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I have £1,000,000 cash - any suggestions?

pierreseo
pierreseo Posts: 7 Forumite
in Savings & investments
Hi!

Its great to join this forum and I hope to offer as much help and guidance as I can. I have read this forum many times and it has helped me greatly - so thanks :)

I have a question: I have been approached by a friend of mine to start working for him. He is a private property investor (over 100 properties) and currently has £1,000,000 cash he wants to invest.

My task? To find some good deals, most likely repos, basically property under market value. Any suggestions where I should start? He can buy using cash or mortgage...

Does anyone have a list of estate agents in SE England that deal with Repos?

Thanks in advance for your help! :)
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Comments

  • dawyldthing
    dawyldthing Posts: 3,438 Forumite
    I know when I was house searching I found a lot seem to go through your move, but thats in the midlands so it might be different elsewhere
    :T:T :beer: :beer::beer::beer: to the lil one :) :beer::beer::beer:
  • cattie
    cattie Posts: 8,844 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    All estate agents deal in repo's. How many listings they get over a period of time is a different matter. There are no ea's dealing solely in repo's & the days of snapping up real bargains with repo's are long gone.

    Vendor's are expected to do the best they can to achieve the highest possible price for a repossessed property & not many repo's sell for stupid prices any longer.

    Surely if your friend is an experienced property investor, he will already know the best way to try to secure a property at a keen price?
    The bigger the bargain, the better I feel.

    I should mention that there's only one of me, don't confuse me with others of the same name.
  • ColdIron
    ColdIron Posts: 10,014 Forumite
    Part of the Furniture 1,000 Posts Hung up my suit! Name Dropper
    Your friend is an experienced property investor. Excuse me for asking, but why has he approached someone who has little idea of where to start, to start working for him? It seems a curious choice
  • patientperson
    patientperson Posts: 481 Forumite
    100 Posts
    Very strange story to me .. money laundering perhaps?
  • marathonic
    marathonic Posts: 1,789 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    If I were to spend years purchasing 'over 100 investment properties' and was so successful that I had another £1,000,000 cash to invest, the first thing I'd do would be to come to an anonymous forum to ask where to find such properties.... :rotfl:
  • jimjames
    jimjames Posts: 18,889 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    ColdIron wrote: »
    Your friend is an experienced property investor. Excuse me for asking, but why has he approached someone who has little idea of where to start, to start working for him? It seems a curious choice

    Utterly bizarre. If I had amassed 100 properties and a million quid I doubt I'd ask someone clueless for advice.

    When I saw the thread title I guessed first time poster. Strangely enough I wasn't disappointed!
    Remember the saying: if it looks too good to be true it almost certainly is.
  • pierreseo
    pierreseo Posts: 7 Forumite
    edited 17 November 2013 at 6:41PM
    Deleted. Dupe.
  • jimjames
    jimjames Posts: 18,889 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    pierreseo wrote: »

    Does anyone have a list of estate agents in SE England that deal with Repos?

    Thanks in advance for your help! :)

    This one isn't a repo as far as I know but might well go for under the market value

    http://www.rightmove.co.uk/property-for-sale/property-41719309.html
    Remember the saying: if it looks too good to be true it almost certainly is.
  • marathonic
    marathonic Posts: 1,789 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    jimjames wrote: »
    This one isn't a repo as far as I know but might well go for under the market value

    http://www.rightmove.co.uk/property-for-sale/property-41719309.html

    I can't help but wonder what the owner of that house's favourite colour is..... :D
  • pierreseo
    pierreseo Posts: 7 Forumite
    edited 17 November 2013 at 6:42PM
    patientperson wrote: »
    Very strange story to me .. money laundering perhaps?

    From where did this come?
This discussion has been closed.
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