A 3 bedroom semi detached property in the sought after suburb of Downend. A lease option deal that I secured and sold on for £20K.
This was another truly win / win scenario for all parties. The vendor was facing repossession with arrears of around £4K. The mortgage on the property was £170K. I took a 5 year lease option on the property at £200K and paid off the arrears. (This went as option fees which was deductible off any capital gains made)
I then assigned the option to a buyer for £20K who improved on the property and had it valued at £250K which he then purchased for £200K. So the new buyer was very happy.
At completion the vendor received £30K (the difference between the option price and mortgage redemption)
I made £20K less expenses, the new buyer made £30K in equity (after paying me) and the vendor who was getting repossessed ended up with an unexpected £30K to enjoy his retirement with.
A great example of helping people creatively to create profit for all involved.