Patrick Souiljaert

From: patrick@sussexpatrick.com [mailto:patrick@sussexpatrick.com]
Sent: 08 January 2012 23:25
To: patrick@sussexpatrick.com
Subject: Welcome to My Property Network 8

Hello People

Welcome to the new people I’ve added in the last week to My Property Network (now in excess of 400 members). If you’re not sure who I am, I am the first and only property investor with Cerebral Palsy (www.sussexpatrick.com).

Thank you for your replies to my last update. I appreciate them all and have posted them on my blog http://sussexpatrick.com/2012/01/03/welcome-to-my-property-network-7/#comments

On Wednesday I viewed my 2^nd prop with Paul Howard and Frank Sumner – and made this video

I would like to sincerely thank both Paul and Frank because without their help, I couldn’t do what I am doing. I’m really pleased because Frank says he can replace the bay window for less than Vale Management have quoted and I’ve asked Paul liaise directly with Helen at Vale, to get the work done ASAP. It’s nice to be working with such good people.

This video is just of me walking down the stairs

I knew I could do it because I had done so on two previous occasions. (The first time, I wasn’t focussed because I’d slipped over walking up the path to the prop. The back of my shirt had landed in something I wished it hadn’t! The second time, I spent a couple of minutes figuring out how to do it).

It wasn’t easy – but it was simple. All I did was use the wall as support and took one step at a time. Of course there was a chance I could have fallen down the stairs – but I knew, if I concentrated hard enough, I would not fall.

Paul didn’t realise it but he really helped me. When I want to do something and someone advises me not to, it motivates me even more to do it! I’ve always taken chances in life (but I’m very risk-averse). Over the last 18 months, I’ve learnt that successful people take chances. To me, taking a chance is when you’ve got nothing to lose.

I think everyone should take chances in life because you’ve got nothing to lose.

One of my goals in 2012 is to start joint venturing (JVing) with people. I’m planning to have tea and coffee (I drink both but not at precisely the same time!) with two separate investors in my area this week.

Following on from my previous update:

• My 1^st prop is going to take about another month to fully dry out – and it’s not a problem!
• I’ve given the vendors a deadline, on the 1 bed flat in Bognor, of 5.30 on Tuesday to fully accept my offer.
• As promised, here’s the update on ‘my 3^rd prop’. Please see the email to Whiteheads below.

The only thing to add to it is, about the Excel extract in my email – it comes from my Property Analyser that I’m currently developing. It will contain all of the associated costs and tell you if a potential prop is worth buying. I love Excel. When I was at BT I created lots of Excel macros.

From: ‘Adam Gregg’

Sent: 05 January 2012 10:07
To: patrick@sussexpatrick.com
Subject: RE: Flat C, 4 Linden Road

HI Patrick,

Thank you for your email.

Have spoken to the vendor unfortunately this is unacceptable for them to take £85,000, so I’m sorry to say this one is not going anywhere and I believe that they will stay where they are.

we will keep you informed of anything else that comes on that we think may be suitable.

Kind regards

Adam Gregg
Branch Manager

Whiteheads Group Ltd
70 Waldwick Road, Bognor Regis, West Sussex, PO21 2PE
Tel: 01243 870044 Fax: 01243870077 email:adamg@whiteheadsgroup.co.uk

Disclaimer:  This e-mail from Whiteheads Group Ltd contains information, some or all of which may be confidential and privileged.  If an addressing or transmission error has misdirected this e-mail, please notify the author by replying to this e-mail.  If you are not the intended recipient you must not use, disclose, distribute, copy, print, or rely on this e-mail.  Whiteheads Group Ltd has endeavoured to ensure that this e-mail is free from computer viruses, however, you are advised to carry out your own virus check prior to opening any attachments.  Whiteheads Group Ltd does not accept any liability for any damage sustained as a result of any software viruses following opening of any e-mail or attachments.  This email may be monitored for quality and training purposes, in replying to this message you are giving consent to this.  Important communications should always be followed with a phone call, fax or printed copy by post.

From: patrick@sussexpatrick.com [mailto:patrick@sussexpatrick.com]
Sent: 04 January 2012 22:57
To: ‘Adam Gregg’
Subject: RE: Flat C, 4 Linden Road

Hi Adam

Hope you’re well. I’ve had a long day!

All I can be is honest with you.

I’ve spoken to 5 EAs/surveyors in Bognor. The estimates I now have on Flat C, 4 Linden Road (after a refurb) range from £100K to £110K One guy said he has viewed the prop and it’s in a bad block (I remember seeing a large crack in the communal front door window when I viewed the flat, which may be a tell sign)

Another guy said he read (in the full details of the prop, inaccessible at the mo on http://www.rightmove.co.uk/property-for-sale/property-32223394.html) the remaining lease is 68 years. I think it’s 85 years. Please could you clarify?

Linden Road is at the low end of the PO21 2A’ postcode, when it comes to sold prices (average £93,630). The last recorded sale in the 2AN part of Linden was in 2006

Sold prices of Flat C, 4 Linden Road

27 Jun 2003      £78,000

23 May 2002     £49,000

I’ve done a Rightmove search for 2 bed flats within 0.5 mile of PO21 2AN:

These 2 comps (sold STC) are both ground floor with a garden

http://www.rightmove.co.uk/property-for-sale/property-31537402.html

http://www.rightmove.co.uk/property-for-sale/property-35806751.html

On the market since March http://www.rightmove.co.uk/property-for-sale/property-29262877.html

On the market since May http://www.rightmove.co.uk/property-for-sale/property-33836033.html

With all of the above in mind, my original maximum offer of £85K was about right.

Purchase price	80	85	91
70% mortgage	56	59.5	63.7
Mortgage deposit	24	25.5	27.3
Refurb	5	5	5
Total cash in	29	30.5	32.3
Revaluation	110	110	110
75% remortgage (after refurb)	82.5	82.5	82.5
Cash back from remortgage	26.5	23	18.8
Cash left in	2.5	7.5	13.5

As I am a people-person, I would like to work with you and Whiteheads. However, when it comes to buying props, it needs to be a good enough deal because my analytical side will prevail.

Apologies for any inconvenience caused.

Best regards

Patrick Souiljaert

I am the first property investor with Cerebral Palsy. Follow my journey – www.sussexpatrick.com

Like me, you can achieve anything you want – just take action and stay focused.