Buy Below Market Value
Below Market Value (BMV) properties are very sought after for obvious reasons.Â Here at Midas Property Group we can source properties BMV (Below Market Value) and remortgage taking out all your initial capital (recycling the cash in other words).
There are many reasons why houses might be sold below market value; short lease, structural issues, distressed owner, probate, family issues etc. In order to convince a lender to allow you to go ahead and remortgage a certain amount of refurbishment work is usually necessary. The standard type of work usually involves fitting a new kitchen, bathroom and attending to any landscaping etc.
Before embarking on refurbishment it's essential to draw up a budget beforehand for how much you'll spend on materials and labour. Then stick to it, otherwise overspending can eat heavily into your yield.