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7 Ways to Raise a Mortgage Deposit

A recent study by Santander Mortgages shows that 70% of young people now believe that the homeownership dream is over for them.

Miguel Sard, managing director of Santander Mortgages, said: “It’s clear that while the aspiration to own a home is just as strong as in previous generations, it’s a dream that is looking increasingly out of reach.

Although 91% of the young people interviewed still aspire to own a home, over two-thirds said it was unlikely to happen unless they received the deposit from their parents.

Let’s face it truly, saving up a mortgage deposit is one of the biggest hurdles to getting on the property ladder.

With house prices rising, first-time buyers often need to put down tens of thousands of pounds as a deposit.

According to MoneySuperMarket data from the first half of 2018, the average deposit put down by first-time buyers was £43,433. That was for an average property price of £217,200, giving a loan to value (LTV) average of 82%.

How much of a deposit do you need to save?

The average house price in the UK is around £232,554, according to Land Registry official data for October 2018. To buy a property worth that sum, you’d need to save at least £11,628 for the minimum 5% required by lenders.

Putting down 10% would give you access to cheaper deals, would require you to save £23,255, while a 25% deposit would mean getting together a whopping £58,139.

Unless you’re earning a fortune, or are lucky enough to have family stump up the cash on your behalf, making a mortgage deposit means saving hard.

But it doesn’t have to be that hard for you, and you don’t have to have fears for the future. So let’s look at

7 ways to raise your mortgage deposit.

1. Pay up your debts.

Anyone who is serious about getting a mortgage will know that credit card debt will directly affect the amount you can borrow. And it’s easy to let that debt spiral out of control, so it’s best to get on top of it as soon as possible. You so not debts increasing while you’re bootstrapping to save up.

2. Downsize your lifestyle

Do you really need to be renting a three-bedroom loft when it’s just the two of you? Could you cope with a larger house share where bills are split more ways and the rent is cheaper? The short-term pain may well be worth the long-term gain.

Weigh up how many bedrooms you need and look for cheaper accommodation closer to work, so you save on commuting costs.

Downsizing could also mean you save money on heating, council tax and other household bills, so you can put even more money in your deposit funds.

3. Work more jobs

you want a great idea on how to get a house deposit quickly then there is almost nothing better than creating a second income for yourself.

Almost everyone can create a second income for themselves. You could live off your primary income and then save all of your secondary income.

It is likely that you could be using your current skills outside of your workplace. If you work as a mechanic, then you may be able to fix your friends cars on the weekend.

If you work as a writer you could do freelance writing on the side. If you work as an accountant you could help people with their tax returns. Anyone can outsource themselves on sites like Odesk or Elance. Alternatively you could start a small business on the side. Get clients and do the work in your after work hours. Or build up passive income by starting a website and selling affiliate products. You are only limited by your imagination.

4. Sell unused belongings

Look through your belongings and think carefully about if you use or need them. If not, sell them.

Car boot sales and eBay are not your only options. Check out alternatives like Schpock and Depop too.

5. Take advantage of special programs.

If finding money for a deposit is holding you back from buying a property you may find a shared ownership home is a more affordable alternative.

Shared ownership and shared equity schemes involve purchasing part of a property and renting the rest, and although you would not own 100% of your home right away, you will have a foot on the property ladder.

Help to Buy scheme

Help to Buy is a government scheme offered by lenders in England on new build properties.

The scheme provides an equity loan that can be used towards buying a house, if you only have a 5% deposit saved.

You must be over 18 to qualify for Help to Buy, and it must be used to buy your own home on a repayment basis (not interest only).

6. Get assistance

If you’re lucky enough to have friends or family with money to spare, they might be able to help you raise a deposit, or help you get a guarantor mortgage.

7. Buy together

A deposit shared is a deposit halved, that’s the saying, right? Well, if you’re looking to purchase a property with a friend, family member or partner then you’ll definitely be at your savings goal in half the time if you both stick to the same pace of saving. Make sure you agree targets and you make the same level of effort to get there. If you’re determined to get on the property ladder, this could be a way for you to get there as quickly as you’d like.

