Thanks Simon Just in time, there is a really great deal in Brighton, and the only strategy that I thought would work was PLO Can’t wait for the remaining videos to be uploaded Cheers
☀️☀️☀️☀️☀️Great lesson to learn! In Scotland it would be a contract with a delayed completion but you have obligation to buy. It is a great strategy anyway! I am interested on doing it in Scotland. Fingers crossed!
Thank you for the great content! Are there any methods to buy commercial property with very low initial investment cost? The idea would be to exchange with delayed completion to get pd to convert a portion to the rear of the retail unit into residential. Thanks.
You have answered your own question! Exchange, get a keys undertaking (so you and your builders have full access to the property) and then complete much later. In English law, that can be up thirty-five years later! More realistically, you get funding for 70% of the purchase price and 100% of the development costs from lenders. You have to find or have 30% of the purchase price.
Hi Simon I'm a big fan of your work. I have an option opportunity on my table. Following your video everything is straight forward and I understand the steps. Now how would this PLO work on a property with no mortgage on it? I could pay a monthly option fee to the seller as they were going to put the money from the sale in the bank but I can pay a better return for them. If I take over and let it out to a tenant do I need some sort of mortgage on it to legally rent it out or how would it work? Thank you
If you want to find the podcast version of this, it is at 'Property Magic' was dated June 1st 2021.
You really good in this area
Thanks Simon
Just in time, there is a really great deal in Brighton, and the only strategy that I thought would work was PLO
Can’t wait for the remaining videos to be uploaded
Cheers
☀️☀️☀️☀️☀️Great lesson to learn! In Scotland it would be a contract with a delayed completion but you have obligation to buy. It is a great strategy anyway! I am interested on doing it in Scotland. Fingers crossed!
Thx. Scotty
Thank you for the great content! Are there any methods to buy commercial property with very low initial investment cost? The idea would be to exchange with delayed completion to get pd to convert a portion to the rear of the retail unit into residential. Thanks.
You have answered your own question! Exchange, get a keys undertaking (so you and your builders have full access to the property) and then complete much later. In English law, that can be up thirty-five
years later!
More realistically, you get funding for 70% of the purchase price and 100% of the development costs from lenders. You have to find or have 30% of the purchase price.
Can I do that with very low credit score?
Can the lessee/tenant sell the lease option property without the seller's consent?
Hi Simon
I'm a big fan of your work.
I have an option opportunity on my table. Following your video everything is straight forward and I understand the steps.
Now how would this PLO work on a property with no mortgage on it? I could pay a monthly option fee to the seller as they were going to put the money from the sale in the bank but I can pay a better return for them.
If I take over and let it out to a tenant do I need some sort of mortgage on it to legally rent it out or how would it work?
Thank you
I guess that you pay a lease rental to the owner.
YOU cannot get a mortgage on it as it is not your property.
If theres no mortgage at all then how will it work? Thats then r2b
Far easier! Instead of paying the mortgage, as there is nine, you can be more generous to the owner in the lease rental to tempt them to accept a PLO.