeneration monies are being pumped into the area.  This is a very long term investment. This property is essentially an income investment which could produce high yields – esp. if the potential conversion works to create a 3 bed house and separate flat underneath were completed. Given the high incidence of unemployment in the area you would need to be amenable to benefit payments.  However, given the cost of the purchase and conversion works this could be a cash cow that puts money in your pocket for years to come.
Recommended buying price: £26-34k
Potential yield: Approx 14.1% – 31.1%

Tip 2: Essex

Description: 3 bed house partially converted to 2 x units
Guide: £125k+
Area Notes: Located within walking distance of the town centre this property offers good sized family accommodation.  The property is located within a 10 minute walk of the train station, town centre amenities and is close to the large hospital. There are several green open parks situated close by and being within the M25 this property offers easy access to the motorway network just a few miles down the road.
Land Registry: Recent property sales: 8/5/09 @ £180k, 24/07/08 @ £219,950k and 25/06/08 @ £182,500k
Sales data suggests retail price: £185-210k
Rental figures suggest: £1100-1300pcm
Research indicates: This property has had work done to it which the council are now requiring to be changed. The property has been changed to 2 units, but the council require the property to be reinstated as one house. There is an extension which has been built at the rear without the necessary planning regs and the attic conversion also does not have permission. While this property requires works to reinstate the property, bought at a good price this has potential as a buy and sell to the family market. The rental returns are also quite respectable and this could be further enhanced if the property was to be rented as a shared house on a room by room basis.
Recommended buying price: £140-152k
Potential yield: Approx 8.7% – 11.1%

Tip 3: Cheshire

Description: 2 bed flat and private rear garden
Guide: £80k+
Area Notes: Situated within this sought after area and within walking distance of the metro link. This property is well located for easy access to the local town and many facilities on offer. The airport is located approx 4 miles away and there is easy access to the motorway with a selection of junctions available. The property is located with the desirable cluster of towns which are well sought after for people wanting to live locally and offer good commuting to Manchester and surrounding areas.
Land Registry: Very low churn: 18/5/00 @ £50k, 7/4/99 @ £48,300k
Sales data suggests retail price: £120-130k
Rental figures suggest: £475-550pcm
Research indicates: This property is presented in very good condition and has recently had a new boiler installed. The property benefits from a modern kitchen and decor and is ready to let as a turnkey investment or as a property to move straight into for an owner occupier.  This property could work well as a buy to let (if bought at a competitive price) as the area is well regarded and could offer good capital appreciation in the future.
Recommended buying price: £90-105k
Potential yield: Approx 5.4% – 7.3%

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  • Arrange a solicitor to check the legal pack
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  • Attend the auction/ accompany you to auction/liaise by telephone and bid
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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 –

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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