These 7 ideas will help you save up your first home mortgage deposit, but there’s one more question.

Can you get a loan for a mortgage deposit?

No, taking out a loan to cover the cost of your mortgage may mean that lenders won’t accept your application.

This is because they will ask where your deposit has come from, and state that it needs to be from a non-repayable source, like savings or a gift.

Do you want to know more about how to raise the funds you need to a get a home as a first-time buyer?

Send me an email at mayowa(at)mayowaoluyede(dot)com

5 Practical Tips to Get Approved for a Mortgage Loan.

Once you’re a homeowner, your house will probably be the biggest, long-term investment you have, says Rachel Cruze in her book Love Your Life, Not Theirs: 7 Money Habits for Living the Life You Want

She added that, every dollar you spend on a mortgage or down payment is like putting money in a house-sized piggy bank.

Agreed, owning a property is an investment that we all must make in order to not only become financially free and prosperous, but to keep our families safe against bad economic times.

That said, it is therefore quite vital to know what help is available and where to find a mortgage.

In this article, I list and explain five practical tips to get approved for the mortgage loan you need to buy a home.

5 Practical Tips to Get Approved for a Home Mortgage Loan in the UK.

Most people hear reports of dropping interest rates and lower home prices and hastily decide to jump into home ownership, but what they don’t know is that getting a mortgage loan is a process, and it is different from car and some other loans

Therefore applicants who don’t recognize these key differences are often disappointed when a lender denies their mortgage loan application.

1. Know Your Credit Score

It literally takes a few minutes to pull your credit report and order your credit score. But surprisingly, some future home buyers never review their scores and credit history before submitting a home loan application, assuming that their scores are high enough to qualify. And many never consider the possibility of identity theft. However, a low credit score and credit fraud can stop a mortgage application dead in its tracks.

Credit scores and credit activity have a major impact on mortgage approvals. Before applying for a UK mortgage, check with the three credit reporting bureaus – Callcredit, Equifax, and Experian – and ask for a free credit report to make sure there are no reporting errors.

2. Save up.

Requirements for getting a mortgage loan often change, and if you are considering applying for a home loan in the near future, be ready to cough up the cash. Walking into a lender’s office with zero cash is a quick way to get your home loan application rejected. Mortgage lenders are cautious: Whereas they once approved zero-down mortgage loans, they now require a down payment.

Down payment minimums vary and depend on various factors, such as the type of loan and the lender. Each lender establishes its own criteria for down payments, but on average, you’ll need at least a 3.5% down payment. Aim for a higher down payment if you have the means.

3. Pay Up and Avoid Debt

You don’t need a zero balance on your credit cards to qualify for a mortgage loan. However, the less you owe your creditors, the better. Your debts determine if you can get a mortgage, as well as how much you can acquire from a lender. Lenders evaluate your debt-to-income ratio before approving the mortgage. If you have a high debt ratio because you’re carrying a lot of credit card debt , the lender can turn down your request or offer a lower mortgage. This is because your entire monthly debt payments — including the mortgage – shouldn’t exceed 36% of your gross monthly income. However, paying down your consumer debt before completing an application lowers your debt-to-income ratio and can help you acquire a better mortgage rate.

4. Know What You Can Afford

Get a home that fit comfortably within our budget.

Don’t let lenders dictate how much you should spend on a mortgage loan. Lenders determine pre-approval amounts based on your income and credit report, and they don’t factor in how much you spend on daycare, insurance, groceries, or fuel. Rather than purchase a more expensive house because the lender says you can, be smart and keep your housing expense within your means.

5. Decide What Type of Mortgage that’s Right for You

The variety of mortgage products available in the UK may be overwhelming to those unfamiliar with mortgages. The two main types of mortgages in the UK are the fixed-rate and variable mortgages. There are also a few specialist types for different circumstances.

If you do not understand these differences, you could be missing out on some good offers.

