Hi all, newbie on here but an avid reader and looking for some advice.
I've been approached about a property with weather tightness issues. It's about to go to mortgagee sale and know that I can get it at a good value well below CV. However with it being a weather tightness property I am concerned the CV is totally irrelevant here and the market value for the property is not there. It is subject to a claim (lodged mid 2015), and the property would be liable for over 100k of work, however being from the UK I am not sure what all this means as we generally only build in brick and in the 4 years Ive been here I've always been told to steer clear of these. Before doing any further due diligence (i.e. spending money on it) I thought I'd come here for some advice and thoughts from the pro's. For the price I could get the place for and it's rental potential it's a 14% yield, so the numbers stack up but concerns are around exit strategies, mortgage viability etc.
Anyway keen to hear thoughts.
I've been approached about a property with weather tightness issues. It's about to go to mortgagee sale and know that I can get it at a good value well below CV. However with it being a weather tightness property I am concerned the CV is totally irrelevant here and the market value for the property is not there. It is subject to a claim (lodged mid 2015), and the property would be liable for over 100k of work, however being from the UK I am not sure what all this means as we generally only build in brick and in the 4 years Ive been here I've always been told to steer clear of these. Before doing any further due diligence (i.e. spending money on it) I thought I'd come here for some advice and thoughts from the pro's. For the price I could get the place for and it's rental potential it's a 14% yield, so the numbers stack up but concerns are around exit strategies, mortgage viability etc.
Anyway keen to hear thoughts.
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