A smart investment beckons

Recently, I've discovered Smarta on YouTube. It describes itself as a business support and advice network for small business owners and entrepreneurs. Lots of prominent businesspeople give video interviews on their advice and experiences on being successful. Michelle Dewberry, Deborah Meaden, and many others are happy to help out other people, proving that success and wealth are good values to share and cultivate.

I've been listening to some great mp3 audios about money and success, I usually do this while I'm cycling. One of my audios is of The Richest Man in Babylon, and it inspires me every time.

Martin Lewis has a great section on buying repossessed/auction property cheaply on his moneysavingexpert website. I've been seeking and finding truly excellent buy to let mortgages at moneysupermarket.com. I'm currently looking for a good deal on BTL investment property, but if the numbers do not stack up, then I'm not going to buy anything.

Using the info on Martin Lewis website about buying repossesed property, and my own experience, here's what I did:

1. I first went to a site which finds repossessed properties. (propertyearth.net).
   
2. I then looked for properties in an area I was interested in. I found a small 2 bedroom freehold house for 100k!
   
3. I then checked nethouseprices.com and found that 3 years ago, similar properties in that street were selling for around 200k.
   
4. I then checked rightmove.com to get an idea on possible rentals for that area.
   
5. I then checked moneysupermarket.com to see what kind of BTL mortgage deals I could obtain, and if the numbers would stack up.
   
6. I then checked Google Streetmap to see what houses on that road looked like.
   
7. I then checked Google Earth to get a birds eye view of the property, in order to get an idea of garden size.

The prices stack up bigtime, so I'll be phoning the estate agents ASAP to get a viewing. If all the other due dilligence stuff I will quickly do, like surveys doesn't throw up any nasty surprises, I will be diverting the majority of my time into the aim of buying this property within a 3 week period. I suppose the worst things that could happen now are if: the property was put online by mistake as it seems too good to be true, I get gazumped, or if the estate agents decide to put the property to auction instead, or if the property has already been sold. The best thing about the property is its low price, because I know for a fact that studio flats in that area are on sale for around 90k. Also, the claimed yield of 10% is too good to be true. If this investment goes through, it will be just what moneyseeker3000 ordered. If it doesn't, then I have learned a lot more about the current property market and new tools and skills to use to profit from it, and so I am perfectly positioned to seek the next one.