We've Done It :-)

After viewing our first possible investment property on September 16th 2019, we’ve since gone on to view a further 92(!) properties in our investment area. These viewings resulted in 25 offers being put forward and zero acceptances. Thankfully, last week this changed and we’ve managed to get one over the “Sold, Subject to Contract” line.

Morgan: If I’m honest, I was starting to get a little disheartened by our record of 93-0, and really started to wonder whether we were doing something fundamentally wrong or did other people know something that we didn’t?

The property market in South Wales, and across the country in general, is incredibly active at the moment with a lot of excitement being generated from those lockdown months. We’re finding that we’re not able to view properties in some instances because by the time we’ve rung up, the house has already had an offer accepted on it, at or over asking price.

This certainly baffles us – is it a case of uneducated people getting carried away on the excitement? Or is it that wealthy people, who have a large amount to invest, are less fussy about leaving large amounts of money in? Either way, we were struggling (and still are).

So, how did we get this one accepted?

We were on a viewing with an agent last week and in passing, towards the end of the viewing, Morgan asked about another property that we’d viewed (and offered on) that was in the process of being sold. The agent turned around and said, “it’s just fallen through” – obviously, this got us incredibly excited. We re-analysed the numbers and submitted our offer the following day, to which it was accepted.

Although we’ve got bridging finance in place, this is very much a last resort and we’re really hoping to fund this with private investor finance – we need another £30,000 to make this happen, and this is our task for the next month or so.

We’re also plainly aware that this is just the first, and it’s not even guaranteed yet, and as fantastic as it is, we’re keeping our head down and now looking for Number Two!

The times ahead are still challenging, particularly with the introduction of local lockdowns, but we’re determined to make the best out of a bad situation.

As always, hope you’re safe and well, and if you have any questions, please get in touch, we’d love to hear from you.