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!
PS if you want to learn more about investing in properties take a look at some of my help guides.