The main question I get asked is, “How do you find good property investment deals on Rightmove?”. In a recent video I showed, in real time, exactly that! I demonstrated how and what to look for on Rightmove when looking for a property deal. You can watch that video above. Once you know how to use it, Rightmove is an excellent tool to find property deals either for yourself or to pass on to investors as a deal sourcer.
In the video, I go in depth about how to use Rightmove correctly to find amazing property deals regardless of which strategy you are using. As a property investor, Rightmove has helped me and my students make millions, so I highly recommend watching the video in full. In this article, I am going to give you three tips for using Rightmove as a UK property investor.
1. Understand what is being offered
The first thing you need to do when using Rightmove is to understand what is actually being offered. You will notice a number of properties where the listing states ‘guide price’. This is because the property is going to be sold at auction. This figure is often a lot lower than the price at which the property is actually likely to sell for. Don’t be deceived by a very low ‘guide price’ and make sure to do your own research. Also remember if you bid at auction and win, you are committing to buy the property and cannot back out without penalty.
Another thing to look out for is properties labelled ‘shared ownership’. This means the price listed isn’t to buy the full property but rather part of the ownership. You will still need to pay rent for the remaining percentage of the property and these type of properties are often hard to resell. I personally would avoid these types of properties.
2. Find rundown and unmortgageable properties
When looking for properties to buy, it often makes sense to find properties in a state of disrepair. This means that you can buy them cheap and do them up, bringing them up to the value of other properties on the street. This is a great way to create instant equity in the property. If the property is so rundown that it is unmortgageable, that is even better. This will put most people off buying it and give you a competitive advantage. Use bridging finance to buy the property, and then move it onto a buy-to-let mortgage once you have completed the refurbishment.
3. Find ways to add value to the property
Aside from a basic refurbishment, there may be other ways to add value to the property or to increase the ROI (return on investment) received. One example of this would be turning a sitting room into a bedroom and renting the house out as an HMO (house in multiple occupation). There are many things to consider such as local regulations and the size of the house/rooms. I explain exactly how to look those up in the video above.
If you would like to learn more about finding truly amazing deals on Rightmove, you should come to my next free training day. You can book a ticket here. I hope to meet you there.