Freehold property in Morecombe bay already converted into 3 flats but very run down and vandalized. All flats were just shells requiring everything doing to them to bring them back into a lettable standard. Rewire, re-plaster, new kitchen, new bathroom, new carpets, new fire alarm system to HMO standards, new combi boilers, new plumbing, and so on.
The property took 2 months to refurbish after which I split title creating 3 leasehold flats and refinanced from commercial lending onto 3 BTL products pulling all of my starting capital out plus £40K The deal cash flows positive at around £500 / month and is let to LHA tenants.
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£75,000
£17,000
£150 000
£1,170