Thoughts on why the lack of interest / low price ?

smifffy1989

Its flat roofed, Is there a fund in the management company to replace this should it need it? When was it last done

Prothet_of_Doom

smifffy1989 wrote: »

Its flat roofed, Is there a fund in the management company to replace this should it need it? When was it last done

Because I was interested in who owned the garages, and whether it was possible to rent one, I ended up speaking to the housing officer about the 31 flats in 4 blocks, who told me they'd all recently been re-roofed, and had new entrance doors, and refurbed stairs and landings. He said the council one's rent out at 85 quid a week, and they are planning to replace all the storage heaters, and immersions in the one's they still own.

mgdavid

Do you actually know which one is for sale? Am I the only one to notice that the 1st pic is a 3-storey block but Streetview tab shows a 2-storey block? The 2-storey has a board outside so why did the agent take a photo of the wrong one? Dim or what?

Prothet_of_Doom

If you look on google maps It shows the names of the blocks. Plus if you look at the pictures through windows it's clear it's a 3 storey one.

Prothet_of_Doom

I'd use that word DIM, if I didn't think I was being played for a fool.
Despite numerous calls to the agent, and in the end telling him any time or day in the last week would be fine for a viewing, I still haven't actually managed to arrange a time. I'm going to leave a letter through the door, and knock on the neighbours doors to see if anyone has the owner's contact details, because I'm pretty sure something funny is going on.

alexanderalexander

Pixie5740 wrote: »

Why buy one property outright though? I thought gearing was how people really made money from BTL...?

I would agree with this. It is hard to justify property being a better choice as a long-term investment than equities if you don't avail yourself of the relatively low-cost long-term leverage that is readily available with property. I certainly wouldn't recommend that everyone goes out and buys themselves a highly leveraged property portfolio, of course (in fact, I'd suggest quite the opposite -- that a lot of people who go into BTL at the moment would be better advised to put their money into equities).

harrys_dad

Is the agent related to these people?

https://forums.moneysavingexpert.com/discussion/4606023

Run away now.

Prothet_of_Doom

harrys_dad wrote: »

Is the agent related to these people?

https://forums.moneysavingexpert.com/discussion/4606023

Run away now.

Interesting. VERY interesting.


So DO they basically pretend to advertise a property, and eventually offer to buy it when no buyers can be found ?????

mikolus

Can you give an update on your situation? I just had a discussion with my SO about buying property as an investment and found one VERY similar to your one. I can't post links but it's exactly the same price, similar property, the same agents, different city (Wrexham). Area isn't the best, but We just had a quick walk around and haven't witnessed any murders or robberies - in Wrexham it's something Similar properties cost there significantly more - rent should easily cover mortgage and even if We can't find tenants, I can afford to pay it myself.
It looks way too good to be true. It's Saturday evening so I can't do much research now. The only thing I found so far is the thread about those agents being dodgy, but nothing really concrete.

Prothet_of_Doom

Yeah, sorry. Eventually I told "Jonathan" that he need not bother to contact me (sarcasm) if he had no news. I said, I was viewing a number of properties and would probably buy in the next month or so, so IF he managed to sort out a viewing - anytime 24 hours a day 7 days a week I would be happy to view - then he could contact me.
Of course I have heard nothing. Cash buyer, desperate seller, and no viewing. I have attended a couple of auctions locally, with 4 target properties, and all went above my budget, so had decided to forget it. I saw another smaller studio advertised by the same firm at the same price which was in my budget, and sent them an email, but NO response at all.
As it happens I'm starting a 12 month contract in Derby on Monday, so I intend to knock on / leave a note through the doors of both explaining my desire, and see what happens.
Note that my nephew is an estate agent in Liverpool, and has come across a few vendors, who have managed to not sell their houses, and as soon as they move, they sell within days.