Buy houses for free or with your deposit paid

jaype

"Buy a house for free". Apart from being an oxymoron, isn't this gifted deposit / bumping up of sale prices on the Land Reg currently being investigated? Good luck with realising that instant equity. Maybe you should take a minute to ask why these generous souls are happily giving their property away? There's no such thing as a free lunch...

nobblyned

harrisonb wrote: »

It seems that whenever someone shares a good experience people are always very synical. If I logged on and told other people about a telephone company that would save you 2p a month on your phone bill would I be labelled a 'thick spammer'? As mentioned, I thought I would share a positive experience in property as every man and his dog is jumping on the 'house price crash' bandwagon. People are of course entitled to their opinion....

It is highly likely you are a spammer. If however you have actually just bought two houses and truly believe that you have £40k of free instant equity, then I am afraid you are just thick and/or horrendously gullible.

BTW you can't spell cynical.

PasturesNew

You do get a free house. Just like all the other BTLers did.
Gifted deposit.
Liar loan based on unachievable rents.

If you got the rents you'd get a free house at some future point.

However, as we all know, the rents are unachievable, you won't get your tenants. You'll end up subsidising it as you lower the rent just to get somebody/anybody in. Then within 2 years you'll be repossessed, property auctioned and you'll owe £50-100k.

Meanwhile, the person that told you what a great deal it is pocketed £5-10k in commission somewhere along the line for shifting an unshiftable massive liability.

silvercar

Two words to harrisonb.

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Inside Track

harrisonb

OK OK forget I mentioned it - Jesus, newly joined this forum and everybody seems to either be somesort of mini detective asking why I am up past my bedtime (Incisor - maybe the fact that I work nights in a very boring job) and also stating that I have paid over the odds, which is not really true as I have a RICS survey stating the value of my property and my mortgage amount is 20% less! As far as I am concerned the property is making me a £100 a month and cost me next to nothing! Im happy! Beats sitting back with £30k in premium bonds etc waiting for a £50 handout!

iolande

i just want a free house

brownbabygirl

must admit i am tempted but scared it is a scam!!

Browntoa

that well known property company thats registered to a Farm in Langley...

and is also the home of an online toyshop

RabbitMad

well if its such a good deal why are you telling strangers on the internet about it rather than keeping this find for yourself and close family / friends.

There is no such thing as a free house. While its entirely possible you've stumbled upon a real bargain (and I find it very hard to believe) in the long run there will be quite a bit off effort involved in maintanence / finding new tenants, tax returns etc.

If this is true I would bet money that the tenants disappear after 6 months and you have a long void.

nobblyned

harrisonb wrote: »

OK OK forget I mentioned it - Jesus, newly joined this forum and everybody seems to either be somesort of mini detective asking why I am up past my bedtime (Incisor - maybe the fact that I work nights in a very boring job) and also stating that I have paid over the odds, which is not really true as I have a RICS survey stating the value of my property and my mortgage amount is 20% less! As far as I am concerned the property is making me a £100 a month and cost me next to nothing! Im happy! Beats sitting back with £30k in premium bonds etc waiting for a £50 handout!

This surveyor, you found him yourself independent of the people who sold you the house? Or did it all come together as one nice easy package?

When do you expect to tenant the other house? How much are you losing whilst it is empty? Are the houses anywhere near you, or miles away?