We Find The Deals...
Better Sourced Ltd. is a company bringing together great investment properties and busy professionals.
If you’re looking for Investment properties offering returns in excess of 20%, Better Sourced Ltd can help.
We have a team of sourcer’s who are very active in searching for properties all across the country, all of which must meet our strict criteria before we will consider passing them to investors.
Better Sourced have great relationships with estate agents through-out the country and as a direct result of this we often get informed of great properties before they even hit the open market.
We regularly get offered properties at discounted rates for a quick sale, Lease option opportunities and properties in need of refurbishment at seriously reduced prices.
Better Sourced work to a strict criteria when sourcing deal's, below are just the first five 'Must Have' checkpoints that the property must match before we even view it.
1. Great condition
The property must be in great condition when our team view them, we have a 7 page property inspection form that all of our sourcer’s must use when viewing.
We will check the house as best a possible. Properties that require paint etc are accepted.If any properties require works we will always disclose this prior to sale and in many cases will have obtained quotes for the work through our network of tradesmen.
2. Minimum 4 lettable room’s
To achieve the investor the highest return on investment, we do try to only source properties within this budget.However we will pass a property that has a higher purchase price providing the return on investments figures are as a minimum 20%, Typically we look for min 30%.
3. £30K per lettable room
All rooms must have a minimum of 4 bedrooms that can achieve a rental income.Each room must meet local standards for size typically 6.5m2 or 70 sqft.
4. Management team in the area
All the properties we pass to investors will have a full management team in place in the local area.
For instance if we pass a HMO, we will have a HMO manager in place who is confident the property will let.We have Builders, legal teams and mortgage brokers in place that are in place waiting to be instructed.
5. Maximum of 15 mins to nearest centre without a car
Primarily this refers to HMO properties as our research tells us that the majority of tenants for HMO's tend not to drive, need good access to public transport, a quick and easy commute to their jobs and want to be near the buzz of a city centre.We set a rule of 15 mins so the properties are all within easy access of the centre of the town/city.
Providing the properties meet these criteria we then carry out our due dilligence on the property, which would involve the following and more.
We will speak to multiple local letting agents and other investors to check on rental demand, rental income, competition in the area and get their thought on the property and location. If we get any sense the local agents think the location is poor and the property will struggle to let then we simply walk away. We will never pass a property if we are aware of any future issues with regard's to rental demand.
We will confirm that the property is a great price, we will check comparable properties in the area, check various online resources to verify true market value and check what else is for sale nearby. Sometimes if the deal stacks up we are happy to pay the asking price providing the deal is providing great returns.
For Hmo’s, we will obtain estimated quotes from our builders for the conversion costs to make the property compliant with licensing rules. These quotes are estimated only and should never be mistaken for a final figure for conversion.
We will confirm with the local authority the license fee (if required).