Ajay Ahuja on Selling his Harlow Property

I own a property in Harlow, Essex. I bought it for £53k back in 1998 and it was my first property purchase back in 1998.  Now after 11 years I think it is time to sell it.  Over the years it has provided me with a lot of capital, around £70k, which has funded my spending sprees.

This £70k seed capital sits within probably around 100 of my properties as the properties I bought with this £70k subsequently increased in value which enabled me to remortgage and buy more.

However I face a problem.  I have tried to let it but I have really struggled.  It has totally amazed me.  I think the problem is the property is too big!  It is a 5 bed 2 bathroom house with 3 storeys.

I tried to rent it for £995. no takers.

So I did a check on Rightmove to see what it would go for. To my surprise properties near this area are going for £200k+.  So considering it’s the credit crunch, which I believe is melting, I have decided to sell for £199,995.

Now who knows if I will get a buyer but I simply refuse to get a 3.6% yield on my property.

It is a perfect 2nd time buyer property.  If the 2nd time buyer can sell their property then they will be able to buy my property.  I will keep you informed.  The market has changed.  I really think we have turned a corner.

So when I sell I will bank £75k being the selling price less mortgage and I will invest it in a nice 2 year old Bentley.  Only kidding.  I will buy 15 more low money down properties of course!

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