In my subsequent posts, I will write about the types of mortgages in the UK and their differences. In the meantime, I hope that you now understand these 5 practical ways to get a home mortgage loan and buy your home.

Remember, you must;

Know Your Credit Score
Save up
Pay up your debt and avoid new debt
Know what you can afford
Know the type of mortgage that’s right for you.

And lastly, as a bonus, seek an advisor’s opinion. Just as you’re an expert at your work, so are there property investors like me who can help you.

Do you have questions or do you need help with getting a mortgage loan in the UK?

Let me help you.

How to be more productive and focused on Success.

In this information age, most people live in a state of near constant distraction. Time and focus are at a premium, with many devices and platforms competing for our attention, and making it more difficult to achieve optimal focus.

Anyone who wants to achieve great success in all areas of his life must be at alert for productivity drains.

Earlier in the year, I talked about how to make 2019 count as a great year. Now, the year is halfway gone, but many are yet to achieve half their goals because they have allowed things in life to distract them and deflate their energy levels.

These distractions come in varying forms.

In Digital Minimalism (2019), Cal Newport, a computer scientist turned productivity expert, notes that part of the problem is that our computers, phones, and tablets, by their very nature, are tools that mix productivity with distraction—and sometimes distract under the guise of productivity.

Great benefits have come with great harm, I guess.

For some of us, who hide under the guise of being busy, we must keep in mind that perpetual busyness is bad for wellbeing and worse for productivity levels, and there is a cost both on a personal level and in terms of money and opportunities that are lost.

Let me share the productivity system I learned from Michael Hyatt’s Free to Focus. It consists of three simple steps; stop, cut, and act.

Step 1

The first step requires leaders to pause and assess. During this phase, leaders will formulate their goals, evaluate their current level of productivity, and learn to set healthy work-life boundaries. As leaders examine their situation, they should consider all the work they do in terms of proficiency and passion. Preferably, most of the work should rate high in both categories. Leaders need to be perfectly clear, not just on their mission, but also on which parts of the work mean the most to them.

Step 2

Cutting is at the heart of productivity. People often think of their work in terms of to-do lists when they should be thinking more about what not to do. Time is not a renewable resource. Sometimes, people, have difficulty saying no to other people’s demands on their time, but when they say yes to those demands, they are also saying no to other, perhaps more important, demands. People who are overcommitted don’t have time to do anything well. And low energy levels can negatively impact how time is used. Leaders who have too many tasks have too little time and too little energy, which is a self-defeating combination.

In cutting tasks, there are three main approaches. One is to remove the task from the workflow entirely. Another is to delegate the task, preferably to someone who’s both passionate about and proficient in the subject. A third cutting method is automation

Step 3

This is where all the productivity planning from the first two steps is put into action. The first element, consolidation, requires looking for ways to batch together with similar types of work. For example, meetings can be relegated to one or two days of the week, or a month’s worth of podcasts can be recorded in a single day. The second element, designation, requires scheduling work on a calendar such that chunks of time are blocked off for critical tasks alongside deadlines and meetings. Finally, the element of activation is about minimizing distraction. For an overly busy person, every task can feel like a miniature emergency. Productive people know how to set boundaries so that tasks are handled calmly and clearly, if not right away.

Leaders who have too many tasks have too little time and too little energy. Yes, it can be difficult to find time for long term planning when there are perpetually too many things on the task list, but people who are most overwhelmed are the most in need of a change.

To have a productive and meaningful work-life balance, we must minimize distractions and be intentional about our focus. Remember, attention is a limited resource.

The Mindset That Can Make You Fail in Life.

Do you want to be successful in life? Then, you must understand that having the right mindset is crucial to attaining greatness.

Yes, hard work, effort, and persistence are all important, but not as important as having that underlying belief that you are in control of your destiny.

In her book, Mindset: The New Psychology of Success, Dr. Carol Dweck uncovers the differences between two core mindsets, the fixed mindset and the growth mindset.

