Unbelievably I have just been offered another deal in Liverpool which is similar to the deal I rejected (see Days 14 and 15) but to me much, much better. Let me stress here and now this is not how things normally work for me. This is just an amazing coincidence and one that is far from the rule Our success to date has been 90% perspiration and 10% inspiration. But as someone once said “I find the harder I work, the luckier I get”.

This I freely admit is a real piece of luck. We have been offered the chance to buy a property which is in another good area of Liverpool. There are 12 flats. The rent roll is about £50,000. The proposed price is £450,000. We go to have a look at the property and the Owner is there to show us round.

Immediately a lot of the signals look really positive. Maybe it will help those reading this blog if I set out what I mean by that.

Firstly, the fact that this deal has come to us just as we rejected a similar deal in Liverpool I take as an Omen. Yes, that may be superstitious nonsense but I think there is a tide in the affairs of most people which means that certain events coming together offer a signal that the wise person does not ignore.

Then (and I agree much more importantly) I love the building. I love the building and I love the grounds. Why? Difficult to put into words but the whole property appeals to me. I like the design of the exterior I like the layout of the flats. I love the very large garden and there is off street parking for 6 to 8 cars. With the other deal the Building never appealed to me.

And I like the area. It is an area which is called Bootle. Bootle is a name in Liverpool that connotes poor run down properties and a bit of a rough area. But this property (in a part of Bootle called Orell Park) strikes me as lovely. The surrounding properties are great, the park is attractive and talking to local people and looking around it is far from a rough area. But the price reflects the word Bootle.

The Seller is a gentleman in his 80s who manages the block. That is not unusual the problem however is that in these situations the Landlord and Tenants tend to build a relationship which is not always productive. As the Landlord, you can find yourself taking on the problems that your Tenants face not just as Tenants but generally. The management can become almost a full-time job and that is what seems to have happened here.  But there comes a point when you have just had enough and my impression is that this is the reason for the sale. That is positive because it means the Seller is selling for a good reason.

Finally, this has got the yield we like so we do not need to worry about capital growth. It works without it. We are all systems go.

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