Property Auction Update - London BMV deals are back!

Had a great day today at the Harman Healy property auction in Central London today with some of our http://www.TycoonMastermindAlliance.com members.

Good mixture of properties, mainly London based. Around 75% of the lots sold on the day and more importantly for those of you struggling to bag a bargain property in London, we saw several great deals in London sell to lucky buyers in the room.

A bunch of deals were immediately below market value with just a light refurb required and they'd be ready to rent. A couple of other deals were very attractive for creative investors for example, the "deal of the day" in my opinion was a house that had been converted into 2 flats. The two flats sold independently for £170k EACH in 2007. They sold at this auction for £170k for BOTH of them!

I'm not sure what the buyers plans were but she could rent out the units for a couple of years and then purchase the freehold of the entire property. The freehold would cost approximately £45k, making the total outlay for the property = £215k. The freehold house however is worth £300k+. As a freeholder you could then go about extending the property and adding more units making this an excellent deal.

Other deals included a £60k flat that would generate £820/month. That's 16.4% return on your money in LONDON! In 7 years you'd have your money back and you still have an asset paying you £8k+ per annum cash for as long as you decide to hold it.

All in all a very positive day and great to see good deals returning to London. It's going to be a very exciting year - we hope the media continue to be negative about property so we can keep sourcing good deals