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| *Ostroff, Fair and Company>>>Renting & Real Estate |
Where can i find "nothing down" real estate deals in london? |
In the London area i am looking for investment real estate for sale by investors, or landlords not by owner-occupiers. I am not a speculator looking for "buy to let" investments. I am not looking for "off plan". I am looking for a professional real estate investment broker, someone who works exclusively with investors or to be put on a list where i can be informed of properties for sale by investors which i would be able to buy. Thanks in advance. It doesnt matter where the area is, simply buy the property, under market value and claim a 10% for e.g, "Vendor Gifted Deposit" this means for example, the house is on the market for 100,000, and agree a sale at 90,000. Thus you put the sale through on paper for 100,000, but only borrow 90,000 from the lender. They are only lending you a 90% loan to value, so in effect you have put 10% down. You need to find a lender who accepts a vendor gifted deposit, and explain what you want to do to the agent, they should be familiar. Bear in mind the lender will send a valuer to make sure the figures stack up. Be sure to get permission from the lender to let the property out, "due to change of circumstances" As far as i have experienced, it is not that profitable to buy from other "investors" , also, it is what you do with the lender that makes "no money down"...unless you have a lot of tangible assets, in which case you can get a draw down facility on a company overdraft through your bank. |
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