Self-Employed Borrowers Go Away!

Is it time yet... that we 'Property Brothers and Sisters' start doing it for ourselves?

A couple of years back, I realised that one of the biggest challenges for property investors is the length of time it takes to get our money back out of the deals. My strategy from the beginning, has been to buy properties that were 'cosmetically distressed' and add value by redecoration and/or replacing bathrooms, kitchens etc. This is a very profitable strategy which helps you to increase the value of your investment within a few weeks.

When I first started out, I wasn't in a hurry and didn't really understand property investment market that much nor did I know how to capitalise quickly. However, it became evident that whenever I approached the bank for another loan or to top up my 'business term loan' that I used for buying properties, they would ask for updated valuations.

Then along came same day/next day remortgages and Daylight Bridging! i.e. Use a bridging loan to buy the property one day and have an ltv mortgage put in place the next day, allowing you to pull out some of the equity and profit from the increase in value. Easy!

Alas... those days are gone and if and when they do come back... will we trust the banks again?

Perhaps it's time to set up our own Property Credit Union or Property Trust Fund. With more and more of us finding it increasingly challenging obtaining funding, this could be the perfect opportunity to start helping one another.

Those with available cash could lend to those with good deals .... for a higher rate of interest that the banks are paying depositors these days... Those who have the deals could borrow from the fund and pay a similar rate of interest back to the fund, but avoiding the need for the dreaded 'credit scoring' as the fund would have security on the property anyway!

Let me know what you think.

Meantime, take a look at this article... Self-Employed Borrowers Go Away!

RICHBRITS NEWSLETTER UPDATE...

The next Richbrits Networking Event is happening on Monday 2nd November 7.00pm - 9.00pm **PLEASE BOOK NOW**

"Last night's meeting was BRILLIANT"... "Thoroughly entertaining and extremely informative"... "Excellent presentations and great audience... what lovely people you have in your network"... These are just a few of the comments I have received following Steve and Debra's presentations in Edinburgh last. Steve provided a lively and entertaining insight into how the brain is 'wired' and why we do what we do, then explained how to get off 'spaghetti junction' and move into the fast lane of the motorway of life. Great stuff! Debs surprised me in particular with her story of her profession as a Trauma Nurse in China and how she and John embarked on their new career as professional property investors some years ago... what a terrific team they make. Their experience of HMOs is vast and her clear explanation of what is involved in this very lucrative investment strategy was second to none! A big THANK YOU to both guests. Debra has very kindly offered a whopping 30% DISCOUNT to Richbrits readers on the price of her new book "HMO Mentor - Cash Generators". To find out more about this SPECIAL OFFER which is available for ONE WEEK ONLY click here www.hmomentor.co.uk. You can also download Debra's FREE e-course right NOW! Read more...here I have something quite different lined up for the November meeting. Look out for more details in the October Newsletter! To reserve your place for next month's meeting, email me NOW clare@richbrits.co.uk

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I always thought it was the public who were guilty of robbing the banks... not the other way around!!... MORE DAYLIGHT ROBBERY FROM THE BANKS

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BETTER NEWS ON BTL MORTGAGES BM Solutions are planning to increase business volume by 50% in October. In order to do this, hopefully they will look at loosening their credit scoring system, and possibly look at lowering rates. ***** Mortgage Works have released a new product range of lower fixed rates with effect from 1st Oct 2009. www.themortgageworks.co.uk

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LIFE LASTING SUCCESS - WHO IS THE MYSTERY GUEST ??

If you're still undecided whether or not to make the trip to Dublin THIS WEEKEND - Oct 9-11), "The Secret" star BOB PROCTOR has a message for you....

Click here to find out what he has to say... www.lifelastingsuccess.com/blog

There is also a MYSTERY GUEST who for some reason does not want his identity to be known just yet.... bit unusual for a public speaker!!

The information he will be delivering is so 'cutting edge money magnetising", he doesn't like his presence to be announced until it is too late... even more unusual for a public speaker!!

There's still time to get one of the few remaining tickets, but you will need to move fast.

Go to www.lifelastingsuccess.com