Dweck examined the two mindsets and discusses why a fixed mindset leads to an unsuccessful and unfulfilling life.

No one wants a horrible and unfulfilling existence, but that is some people’s reality. They are stuck and unable to achieve success because of their fixed mindset.

Hold on, but what is a fixed mindset? How do you identify and break yourself from its shackles?

I’d share a few tips, but first.

What is a growth mindset?

A growth mindset is a belief that you are in control of your destiny and your ability to learn and improve.

Simple, right. So.

What is a fixed mindset?

A fixed mindset is the opposite; it is the belief that individual traits are innate and cannot be changed or developed.

If you think about that for a second, you’d realize that having either of these mindsets all gets down to one’s belief.

In the growth mindset, one believes that intelligence, creativity, and artistic ability can develop over time with practice, hard work, endurance, and a willingness to learn.

Whereas a fixed mind believes that intelligence, creativity, and other abilities does not, or can not change regardless of opportunities for learning and growth.

Honestly, this way of thinking is terrible for anyone, and you must beware of it.

It is the path of failure that you don’t want to tread.

It leads to trouble with self-esteem and personal development, particularly in the face of mistakes and failures.

People with a fixed belief hold themselves in an unchangeable position, where they have to prove themselves always, and where mistakes or failures are unacceptable.

On the other hand, people with a growth mindset see mistakes and failures as opportunities to learn and improve themselves. They know that is the only way to progress.

So, this is my point: a fixed mindset will make you out of date and unsuccessful. If you are successful by your terms, don’t let it hinder your greatness.

Read the signs, when you see that you are beginning to settle for less, when you begin to stop seeking knowledge.

When you give up, and not set higher goals. When you stop working out your plans, and not learning new ways of doing things.

Beware, it is the fixed mindset.

Instead, live with a growth mindset by pushing away your fears and inadequacies. Embrace the evolution of your abilities, and go with courage that everything is possible if you commit to growth.

How to Network for Success.

Here’s the thing about networking: it’s really nothing more than talking to other people.

But, for some reason, many, many people have trouble doing that.

Whether it’s not knowing what to say, or imagining that others don’t want to talk to you, something seems to get in the way of simple communication between two people.

But first…

What is networking?

Networking isn’t merely the exchange of information with others — and it’s certainly not about begging for favors.

It is about establishing and nurturing long-term, mutually beneficial relationships with the people you meet, whether you’re waiting to order your morning coffee, participating in a church program or attending a work conference.

Although you don’t have to join several professional associations and attend every networking event that comes your way in order to be a successful, but there’s no denying the power a strong professional network can have over your career or business success.

When it’s rightly done, networking will give you a competitive edge throughout every stage of your career.

How do you Network?

One thing you must understand about networking is that it is an art of self promotion that must be planned and achieved like other goals.

So how do you network effectively?

Figure out your networking style.

While you don’t need to know exactly what you expect to get out of each networking opportunity, it’s important to head into each activity with a goal. For example, you may attend an event with the goal of connecting with three new people in your industry or bringing back one new insight to share with your co-workers

2. Draw a game plan.

3. Follow up.

It’s a simple task, yet many professionals neglect this critical step in the networking process. The time you invested in speaking with someone new won’t benefit your career development if you fail to follow up afterward. While you don’t need to send a long, heartfelt message immediately after meeting someone new, you should send a LinkedIn connection request with a personalized message sooner rather than later. Save the thoughtful message when you have something valuable to share or a specific reason to reach out.

These few basic rules will help you succeed at networking. But remember, the goal of networking is to build relationships and networks.

As Baikowitz once said “the worst networking mistake you can make is not trying at all.”

6 Habits of Successful Investors

The thought of becoming a successful investor is frightening if you think of the seemingly daunting tasks you have to handle. But it doesn’t have to be so because success doesn’t have one standard. In fact, successful investing is more about achieving your personal money goals and not necessarily picking the “right” investment.

If you want to become a successful investor, these are six habits that will put you on the right path to financial success.

Start Early.

