A Great Day for a Mentee: He Didn't Do Anything
Wednesday 21st May 2025
A Great Day for a Mentee: He Didn't Do Anything
An impressive result at the property auctiontoday; congratulations to the seller and well done to the auction house for achieving such a high price.
Interestingly, ๐ผ๐ป๐ฒ ๐ผ๐ณ ๐บ๐ ๐บ๐ฒ๐ป๐๐ฒ๐ฒ๐ ๐ฟ๐ฒ๐ฐ๐ฒ๐ป๐๐น๐ ๐ฝ๐๐ฟ๐ฐ๐ต๐ฎ๐๐ฒ๐ฑ ๐ฎ ๐ฝ๐ฟ๐ผ๐ฝ๐ฒ๐ฟ๐๐ ๐ฎ๐ ๐ฎ๐๐ฐ๐๐ถ๐ผ๐ป ๐ณ๐ผ๐ฟ ยฃ๐ณ๐ฑ,๐ฌ๐ฌ๐ฌ ๐ถ๐ป ๐๐ต๐ฒ ๐ป๐ฒ๐ ๐ ๐๐๐ฟ๐ฒ๐ฒ๐. It was in much better condition and had an EPC rating of C (compared to a D for todayโs sale). That deal will certainly support the comparables for his refinance.
Key takeaway: Stay disciplined when bidding. Emotions can run high, but itโs important to set your limit and stick to it. We stepped back in the low ยฃ80,000s.
The mentee property has a new roof, is fully insulated externally, and has a new gas central heating system. It is immaculate throughout and has great tenants paying the rent. At ยฃ๐ฏ๐ต,๐ฌ๐ฌ๐ฌ ๐ฐ๐ต๐ฒ๐ฎ๐ฝ๐ฒ๐ฟ than the property in the next street (which requires works!), that's ๐ฑ๐ฎ%!
๐ช๐ต๐? ๐ช๐ฒ ๐๐๐ฒ๐ฑ ๐ฑ๐ถ๐ณ๐ณ๐ฒ๐ฟ๐ฒ๐ป๐ ๐๐ฎ๐ฐ๐๐ถ๐ฐ๐.
Property auctions are a superb way to purchase investments substantially below market value, but only if you know what you are doing. It's not for amateurs.
For assistance with buying or selling at auction, please contact us.
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