June Auction – 5 Connie Street Openshaw.

tips

This property seems to be a little gem, Openshaw is an up and coming area thanks to the recent opening of the metrolink. Greater numbers of tenants are now looking for two bedroom properties in Openshaw thanks to its new 10 minute commute to the city centre.

This is a property I will have my eye on at the Edward Mellor Auction and will be valuing it as worth around £60-65k. I’d be expecting a rental income of at least £500/m which would put me at about a 10% yield.

I have tenants waiting for properties in Openshaw, so I know this will not stay vacant for any amount of time.

 

If you are looking to invest in Openshaw or anywhere in East & North Manchester  and would like any assistance, then please drop in to my offices on Moston Lane, Manchester for coffee and a chat, or call me on 0161 681 3724.
Look forward to speaking to you soon!
 
Regards 
 
Mike Brown

How To Buy At Auction

Property auctions are a fantastic source of low cost houses, flats, shops, commercial premises or land. Finding the right property, at the right price, in the right location can be a very daunting prospect for many potential investors.

Property auctions are now more popular than ever, and due to this the prices of properties being sold through auction are being driven up. With such a substantial capital requirement, most investors like to take their time and not be rushed into a deal, and the pressure of an auction bidding scenario for property is completely avoided.

auctionMany frequent property investors will tell you that that despite the pressure and emotional stress that can accompany a property auction, some of the most useful information and best deals can be obtained by paying careful attention and attending an auction with a careful strategy devoid of emotion and panic.

So what is a good strategy to employ in order to get the most out of a property auction experience?

What to Plan for at Auction?

Preparation is crucial when you are entering a potential bidding war with other investors for property at an auction. Ideally, every decision regarding the property should be made before the item is called on the roster so that you can focus purely on the value of the item when called.  Auction listings are available in many cases weeks before the day the gavel is set to drop, so make use of time to inspect the property and make sure it’s the right investment for you.

Take the time to look at the property and arrange an internal viewing if possible to evaluate what you would be willing to spend to acquire the property. Speak to neighbours around the home and try discover as much as you possibly can about the property and the area. Make sure that the listing details in the auction catalogue are correct and in line with what your research tells you, if not you may have more unforeseen problems. Make sure that you are able to purchase the property in line with the conditions stipulated on the auction listing. Find out what similar properties are selling for in the area so that you don’t get sucked into an expensive impulse purchase and if you are serious, have the inspections done by professionals.

Finance will need to be arranged before and auction as the final bid and sale is a negotiation agreed upon and is binding to both parties. Finance will be needed with most houses bought on auction so ensure that you have enough organised immediately so that you are able to make the deposit should you win the bid.

Does it have to be me?

If you feel you cannot be trusted in a high pressure situation, you can arrange for a professional or use an impartial family member to do the bidding for you. Make clear stipulations as to what you are prepared to spend and should you be doing the bidding yourself, adhere to the same principles. Stick to your pre-decided goals and enjoy a safe auction with only a positive outcome possible.

If you are looking to would like any assistance or further guidance, then please drop in to my offices on Moston Lane, Manchester for coffee and a chat, or call me on 0161 681 3724.
Look forward to speaking to you soon!
 
Regards 
 
Mike Brown

 

Greenheys Road

**Newly Decorated** Brentwood Lettings are pleased to present this 2 bedroom garden terrace property to rent in…

Price: £ 520.00 pcm

Ashworth Street

**STUNNING REFURBISHED FAMILY HOME** Brentwood Lettings are pleased to offer this 3 bedroom semi detached property to…

Price: £ 700.00 pcm

Holmfield Avenue

**DHSS Welcome** Brentwod Lettings are pleased to offer this spacious 2 bedroom property to rent in Moston.…

Price: £ 550.00 pcm

Hopwood Street

Brentwood Lettings are pleased to offer this well presented 2 bedroom, semi detatched, new build property situated…

Price: £ 650.00 pcm
Featured

Lancaster House

** FULLY FURNISHED APARTMENT** Brentwood Lettings are pleased to offer this newly renovated 2nd floor apartment in…

Price: £ 950.00 pcm

Quilter Grove

Brentwood Lettings are pleased to offer this spacious 2 bedroom property to rent in the popular area…

Price: £ 550.00 pcm

Rowley Street

Brentwood Lettings are pleased to offer this 2 bedroom end terrace property to rent in Ashton-under-Lyne. The…

Price: £ 525.00 pcm
Featured

Abbey Hey Lane

** Stunning 4 Bedroom Family Home** Brentwood Lettings are pleased to present this NEWLY REFURBISHED 4 bedroom…

Price: £ 825.00 pcm

Holgate Street

Brentwood Lettings are pleased to offer this 2 bedroom property to rent in Great Harwood.Ideally located close…

Price: £ 450.00 pcm

Property Management

We manage properties throughout Manchester for investors all over the world. Contact us to talk about your property

Lettings

We provide a let only service for those landlords who wish to self manage their properties

Maintenance

We provide a full range of maintenance services, from safety inspections and repairs right up to full refurbishments

Local Property Experts

We know North Manchester like the back of our hands, chat with us for all the latest news and trends in the area

Investor Tips

Being your people on the ground, we find out about the hottest and most lucrative of local investment opportunities first hand.

Advice & Support

We are available to talk about the Local Property Market and your individual properties whenever suits you, book a call with us today