There’s a famous Chinese proverb that says: “The best time to plant a tree was 20 years ago. The second best time is now.”

If you haven’t started, the best time to start investing is now, even if you don’t have a lot of money. The earlier you start, the longer your money works on your behalf. The idea here is to get into the habit and start developing a mindset that sees investing as a priority.

2. Create a plan.

A goal without a plan is just a wish. So if you want to become a successful investor, you need to create an investment blueprint that can help you chart your financial course. Start by figuring out how you want things to end up, and then work backwards. Think deeply and organize the investments and asset allocations that are likely to help you reach your goals. An investment plan is important because it acts as a roadmap.

3. Diversification.

Successful investors know that putting all their eggs in one basket isn’t so good that’s why they diversify. “For many “regular” people and beginning investors, low-cost index funds and exchange-traded funds can make a lot of sense. They’re broad-based and provide instant diversity across sectors. Additionally, if you add bond funds, you can get asset allocation. As you learn more and become more knowledgeable, you can add other investments from other asset classes, consider geographic diversity, and other factors, based on what you want to accomplish with your money.”

However, I advise that you invest a lot in real estate because it is the most reliable investment.

4. Consistency

Consistent action creates consistent results. To be successful in life, one must be consistent, and the same is applicable in investing. One of the best ways to move forward is to be consistent. Outline the amount you can invest each month and set up automatic transfers to your investment account. This will prevent you from forgetting, or from letting other spending take priority.

Consistency can ensure that you keep your long-term financial goals in mind – and automated investing will help you work toward those goals without actively thinking about it every day.

5. Increasing your investment funds.

Whenever you get a raise, use a part of that money to increase your monthly investment contribution. Get yourself in the habit of seeing extra money as a way to advance towards your financial goals by putting at least a portion of any increase you receive toward investing.

When you’ve made investing a priority, it’s easier to make that call when you get new money. That’s why you need to make a successful mindset shift toward using investing as a way to reach your goals.

6. Consulting professionals

We live in the age of information overload and overnight gurus who are selling nothing but crap on the internet. Don’t fall for it.

“Getting help from financial professionals can be a great idea, especially if you find someone who can help you reach your goals and is willing to listen to you and help you put together a long-term strategy. In fact, it’s a good idea to visit with a financial professional than get stock tips from your co-workers. The wealthy often hire money managers and investment advisors. While you might not be to that point right now, getting a little guidance from a financial professional can provide you with outside perspective – and a better approach to your investment portfolio.”

Here are habits of successful investors.

Start early or as soon as possible.
Create a plan.
Diversify your portfolio.
Be consistent.
Increase your Investment funds
Consult professionals.

Five Ways to Turn Bad Credit Around, and Invest in Property

It is a well-known fact that real estate investment is one of the best ways to achieve financial independence and sustainable wealth.

However, one of the biggest challenges would-be investors face is that it usually takes good credit rating and a strong track record to buy properties with the best lending terms.

Having a good credit rating is not only morally right, but it is also essential for raising investment capital. Although, I understand that life happens and things sometimes go south.

Bad credit doesn’t mean you can’t buy property as an investment. Fortunately, there are several ways to get around raising capital regardless of credit barrier and get into property investing. In this short piece are some of the best tactics you can use for buying an investment property with bad or below-average credit.

Five ways to get around bad credit for investment in property

1. Find a co-signer.

If you’re buying an investment property for the first time and can’t get a loan, you might be able to find someone to co-sign.

A co-signer effectively acts as a guarantor of your loan, putting his or her credit up for you. If someone with better credit than yourself, such as a close friend or family member, is willing to co-sign on loan, you can take the opportunity to build your confidence as you repay it.

Of course, you want to be sure that you can repay, even if the property fails to generate a return right away. Failure to meet your monthly payment obligations will not only negatively affect your credit score, but that of your co-signer as well.

2. Form a partnership.

Even if you can’t find someone to co-sign your loan, it doesn’t mean you can’t still use another person’s credit to facilitate investment. Consider finding another person who would be interested in real estate investment and partnering with him or her. Although this approach will require splitting any profits with your partner, it’s an easy way to get your property investing career off the ground.

