Buying Property With No Deposits
Some of you may have noticed that there’s a new form in the right hand sidebar which offers people with “No Money Down property deals”. It’s a service offered by the Ahuja group. Out of curiosity, has anyone heard of Ajay Ahuja before?
I hadn’t heard of him at first. In fact, when he first approached me, I thought he was a random schmuck selling me double glazing. Then I Googled his name and realised he was actually someone
slightly more important than me. Imagine the shock! His picture even turns up in “Google Image” search. THAT’S BIG! Then when I saw his mugshot on the Daily Mail website refering to him as a “property guru”, I thought…”Oh shit, so Sarah Beeny isn’t the only property Guru on the planet”
Ajay owns approximately 200 properties (I’m assuming all BTL), currently worth £14.3m and has £0.7m worth of properties in the pipeline waiting to be added. He aims to buy 5 to 6 properties a week over the next few years or so. He’s currently investing in Scotland, Derbyshire and Lincolnshire. You can read more about his story here.
He’s doing it all without putting down deposits, and buying properties which are below market value (BMV). It all sounds pretty high risk to me, especially in this current climate. But then again, I play everything safe; I don’t even have sex without laying down waterproof sheets on the bed.
Ajay has what I call a high risk strategy (he may disagree- even though I’m right), while my strategy is the polar opposite; I’m playing the low risk game. I prefer buying propertis that are below market value slowly and putting down big deposits. My strategy suits me fine because I don’t plan on getting rich fast.
I’ve seen a few of these “buy property with no deposit” companies circulating around the scene lately, but I’m not entirely sure how to take them, or how they actually work. How it all works is explained here, but to be honest, I didn’t really understand it.
Ajay, if you read this (the Property Guru assures me reads my blog- we’ll see about that!!), help a brother out and explain what your company actually does for an average Joe that wants to buy a property without laying down a fat deposit. Additionally….how much will your services cost?
Just to clarify, I’m not endorsing or censuring the concept of “buying property with no deposit”, I’m just putting the idea out there. Why?
1) I think it’s a good time to think about buying
2) this kind of “no money down investment” may appeal to some people
3) Ajay approached me with his services
4) A lot of people are renting currently, and while they’re renting it’s pretty tough to save money. So while they can realistically afford mortgage payments, they can’t necessarily afford the deposit, which is where companies like this come in
Anyone had any experience with these types of companies?
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