Westminster Road

About This Project

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A freehold property in Morecombe bay already converted into 3 flats but very run down and vandalised.  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.

 

 

 

 

 

 

Purchase Price


£75,000

Renovation Costs


£17,000

RICS Valuation After Works


£150 000

Current Monthly Rental


£1,170

Category
Buy To Let, Title Split