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

opinions4u

Your friend has flipped. His marbles have been dispensed.

I strongly recommend that you look after him well, introduce him to a solicitor and ensure he includes you in his will.

Riddar

Wish someone would trust me with £1 mill

Better yet, wish I knew someone who actually had £1 mill :rotfl:

grey_gym_sock

Riddar wrote: »

Wish someone would trust me with £1 mill

Better yet, wish I knew someone who actually had £1 mill :rotfl:

if somebody you knew had £1m, would they even tell you?

Minrich

I saw this post headline and didn't look any further at the time as anything that it contained would not be relevant to me , but i did think "If you've got £1m why do you need any advice at all"
Now i have looked at the post it appears to be a "load of boll@cks" , to believe what the original post states is as believable as " I know what the lottery numbers are for saturday should i do the lottery for that day "

blinko

if someone has 100 properties that £1million will probably just about cover there tax liability

Prothet_of_Doom

The way to invest £1 million Cash is investing in a chain of cash only tanning saloons. Why do you think Liverpool women have an orange glow about them ?

pierreseo

I appreciate your skepticism and obliviously I wrote the title of this thread so it would get many responses and I expected some insecure replies ("that can't be possible no one is that successful" (unconscious: I'm not happy with myself) blar). But, please be open minded and don't try and make yourself feel better by trying to but others down - you'll feel much better about yourself if you inspire and lift others UP. But each to their own.

Let me elaborate here.

I am 30 years old and I currently run an internet marketing business. I have set it up so everything is automated and/or outsourced. Therefore I am now in a position, where I earn enough money to pay all my bills and live a lifestyle I am comfortable with by working around 1 hour per week, (I am 'time rich' whereas my investor friend is not). Most of my clients are contracted in so I have this guaranteed income for around 6 - 12 months.

On top of that I live is SE London and the property I bought only 18 months has risen around 30% and so I have some equity to release and play with. Therefore I thought it would be a perfect opportunity to get into the property game as this was always my intention.

For a few years this property investor, my friend, has been my kind of mentor. So I thought I would go and see him and ask if I could learn from him, for free and without pay so I too in 8 years (he is 8 years my senior) could also be in his position.

So his challenge to me is to find him BMV deals which he can then buy for cash. His old model was to advertise in papers, by BMV deals from motivated sellers (2 thirds of these were rent backs), in 6 months time remortgage and release equity whilst still generating cash flow from renting the property.

He hasn't bought anything since 2008 as he has been raising his kids (home schooling) and renovating a £2m house he has bought.

My intention of this thread was to find some ideas how where to get good leads from (we offer 1% - 2% acquisitions fees plus £1000), or, how to become a successful property sourcer, as I feel the money is made when you buy not when you sell therefore this is an integral part of the game I want to master.

Therefore any advice is welcome and I hope in the future I can reciprocate.

Thanks!

Archi_Bald

Firstly, you aren't the only one on this board who has a million. £1m isn't exactly a lot these days, and certainly not in the property business.

Secondly, all the previous comments stand, despite you trying to provide further explanations.

If there were indeed any truth to your story, the answer to your challenge is in your very own post: advertise in papers, buy BMV deals from motivated sellers, in 6 months time remortgage and release equity whilst still generating cash flow from renting the property. Just like what worked for your mate.

moneyfoolish

Riddar wrote: »

Wish someone would trust me with £1 mill

Better yet, wish I knew someone who actually had £1 mill :rotfl:

I could have if my wife hadn't spent it!!!!!

Biggles

pierreseo wrote: »

I appreciate your skepticism and obliviously I wrote the title of this thread so it would get many responses and I expected some insecure replies ("that can't be possible no one is that successful"

Actually, nobody, anywhere in this thread, said that. Businessmen with £1m to spend on expanding their business aren't that unusual by any means.

I think most of the doubters were doubting he would employ, if you'll excuse the phrase, a novice. Now you've explained the situation, I can understand you seeking advice.

But I should have thought the best place to start would have been the 'House Buying, Renting & Selling' board, which does have a good number of multi-property investors on it.