How To Source BMV Property In The UK
If you think about it, becoming a real estate mogul really isn’t that complicated. It is actually quite straightforward. I mean, all you have to do is find and buy property for an X amount of money and then sell that property for an x2, x3, x4 amount. Okay, maybe selling a house for twice or thrice the amount you bought it for is not exactly realistic. But you could very well sell it for a tidy sum of say, 60-70% profit. Do that a few times every year and you have yourself a booming real estate business.
The problem comes in when you realise that there aren’t that many houses that sell that cheaply – especially not houses that are located in the kind of neighbourhoods where buyers will just be lining up to meet whatever price you set. There are, however, a few houses that fit this description. BMV houses.
Below-Market-Value houses are the Holy Grail as far as real estate business owners are concerned. If you can find them, you could make a financial killing with every transaction. Question is, how do you find these BMV properties in the UK?
Use specialised investment buyers’ agents
They may not be mainstream, but there are companies that specialise in finding and helping investors buy BMV properties at a fee. You would have to carry out a great deal of due diligence to find the right company, but once you do, you will have a direct line to all the available BMV properties in your area.
Use your realtor
Realtors know everything from who is selling and who is looking to buy. Some of them even have inside information on who is intending to sell and why. It is the why that matters. If someone is hard-pressed for money, they are more likely to sell their house at a huge discount just to hurry the process along. Stay in touch with your local realtor and have them actively looking for BMVs within their circles.
Use leaflets to advertise your intentions to buy
This might sound a little ‘spray and pray’ like, but it has worked for many investors in the past. The trick with making leaflets and handing them out to your local community is to focus on the seller’s probable situation. Mention all the known reasons as to why they need to sell their house immediately.
- Loss of job
- Moving to Spain and so on
Once you have sufficiently highlighted these reasons and raised their urgency levels, give them a way out. Tell them to call you. Tell them that you are willing to give them cash for their house, immediately. You might not get many hits, but then again, all you need is two or three positive respondents.
If having sufficient cash quickly is a problem for you, perhaps you should consider having a private lender to be a part of your contacts. Here is a nice video clip from Rick Otton discussing which specialists you need to be connected with in order to make the quick transactions.
It takes a little work, a little looking. But if you can find them, buying and selling a piece BMV property is one of the most lucrative ways to make money as a real estate businessman/woman.