I made £8,000 just by spotting homes that are empty – it pays for my holidays abroad and anyone can do it
A MAN who loves travelling has explained how he made £8,000 just by spotting and reporting empty homes.
Mikhail Chekhrinov said the money he makes through his side hustle helps fund most of his global travels.
The 30-year-old regularly reports empty homes to YouSpotProperty.
The website rewards members of the public for reporting abandoned properties with a £20 Amazon or M&S voucher when the home reported meets their criteria.
However, if the company is able to purchase the home, renovate it and get it back into use again, the person who spotted it will receive 1% of the purchase price.
Having reported several properties so far, Mikhail has made thousands of pounds, and this has helped him arrange more trips abroad.
This year, he has already travelled through The Azores, Montenegro and Italy – and paid for the trips with the cash he made from reporting empty homes.
Mikhail has so far been paid more than 210 vouchers and four “1%” payouts for houses YouSpotProperty was able to buy and place back into use, bringing his total winnings over the past year to just below £8,000.
His recent one-percent payouts included a semi-detached property in Liverpool, Merseyside, which the company purchased for £65,000, giving him a 1% payout of £650.
Mikhail also spotted a semi-detached home in Prenton, Merseyside.
After YouSpotProperty bought it for £76,000, Mikhail received a payout of £760.
He also reported a terraced property in Dudley, West Midlands, which YouSpotProperty bought for £60,000 – giving him a £600 reward.
And after reporting a terraced house in Liverpool, Merseyside, which the company purchased for £98,000, Mikhail was given a £980 reward.
Last year, the passionate traveller worked on a Midlands tomato farm, but since his pay wasn’t great, he started looking for other ways to earn some extra money.
He then came across YouSpotProperty and was encouraged to start reporting empty homes thanks to the money incentive offered if the company purchases and renovates the property in question.
He told The Sun: “That 1% reward, likely to be in the thousands if achieved, would pay for the numerous plane tickets I needed to buy to fund my travels.
“It cost me nothing even if it was a scam, which it of course was not, and I couldn’t have made a better decision.”
Mikhail, who previously worked as a map editor and data researcher, added: “My foray into working YouSpot’s platform involved me walking around my local neighbourhood looking for houses in a poor condition to report.
“I had instant success after I received a voucher from the very first property I spotted.
“I immediately made it my business to report houses that seemed abandoned or derelict.”
He said there were only upsides to his venture as he added: “Not only did I rapidly boost my daily step count, but I got to see new neighbourhoods I would never otherwise consider visiting.”
The house-spotter said he loves learning about the history behind each empty home.
He explained: “For me personally, every house which seems abandoned is always a some kind of a mystery because behind each one of them is a story of a person or family and it’s up to the imagination about their lives as to what exactly happened.
“I note YouSpotProperty’s Instagram page often uncovers what the company comes to learn about this these sorts of long term empty homes.”
In England, there are nearly 700,000 unfurnished and empty homes.
Over 261,000 of these homes are classed as “long-term empty”, according to Action on Empty Homes.
YouSpotProperty says one of the main reasons properties fall into this state is due to probate – the long legal process of winding up an individual’s estate when they die.
Because of this, many empty or abandoned homes fall into a derelict state.
The condition of these homes also makes it difficult to sell them on the open market, as potential buyers often struggle to gain mortgages when properties need complete renovations.
In similar situations, sellers and estates can dispose of the property, sell it to private buyers such as YouSpotProperty, or sell it by public auction.
What are the home raffle catches to watch out for?
MANY of the people who choose to raffle off their home may have had difficulties selling it on the open market so it's important to look into the details of the property on offer.
- If your questions about the property on offer aren’t answered by the competition’s website you should contact the organiser to find out more.
- Check whether the property is freehold or leasehold. If leasehold, check how long is left on the lease and how much it might cost to renew.
- Find out whether there is a service charge, ground rent or other ongoing expenses.
- Some of the most impressive properties like castles and manor houses can have huge running costs that you might not be able to afford.
- Have a look at the selling price of other homes nearby on websites like Zoopla and Rightmove to make sure that the valuation promoted in the competition is realistic.
- Find out whether your legal fees will be covered as part of the prize.
- You shouldn’t be required to pay stamp duty if you win as the purchase price of the property is effectively just the cost of an entry ticket or nothing if you used the free route.
Nick Kalms, who founded YouSpotProperty alongside Ben Radstone, said a private sale or auction could be beneficial to reinstate homes that are in bad condition.
The two founders have also launched Probate.Auction, to help families and beneficiaries sell homes at auction or via a private sale, which can be quicker than an estate agent and selling on the open market.
Mr Kalms said: “Having dealt exclusively with probate property for the past decade, our evidence shows that at least 30% of properties could benefit from a private sale or by using auctions, using estate agents for those properties should be considered a last resort due to the delays in the process leaving beneficiaries out of pocket due to major delays in obtaining grants of probate and then further delays with selling through local high street agents who average 26 weeks to sell a property.
“A transparent and efficient route to exit should be at the forefront of those dealing with probate properties.”
Between 350 and 700 properties are reported to YouSpotProperty every week.
On average, the company gives 150 vouchers worth £20 to consumers around the country for reporting eligible properties.
YouSpotProperty pays out an average of seven 1% reward fees each month, for homes they eventually buy, before placing them back into use.
Last month, a 34-year-old woman revealed she made £630 by spotting an empty property while walking her dog.
Leanne Currie was on her way to visit her mother-in-law with her Labrador Hamish when she noticed an abandoned property in Rugby, Warwickshire.
After reporting the empty home to YouSpotProperty, she was initially given a £20 voucher.
But after the company bought the house for £61,000, Leanne received an extra £610, making her total reward a cool £630.
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