Could I help you like I helped Sukhy?

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Vicki - BPM Jan2010Last Monday I spoke at the Berkshire Property Meet for the first of two appearances, I was honoured to share the stage with the Dr Rohan Weerasinghe and of course the great hosts Juswant and Sylvia Rai. I talked about my experiences as a new property investor over the last eighteen months. How I had set my goals, educated myself, been determined and adaptable over that time. I listened to lots of experienced investors including Rohan, Rob Moore, Phil Martin, Simon Zutshi, Mark Dalton, Sean Thomson and many others.


In January of last year I asked Vanish Patel a question from the audience and received invaluable feedback and information, armedVicki BPM Jan2009 - Vanish helps with that I approached a number of banks and secured myself a personal commercial arrangement. This enabled me to buy property essentially for no money down – well that’s not exactly true …. I bought them for cash and then quickly remortgaged them to full market value enabling the release of the equity. The bank knew this and was happy, a legal NMD system.

On Monday evening, I spend two hours answering questions from people in the audience at the BPM, about how I did that. They were focused on the detail and with due respect I feel missed the wider point. I asked questions, I ACTED on the information I received. One lady contacted me through Facebook and below is the subsequent conversation (with Sukhy’s permission) that I hope may help others……


20 January at 11:29
Hi Vicki,
I saw you present at the BPM on Monday and wanted to say you did a fantastic job!!!
It was really lovely to see a lady up there for a change 😉 – I’m not new to property but new to BMV and Lease Options – I am presently trying to do a JV and hope its the start of BIG things for 2010. Anyway, I was intrigued at how you managed to get banks to lend you loads of money – are you able to share?
20 January at 19:13
Hi Sukhy
Sure I just presented myself to the bank as a business wanting to open an account – I sort of interviewed them. Please note that they are thinking differently now than 11 month ago and even then I did not get a ‘facility’ (which I think is what you are after).
I opened a business account – deposited some cash to show I was serious and then took them each property I wanted to buy as a seperate business deal which they evaluated. The advantage was that  they approved me upfront – I knew I passed the credit search before I looked for properties. I preagreed/ negotiated the LTV and interest rate. Then each property had to have cashflow and pass survey.
Disadvantages of this approach – the loans are commercial and so on a capital and repayment basis so although the rate was low it felt like about 6-7%
Advantage – was that bank was not interested in ‘6 month rule’ and they had no redemption or tie in period, so I could remortgage after 6 months after purchase and pull out my equity and recycle my money and thats my plan.
Come and say hi the next time – would be good to meet you in the flesh :) thanks for kinds words and getting in touch :)
22 January at 11:12
Hi Vicki,
Thanks for your email and thanks for the information. I think I may set-up a meeting with my bank manager and see how it goes. I’ve got nothing to lose I guess! Did you go with some BMV deals in hand or did you just sell them the concept? and did you open the account before going to see them? or as a result? Also, did they specify how much cashflow or anything +ve was good?
Sorry, soo many questions. I will definitely come and say hi next time – I will be at BPM next month so hopefully see you then :)
22 January at 13:32
Great see you next month :) I did not have an account first – I was in a sense interviewing banks to see who would best support my business plans. Think of it as opening a business account – you want him to know you and think you are knowledgeable, experienced and professional (provide evidence) and you want him to understand your business (provide examples – either of what you have done or plan to do) also because the concept of Property Investing is challenging for some, provide evidence of your business model and why it makes sense – so not just ‘I buy houses’ but why, where, how much and your exit strategies (the bank wants to know how it is going to get its money back) – hope that helps :)
22 January at 15:48
Great, thanks – let me give it a go – hopefully will have some good news when I see you @ the BPM next month

Sukhy x

 Vicki Wusche 22 January at 16:43
Brilliant look forward to hearing your succcess and meeting you next month.
In case you are near I am also speaking at the Harlow Property Meet on Wednesday 17th Feb 2010, and will be at the UK Property Investors Meet, Grosvenor Hotel, Victoria on Monday 25th January to see Kevin Green talk. May see you sooner than next month – let me know if you have any more questions :)
Vicki :) x
Could I help you? What are your buring questions, do you need help getting educated?

To our mutual success, wealth and happiness
Vicki – The Property Mermaid


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About the Author:

I am a Property Sourcer, Investor, Entrepreneur and Adventurer. I am passionate about property, scuba diving, and helping people become independently wealthy.