Scooby96

** Could the mods please leave this here for an hour or so **

Does anyone have a subscription to a Repo Website as I'm looking into buying and re-selling repossessed property and wanted to check out what the repo prices are like at the moment, thanks

Scooby96

anyone....?

mattstant

just buy a fax machine and watch the sodding adverts clog your machine up

Be careful with repossesed they carry bad debts with them.

TheCarpetCleaner

you wanna be careful mate

I know of places were used needles have been placed in strategic points. People have fucekd up the toilets, taken dumps in all sorts of place and just generally trashed the places

Scooby96

I understand there are going to be places where the previous owners have gutted the place or where junkies have left needles. Needless to say I wouldnt be the one going in to start the work - I'd leave that to the builders, chippies and plumbers. I'll just do the last bits like painting the skirting boards and the walls then selling the place for a nice £50k profit!!

wwp8

i wanted to do that years ago, but not much money for deposit so decided not to do it,

please bear in mind
1, reposessed property, are always in need of repair, so expect anything from £5000 - £20000 to do repairs,
2, there will be CCJs etc , left on it so you might struggle abit,
3, they are not always profit in them, due to because
for example, 5 years ago i wanted to get a property,
3 was interested
1 was not available because of asbestos problem so can't view the property(don't think i'm missing much)(for £1000, last time i heard it was knocked down)
2, there was no staircase, so can't view the rooms upstairs
3, saw a dream property. approx £28-33000 (don't remember)
no kitchen (empty room) no doors inside, certain windows was smashed. no bathroom (tub and toiler was damaged) top floor has no GCH. wallpaper needs doing
value of property if done to a GOOD standard was about £65000
but remember you need rewiring plumbing etc.
ps at the moment, properties aren't as hot as they were 2 years ago.

the best way to do it, is to check on your local papers , and look out for auctioneers with houses for auctions for very good bargains.
if possible check very carefully for every bit that needs doing and call builders up, for prices for the job
otherwise good luck

mattstant

be very careful these types of properties are best suited to doing up by a joiner or brickie if you employ all independent contractors you will rapidly see your profits disappear into their pockets.

they are often cheap for a good reason ie some or all of the above reasons stated.

Try renting them out quite a healthy market at the moment and you may be able to use it as collateral for the next buy banks love this kind of security for a business loan.

oh i forgot dont rely on an upward market at the moment either


[Edited by mattstant - 04/08/2003 18:20:48]

Scooby96

My dad is a plumber and electrician and is just about to retire (at a loose end perhaps and also a possible investor!!!) and I'm just about to start a plastering course.

Have seen a few 'rental opportunities' with a gross yeild of between 8-12% - not a bad return, and most of these places already have tenants!

If anyone has any real life experience can they drop me an email, chris.knowles@axa-ppp.co.uk, thanks

pugoetru

i bought a reposessed house amd it wasnt to bad just decoration even the heating still worked!

debt was a problem though easy enough sorted as i was living in it just used my old address to verify my history now no problem.
the debt would only affect the new owners if you were doing up to sell though good luck you can make money but not allways a fortune

we have made 30 000 out of last 2 houses no tax as it is our only residence could be tax if you sell it on quick though

Scooby96

Pugoetru,

"debt would only affect the new owners if you were doing up to sell "
__________________________________________________ _____________

Why - I thought credit scoring these days was 'smart' and would not affect new owners unconnected with the previous owners???

Do you have any pointers on where I can get more info (forums etc) or free access to the auction sites on the net?

pugoetru

it can still affect them though

we bought ours at the local estate agents was repod by halifax people left in a hurry had debt letters every week to start with!