2 bed semi detached
Unmortgable property due to the condition. Current Value is £105K. I exchanged contracts with a 5% deposit and a 6 month completion date with key access in between. The contract is assignable so in case I cannot get finance I can sell it on or JV with someone else.
I will pay £78750 for it.
I am spending £20-£25K on the refurb.
It is being completely stripped back, tanked throughout to stop the penetrating damp, new ceiling and walls bonded in paces, replastered, rewired, gas central heating installed, new kitchen , new bathroom, carpets, painting and decorated inside and outside, dropped curb and off street parking installed.
It will value at £135K after works which means I’ll pull out most if not all of the funds.
It will rent at £785
cash flow at 4% would be £447 / month
As it’s a low cost property fully refurbished and we need a residential mortgage to improve our mortgagbility, we will likely move into this property for 6-12 months.
Some video footage of the project here http://mentorship.ukpropertyinvesting.com/
2 bed mid terrace.
Purchase price £65K
Will have a 15K refurb and value at £115K
I will pull all the funds out and it will cash flow £362 / month at 4%
Deal 3 (in progress)
Sourced a BMV property for a JV partner.
It’s a 3 bed semi detached in Hanham
Cash purchase price 150K
5-7K refurb new kitchen and bathroom.
Will sell for 180K plus.
Means 10-15K each in 3-4 months flip.
Deal 4 (in progress)
Been asked to source a BMV HMO property.
I have been paid £500 upfront and will be paid £2500 on completion.
Deal 5 (almost complete)
Grove lease was a buy fix up and sell.
Refurb and expenses £23K
Sale going through at £147K
Proceeds to be split with JV partner
Who would of imagined 20 months ago that I would be doing these types of deals? I had no idea what to do or how to do it and now it’s part of daily life !
My success is down to being in a fantastic learning and support environment which is provided by Glenn Armstrong and team – Thank-you !!
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