UK Landlord Forum / Life

I read this article about this guy, 27-year-old Heenal Lakhani, who is snapping up repossessed homes for almsot 20% under value, and then selling them for more. It's an obvious strategy, and i've talked about it more, but it's just reassuring that other people are on the same wavelength. I actually plan on doing the same during this year. With an estimated 1million properties being repossessed this year, i'm confident they'll be deals about.

Anyways, more from, Heenal Lakhani...

Quote
His recent deals include an ex-council one-bedroom flat on the top floor of a mansion block near Tower Bridge, which he bought for £250,000 before Christmas and has just sold for £285,000 without changing anything. Towards the end of last year he bought a two-bedroom ground-floor flat in Shoreditch for £270,000, though it was valued at £330,000. He is keeping that to let.

Last March he bought four flats in a Central London block for an average of £450,000. All had been repossessed from an investor who ran into trouble, and Lakhani managed to sell them for "far more than I paid".

He says: "I had to compete with another buyer prepared to pay £50,000 more for one of the flats, but the banks like to sell to one person who they know will act quickly." So the bank got its quick sale, the agents got two lots of fees from the same property and Lakhani got the deal. In theory, banks, surveyors and estate agents have a legal duty to sell a repossession at the best possible price: they risk being sued if they do not fulfil their obligations.

Full article here

sounds interesting, good luck to you!

I'm sure you'll keep us up to date

Its all about liquidity. I wish I was in a better position to take advantage of the market.


V

my sentiments exactly... ugh!

I'm not in a great position to be honest, but I may stretch myself a little this year.

"He who dares, win" and all that.

Quote from: propertyfag on February 04, 2008, 01:13:10 PM
"He who dares, win" and all that.

We'll keep an eye out for your three-wheeler van

V