Buy the property, structure the deal...
Brett Alegre-WoodChairman, YPC Group
Hey guys,
It's probably one of the most frustrating things about my life, watching new investors (and old which is very scary) buying new built and off plan property based on the deal.
Buy the Property...
The only thing you should ever buy in property is the property and that property should be based on good solid fundamentals - shops, schools, transport links, major employment and major investment. Only after you can guarantee that you have good solid fundamentals should you even consider how you will structure the deal.
Not the Deal...
Yet so many people I see are so focused on the deal. They say to me 'I only want no money down', 'I only want cash back' when really they should be saying 'I only want property with good solid fundamentals', 'I only want property with shops, schools, transport links, major investment and major employment.'
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I can spot an experienced investor from a mile away just by this one simple point. I would rather put Â?50,000 into a property with fundamentals than get Â?20,000 cash back from a deal. Always remember that cash back is just another loan, you are borrowing it, albeit in the form of a mortgage.
Only after you have bought the property should you structure the deal...
So I guess my point is that you must always do your due diligence on the property and only after you are convinced that it stacks up should you even consider how to structure 'the deal'.
If you're unsure of the difference between the deal and the property then you need to speak to the team and in particular check out one of our 89 point due diligence checklists. Give them a call on 0207 812 1255.
Live with passion,
Brett Alegre-Wood
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