Hi all, this is my first ever post on any type of forum on the internet, and I don't think there can be many better places to start!

The wonderful world of property investing was first introduced to be by my dad back in the late 90s, while I was still at school. He was at the end of his career and was made redundant. Being in the construction industry, replacing his income through property seemed fairly natural for him. Back then he was buying (with partners) property from auctions, all money down, and making around 10% - 16% net(!) on the rent!!!!! How things have changed. Having seen what he did, and working with him to build his portfolio, I was bitten by the bug and really wanted to build my own. But I spent the last couple of years wandering how someone straight out of uni without not a dime in capital (and owing the government!) could start to build a portfolio. I read about these portflio building companies, and eventually went to a free Inside Track seminar (anyone heared of them?). To cut a long story short, a lesson I learnt from that is don't waste your time or money listening to someone telling you to buy property all over the country, sit on it for 20 years without earning a penny in rent, and fingers crossed the, market should go up 7% every year. BUT I did meet someone who told me about PNC, so I went, met Glenn Armstrong signed up for his course straight away and learnt how to do BMV no money down deals. This was back in November, and I'm just about over the excitement of being a 23yr old who can now buy property without any of my money (because there ain't none!). So fingers crossed I should have my first two by mid April.

Got a question about one of these - I have made an offer on a property where the owners are being repossessed, and am going with them to court next Tuesday to ask the judge for a suspension (this will be the third time the owner has asked for one) for the sale of his house. Any advice for things to do/take/say/look like/wear at court in order to get the desired result?

Thank you for reading, hope to meet lots of excited like minded people.

Jonathan :D

P.s. as a newbie will obviously have loads of questions, but is there any way someone like me can offer any help to the experienced heads out there - bit of give and take definitley leads to better relationships.

hi jonathan welcome to the forum mate great place to be.

Hi Jonathon,

Welcome to the forum!

On the repo hearing, it is worth getting your solicitor to send a letter to the client confirming a sale is progressing that your client can present to the judge as evidence that a sale is actually taking place. Judges, as a rule, don't like evicting people and will usually give an extension. You just then need to make sure you complete in that timeframe.

Note that this is not failsafe - it is still the judges decision and if he feels the client has messed the court about / not kept to agreements made at previous hearings then he may still issue an eviction notice - then you need to move real quick!

Cheers,

Mark.

Welcome to the forum Jonathan

Welcome to the forum Jonathan. You'll love it here.

There's probably a few who have heard of Inside Track on here, but its a difficult one to comment on. I understand previous posters on another forum may have been threatened with legal action if they didn't remove their posts. Read into that as you will...

Hi Jonathan,

Welcome to the forums

__________________
Juswant Rai
Profile on Facebook

Berkshire Property Meet - UKs Leading Property Event >> http://www.berkshirepropertymeet.com

FREE 0800 - NO connection fee, NO number issue fee and NO minimum contract: Drop me a PM for more info

Hi Johnathan,

Good to hear you've decided to start early - wish I had but then lets not dwell on that one.

It looks like your on to a good start anyway - pick as many brains as you can including your Dad's and I am sure he will be more than pleased to tell you as much as you're prepared to listen to - so listen good!! However always listen to as many people in property as possible and then arrive at your own conclusions. Set yourself goals and go for it!!

GOOD LUCK!!

__________________
PROPERTIES WANTED in BURTON-ON-TRENT Staffordshire & South Derbyshire.

FINDERS FEE: up to £95 for initial lead details PLUS a minimum of £500 and up to 2% of the final purchase price.

Hi Jonathan,
Welcome to the forum - I'm sure you'll love it here

Hi Jonathan

Good luck with your new property business.

You are among like minded people here

Kind Regards

Robert Clark

Total Awards: 1
Total Points: 0

HI Jonathan, welcome to the forum and it's great to see someone so young getting into property - brilliant! My daughter's at university and she says she wants to get into property asap. Her boy friend is a mortgage underwriter so there's the motivation. My son who is 20 is still enjoying life in the fast lane, but give it time. My goal is to get them into property asap but 'you can take a horse to water but you can't make it drink' so gently, gently.

About your repossession, although I don't know the figures, please don't be fooled into thinking the judge won't evict because if there is reason to then they will. Don't get me wrong they are there to look after the vendor and the lender to make sure things work out best for both parties. The down side to this case is as you say quote 'I have made an offer on a property where the owners are being repossessed, and am going with them to court next Tuesday to ask the judge for a suspension (this will be the third time the owner has asked for one)' Just because you are going to buy this house doesn't mean immunity. Unless the vendors have made some sort of effort, if they've made a payment or two or showed the courts they have made some effort, then they are more than likely to come down on the side of the lender. It does depend on the judge and their mood on the day but you have to be prepared - this is the third time.

You need to ask yourself what would happen if they say, sorry, the eviction date stands. Is there enough money in the deal bearing in mind you haven't had a survey report done yet so the value is not confirmed.

If there is plenty then bingo! you go straight to your solicitors and you exchange contacts that day and take out indemnity insurance. That'll be the only way to stop the repossession. So check out your figure and make sure your happy.

Yes! a letter from the vendor's soicitor to say you will be buying the property is a good idea and proves she is taking action.

I always say that we only met a couple of days ago and haven't had time to do a valuation but that you are there to represent the vendor and prove to the judge you are serious about buying. Obviously, dress business like and be confident. Don't be intimidated by them they are only human. Never ever tell the judge what you are buying it for, only the price at market value. Obviously you must discuss this with the vendor before hand.

You'll find vendor's will rely on you and you could end up doing all the talking because it's a tramatic time for them - so make sure you reassure them it's going to be ok.

Hope this helps and good luck! I applaud you doing this so young. You'll go far :D

Thank you all for your replies, I feel very welcome here already! I also really appreciate the advice you have given.

Unfortunately I never got to go court anyway! The day before the hearing the vendor had a call from a business partner of his who knew his situation and sorted a remortgage out for him. From his point of view this was his better option. I guess you win some and you lose some!