3. Start with a distressed property.

Borrowers with lower credit scores are usually ineligible for loans that would cover the average price of a single-family home. Despite this, you might still be able to qualify for a loan that would cover the cost of buying a distressed property that can then be renovated and flipped for a profit.

From there, you’ll have to put in the work of repairing the property and making it livable. Though this method certainly requires more labor than investing in properties in better condition, it offers a substantial upside of requiring much less capital up-front. If you find the right property to renovate, you can even turn a very significant profit on the time and effort you put in.

4. Save a sizeable down payment.

Borrowers with poor credit history can still sometimes secure loans by putting up a larger than average down payment. If you can pay 20 percent or more up front, you are likely to qualify for loans that are above what your credit score would generally justify.

Putting a large sum of money down shows lenders both financial stability and an ability to manage money by saving it over time. Though you might still have a higher-than-usual interest rate, a substantial down payment will usually get banks and other lending institutions to consider you for a loan seriously.

5. Invest in a Real Estate Investment Trust (REIT)

Even with these different tactics for buying an investment property with bad credit, there will still be some people who cannot afford to purchase real estate. For these people, though, there are still good options that involve real estate investment.

Rather than buying a property of your own, you can pool your money together with other investors in a real estate investment trust, or REIT.

These trusts combine investment money to collectively invest in real estate, particularly at the commercial level. Though your goal should still be to get into investment properties of your own, a REIT can help you earn money in the real estate market while you build up your credit or work toward using one of the other tactics described above.

Buying an investment property without at least a decent credit score is difficult, but not impossible. Use these tactics, and you should be able to start making money in the property market soon.

4 Things to Consider When Sourcing below market value (BMV) properties

In a recent post titled What is BMV in Real Estate? I explained that Below the market value (BMV) is a collective term used by investors and property investment experts to mean any purchase or investment made below the market price.

Often, BMV properties are good deals that have the potential to be profitable because of the ability of the investor to get these properties at a cost that is lower than the supposed going rate.

Although, “there are two types of BMV properties: those that make you money, and those ignored because they are money-draining duds.

The truth is, it is not all properties that are buyable at below the market value price that are significant investments.

“Some of them are cheap as chips for a reason!”

In this article, I’d like to share four things to consider when sourcing BMV properties:

1. Make sure that it is a cash-flowing property

“An excellent property investment needs to pay its way, so make sure that any property you consider purchasing is going to be cash-flowing.

For example, it is possible to pick up cheap, high-quality properties in remote parts of the UK. These could have the most enchanting views and most beautiful designs, but the likelihood of you selling them on or renting them out quick is unlikely.

Even properties in apparently desirable areas can cause unexpected selling problems, such as a lack of hungry tenants or low rental prices in the city failing to cover the mortgage.”

Remember – “No rental demand, no tenants. No tenants, no rent. No rent, no money.”

2. Seek out hungry sellers

“Properties that have been on the market a long time is likely to have a willing seller.

On apps, such as Zoopla, check the “most recent” listing backward.
If you combine evidence that similar properties are available for rent in the local area with the fact that the property has been on the list for a long time, you are likely to find a motivated seller.

Any property not viewed on a property website or app for a month or more suggests that the seller is going to be more open to lower offers because the longer their property is on sale for, the more it will cost the seller.

A seller’s keenness – or even desperation – to sell their property offers you plenty of leverage.”

3. Don’t buy homes that need too much work done

“Some property investors are so excited by a BMV price that they neglect to consider how much extra work the property is going to need before it can be rented or re-sold.

If you have great builder contacts, then a property that requires some work might be significant. However, there are risks involved when buying a run-down building, so make sure to hire a property investment consultant or a reliable surveyor to inspect the deal and detail any significant repairs or alterations needed.”

