Update: Where am I on my journey?

Well, I went to see my first repossession property possibility last week. My thoughts:

  • All electricity turned off and water drained so no chance to check boiler. taps etc work. Stickers all over any appliance/loo/sink etc saying “do not use”. Why do they do this? Surely it’s worth leaving them in working order if they do actually work? Can someone tell me?
  • Fire damage to one room, but only cosmetic (curtain was left over heater). I like this as it makes the room look and smell awful and might put other investors off!
  • Relatively new build (2003) and no signs of sny structural issues on this floor (1st floor)
  • Internal walkways overlook internal car park but the whole lot is draped in pigeon netting so any potential tenant would feel like they were in a prison the moment they walk in. No matter what I do to spruce up the internals of the property, this would be their first impression.
  • And….spoke to a tenant in the same block. She was lovely but nervous to stop and talk. However I did manage to get some useful information. Apparently she wants to get out of the block as soon as she can (she called it Alcatraz!), especially due to the druggies on the 2nd and 3rd floor and the parties that go on on the 4th (although the 4th does have nice views!).
  • Ok. Thats enough for me. I want to be confident in being able to let out my first property and this seals it. There will be no offer from me on this one.

What I learnt: Always speak to a neighbour to get the lowdown. Always.

 

With thanks to Pete from his Property Journey website, where he's sharing every success and failure on his ongoing journey from property amateur to buy-to-let entrepreneur. Follow him at http://propertyjourney.tumblr.com, Twitter: @propertyjourney and find him on Facebook"