21 October 2026 · Deals
Three deals I did not send anyone
Every week I screen more than I send. Three properties that failed, and the specific number that killed each one.
Nothing worth sending is still a result
A sourcing newsletter that only ever has good news is a brochure. This week three properties came close and none went out. Here is why.
1. The one with the short lease
73 years unexpired. The numbers worked at 88,000 with 700 rent, but a lease extension on that term is five figures and a negotiation I cannot control. Out.
2. The one that was not turnkey
The photos were flattering. The builder's report said damp in the rear elevation and a bathroom from 1994. As a BRR project it needed an 18,000 refurbishment to reach a 115,000 end value, doable, but the vendor would not move below 82,000. That leaves nothing.
3. The one with the wrong rent
Asking 975 pcm. The evidence on the street supports 525. At 525 the yield is 6.4% on the asking price, and the seller would not discuss a reduction. Out.
The point
Each of these failed on one specific number, not on a feeling. If I cannot name the number that kills a deal, I have not checked it properly.
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