4. Don’t buy in the wrong location

“Buying in the wrong area is one of the most common mistakes that first-time property investors are likely to make. Many areas may have a reputation for being “up and coming,” with plans for better transport, a new shopping center, more significant funding, and many other exciting possibilities.

However, unless plans such as these become concrete, they can easily fall through.

Every investment carries risks, of course, but it is your role to minimize the likelihood of loss and increase the possibility of profits.

For that reason, avoid buying property in the reputed “bad” areas of town simply because of their low price tag, unless you have some serious evidence that it is going to make a worthy investment.”

Conclusion

“Buying below market value is finding a property for a lower price than other property owners are selling similar properties. If you can find a distressed seller, or any property that has been overlooked by other buyers due to lack of advertising or some other neglect on the seller’s part, do your due diligence, and get ready to make some serious money.”

If you would like to learn more or ask questions about how to find BMV property deals, you can book a free 30 minutes strategic property investment session with me here.

What is stopping you from owning a property in the UK?

I have a question for you, what is it that is stopping you from investing in real estate?

What is stopping you from buying that first property?

What is stopping you from increasing your portfolio, maybe you have one before, then you raise it to two or three, or perhaps you want to double your property portfolio from four to eight or ten?

What is stopping you?

Do you feel like there’s a roadblock?

Let’s talk about it if you desire to become a first-time property owner or you want to increase your portfolio.

I know you’ve been thinking a lot about this, but I want you to stop thinking and start doing because it is possible for you to own your property in this economy.

If you have a good job, a good income, and you live in the United Kingdom, it is possible for you to be a first-time owner.

If you desire to own your first UK property between 60 – 90 days, we can make this happen for you.

Stop thinking, and start acting.

If you want us to get on this journey together, we will show you that it is possible for you to be a property owner in 90 days.

But if you are an investor who has bought 1, 2, 3 or 5 properties before but wants to understand how to accelerate their investment and double their portfolio, please drop me a message to ask for my calendar because you qualify to schedule a free one-hour session with me.

I will show you practical and effective strategies that will help you accelerate your returns, and be tax efficient in this modern economy.

I’ve head people say that “Buy-to-Let is dead,” “There’s Tax,” but when there is a will, there is a way.

So, let me know what you think, drop me a message to ask for my free 1-hour strategic property investment session.

It’s not complicated, all you need to do is send me a message, ask for my calendar, and we schedule a suitable time to take you to the next level.

I look forward to hearing from you, but until then, keep serving God. Keep living life to the max. Keep helping as many people on your journey to prosperity

What is BMV in Real Estate?

Below the market value is a common term that is used by investors and property investment experts.

But what does it really mean?

According to the Royal Institute of Chartered Surveyors (RICS), market value is “the estimated amount for which a property should exchange on the date of valuation between a willing buyer and a willing seller in an arms-length transaction after property marketing wherein the parties had each acted knowledgeably, prudently and without compulsion.”

Below the market refers to any type of purchase or investment that is made below the market price, in other words, BMV is a good deal that is to the advantage of the buyer because of the ability to get properties at a cost that is lower than the going rate.

“However, there are two types of BMV properties: those that can make you money, and those that have been ignored because they are money-draining duds.

This second kind is the BMV properties that you should never buy, of course, but it’s easy to get drawn into buying something cheap which will, in fact, cost you far more of your time, money and effort than it is worth.”

Instead, you want to find the below market value properties that other investors haven’t ignored, but have missed. These are the properties that have fallen under other less observant investors’ radars, and which are ready for you to swoop in, sweep up, and make huge profits on.

In principle, an estate valuer will compare the property to other similar buildings s in the area, alongside its estimated level of demand, transferability, scarcity, and whether it can fulfill its duties as a comfortable environment in which to live, and come up with a price estimate using this combined evidence.

This is the reason to consider market value alongside questions like, “What price am I willing to pay for this property?” and “How much money will this property make me?”

Truth is, not all properties that are buyable at below the market value price are going to be significant investments. “Some of them are cheap as chips for a reason!”

In my next post, I will explain more on how to source BMV properties.