Rich G

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About Rich G

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  • Birthday 18/08/60

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  1. Learn how to systemise viewings quickly and effectively. Learn how to price a refurb with ease. Then learn from 3 of my already-completed insane property deals Space for 3 passengers in my car, 4 at a push. Most of the April Saturdays are full but I'm taking bookings for May. Pick my brains all day, 9.30 - 6.00. I'll even buy you a decent lunch. Then you can take away and keep our Viewing and Refurb Pricing systems and use them for ever. If you don't have anything you want viewed, we can easily find some. Or YOU tell me what else you'd like? I'll try to include it. All this for just £200 PP which will be going up soon as it's already proving quite popular. Post here or PM for more details.
  2. Developments Sourcing land for development

    More downloads are available from the main site here, popular ones in the big box on the left and the majority in the much smaller box on the right. I hope that's useful.
  3. Developments Sourcing land for development

    Found it. I suggest you take a look at the Option Agreement and Lockout Agreement files in our legal downloads section, BUT you should also get it checked out by your own independent lawyer as suitable for your particular purpose.
  4. Developments Sourcing land for development

    An exchange of emails agreeing terms can be considered a contract, but because of ambiguities that lawyers can pick apart it's best to have a proper contract. A purchase option is usually enough for short-term (up to 18 months) plays like this. It's often uneconomic actually to pursue it through the courts if you have to, unless the deal is quite valuable, but it tends to concentrate the owner's mind. We have such a resource available, I'll just go and look for it...
  5. Other Legal Advice...

