Westminster road

About This Project

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.

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