So a few years ago, we'd sourced a property in Leeds, and it needed some work doing to it.
So not only did we buy it 25% below market value, we also ADDED value through one of our light refurbishments.
Nothing too heavy, just a new kitchen, new bathroom, carpets, painting - just a light refurb really.
We put it back on the market and we had a buyer lined up very quickly through an Estate Agency (Like within a week or 2)
When it came to the sale particulars, obviously it had our names on them.
And when the buyer saw it, they pulled out. You see, I knew these guys from years previous. And they knew me. They knew I knew what I was doing. And they couldn't understand why we were selling up.
I quote their exact words here 'If he's selling it, then it can't be a great deal for us' (the Estate Agent told us)
In other words, they ASSUMED that we had bought for cash flow and were selling it because it didn't "work".
When in actual fact, we were selling it because we had bought it, done it up and put it back on the market to realise both our deposit and our profits and take our money back out so we could go on to the next one.
The profits from this one went towards a deposit on another property - and the original deposit, well that was used to fund another "buy, do up and sell" type deal.
But it just goes to show how when people don't know what they're doing, they make important life changing, profit making decisions based on nothing more than ASSUMPTIONS.
This was a great property too for rentals, within a school catchment area, a nice suburb of Leeds (Yep, they do exist!!) - and it was perfect for the next tenant to come in.
If only the buyers had asked why we were selling it, we would have told them that it was because we bought it below market value, and had done the propery up to a high standard ready for rental, and wanted our money back out so we could go onto the next refurb.
But they didn't. They went on to buy some piece of shit property in a rough part of Leeds instead.
Anyway, the property went back on the market and was sold the following week.
We pulled out our original deposit, and with the profits, bought 2 more to go, do up and sell on. That was one of the ways in which I quickly grew the multi million pound property portfolio that I own today.
The key was learning how to source the deals properly.
With that one skill, I was able to take advantage of the property market and out compete other investors who were wanting to do the same thing, source great deals.
Learning how to source is a life changing process.
It comes in two parts. The first part is where you learn how to do it.
The second part is ACTUALLY doing it.
Most people need help on both.
If you would like help on both, then just drop me a message.
I've also created a video on How To Become A Property Sourcer
and you can get free access here :
How To Become A Property Sourcer (Video)
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