    Great initiative Alex, it should produce a great resource like an ongoing wiki which could be indexed in due course, as well as providing a record of your expertise. I'll pass on suitable queries from the FB group as and when I see them if that's OK?
  6. 3 Howgill Lane, Sedburgh, Cumbria LA10 5DE. At first this seemed too good to be true, but I don’t believe in TGTBT so I looked into it. It starts as a desperately sad story but has a kinda happy ending. The owner never lived in the house but his mother in law did. He suffered a double bereavement (wife & brother) in two separate RTAs. Then he lost his commercial diving business due to an investigation when one of his divers falsified his own health status from his doc and died underwater. As a result he had been on IVA for 2 years, a family of 4 living on £450 a month. To top it all off he had developed Sudden Death Syndrome where his heart can suddenly stop beating, so has a heart defib fitted. I would almost have thought it was too BAD to be true, that he was making it up, except I saw the shape of the defib fitted under his skin. It was quite a big triangular lump. Just when you'd think it couldn't get any worse for him, there was a partial collapse of the basement at the house and the council placed scaffolding against the side of it under the Dangerous Structures Act, and a charge on the house for the cost. It blocked the entrance to the car park of the large pub next door. Then the pub owner then threatened to sue for loss of trade. The poor vendor had no money to solve the problem, and was having anxiety attacks over it and everything else. He was an awful situation. I knew what to do about the basement (fill it with concrete - job done!) But I commissioned a structural engineer's report anyway to tell me what I already knew, as belt-and-braces. Engineers must carry Public Indemnity Insurance, so if we both get it wrong I could claim on his insurance. Also I could put the report in the Legal Pack to reassure prospective buyers. Then I agreed to buy it for 22k, minus any costs due to the pub. Unfortunately the pub owner wouldn't communicate properly or give me a settlement figure, only threaten, so the amount outstanding was unquantifiable and much as I felt sorry for the owner, the only sensible thing I could do was stay away until the pub owner became more communicative or the house owner sorted it out with the pub himself. The pub owner saw me as a money pit, unlike the homeowner who was skint, so he was trying to make it my problem and make me pay. I told both of them that it was THEIR problem until we exchanged contracts, not mine. I felt very sorry for the owner and apologised for having to withdraw, but it had to remain business and I had to try not to get emotionally involved, however much I wanted to help him. I was less sympathetic to the pub owner who wasn’t exactly helping himself by stymying the sale. It merely prolonged his own problem with the blocked car park. I told him that the scaffolding could be there till kingdom come, because no normal sane buyer would buy that house with a partial basement collapse AND an unquantifiable financial claim against it. Things finally moved when the owner offered to GIVE me the house for nothing just to take the stress and the pain away. It seemed unlikely that my financial exposure would be greater than 22k even for the entire period the scaffolding had been up, so I agreed, but it would have been like taking candy from a baby so I insisted on keeping as close to our original agreement as possible. You have to know when something is a deal and when not to milk it. It’s about treating people fairly and being able to respect yourself and be deserving of the respect of others. I'd already given him £500 in cash on a no strings basis so he could enjoy Christmas with his new family (he had re-married), so I gave him another 8k to settle the £5.5k charge the council had placed on the house for the scaffolding (which needed settling anyway), and the rest for his conveyancing bill and about 2k to be going on with. Eventually I paid him the entire £22k, minus an agreed sum of £6,750 to settle with the pub. I’d offered for him to wait for the full settlement but he just wanted out ASAP. I had no legally binding contract with him, we had nothing but a gentlemen's agreement and a handshake, but as I say he’d already offered me the house for nothing so he was happy with that and he trusted me. It isn't just about the money. Money comes easier than happiness. In so doing I hoped to restore his faith in humanity a bit as it's had a real kicking over the years with things going disasterously wrong and to make it worse, people treating him badly. Of course by doing so I'm helping myself too. If you want to feel happy, the best thing you can do is help someone else, especially when you don't have to. It really works you know! Try it! Then I offered (without prejudice – that is VERY IMPORTANT to avoid legally committing to anything) to settle the damages claim from the pub owner for the entire period of car-park blockage, to clear it completely for my vendor, as with his recurrent anxiety problems he wasn't in any condition to negotiate it for himself. Eventually after a lot of persistence I got an approximate settlement figure, just under 6k so not nearly as bad as it could have been, and I'm contesting some of the items anyway. I'm hoping to get it down to 3.26k. This has still not been settled, and it turned out that the “pub owner” wasn’t the real owner after all so the dispute is still open and could go either way. The outcome? I bought it for £22k (minus £6,750 for an ongoing dispute) and did no physical work on the property at all. I never even went back in the house. Then I put it in Auction House Cumbria and it sold for £42k! Obviously I had costs, including 2 lots of legal fees, auctioneer fees, and £3k finders fee. Still, it was a nice little profit. This is it, Lot 56, you will have to scroll down to see it ‪ Colin the auctioneer assured me it would be very popular, in fact he said they had so many requests for viewings they had to do block viewings 2 x weekly! If for some strange reason it didn’t sell at auction I needed more exit strategies, so exit 2 would have been to do the works and sell on with an agent. This is how the numbers looked. Working backwards: Nicely finished it should value up at 100k with the yard opened up for parking. But the real value in a slow market is the 90 day val, and that was only 80k The costs of the works was an allowance of up to 10k for the structural work, shuttering against the basement collapse and filling in the shuttering with concrete. Steel rods through the floors and ceilings to bind the back and front walls together, they are adrift currently. Then a fairly big refurb, 25k. So a total of £35k. Then £3k finders fee to David Clouter and his mentee who brought me the deal. Then conveyancing costs x 2, insurance, utility bills and council tax, and all the other costs associated with the sale such as estate agency fees, perhaps another £4-5k. My finance was my own cash so the only cost there would be opportunity cost. Money in £65k, money out 80k so not a brilliant deal but OK if I got stuck. Exits 3 and 4 would have been to let it on an AST, or as a holiday let. It was in an excellent location for the latter. The new buyer's purchase price was 42k + 35k works = 77k so there's no money in it. Add in + conveyancing, auctioneer premium, finance, insurance, and agent fees if they are selling and it even looks like a loss. But some small builders just buy to keep themselves in work – I know it because I was one of those guys once. Others are hobbyists following I the mode of HUTH, which is a great program for advertising auction flips by the way! Auctions are a great place to sell really crappy knackered old houses :-) Anyway it was a very interesting deal, and I think I found the best possible outcome. I was very happy with the result for both myself and the vendor, who was delighted.
  7. Yer they are due for a rise in some areas and current trends are continuing anyway. While finance is available and cheap people will keep buying and prices will keep rising. The market is very different in different parts of the country though and some parts were already over-valued.
  8. until
    Ask the experts! I'm on the panel for this along with Paul Higgs, Jim Halliburton, Kam Dovedi, John Phillips and Steve Matthews. Should be a great night with some unrepeatable content (in a good way)
  9. Along with Paul Higgs, Jim Halliburton, Kam Dovedi, John Phillips and Steve Matthews. Should be a great night with some unrepeatable content (in a good way)
  10. Ireland is no surprise really, they have had huge swings up, then down, so they are coming off a very low base. The comments about the UK market sound London-centric to me and ignore regional variations which I have been saying for years, when the change comes, which sems to be happening now, I expect to be very great,
  11. This one focusses on the Brexit effect but it was happening before that. Brexit just makes it more pronounced.
  12. Bang on. SDLT changes and surcharges proportionately affect high-value transactions the most and are a massive brake on the market, but it was toppy already and had started to turn well before then. SDLT and Brexit vote have however been a strong catalyst to burst the bubble. The reduction in the value of the £ making it cheaper for foreign buyers hasn't been enough to change this. Meanwhile, lower-value properties in places where bankers don't live seem unaffected, in fact the market has picked up if anything as investors look elsewhere. However it's to be remembered that the vast majority of buyers are still domestic home owners.
  13. Bang on trend. London slowing to a halt whilst prosperous Northern cities with good yields steam ahead. Why would anyone be holding property in London now when you can get much better returns elsewhere? Here's an older piece from March 2015, my prediction has come true a bit early because I didn't forsee the Brexit vote and its catalysing effect Here's another more recent post and denial from some of London's cheerleaders And here's my most recent London Sinking post
  14. HMO HMO for sale

    1k profit a month why are you selling it?