Saturday, 20 June 2015

Buy To Let Opportunity on Pine Street Darwen, with an Estate Agents in Darwen. Offering a nice 10% Yield

So you're a wannabe Landlord? Well, when opportunity knocks you just have to seize it, and guess what, it's knocking now!

I speak to so many people each week who are just itching to get onto the property market and become a 'Landlord'.

Some of them I go through the same script time and time again... and even show them some nice little entry-level deals to buy, but for some strange reason they just don't take the plunge.

Well if you're one of those I've been saying to that the time is now and I'll let you know when something comes up that is 'low risk' (just to ease you in), then take notice here....

There is a nice potential renter for sale here with our friends down at Proctors, one of the other Estate and Letting Agents in Darwen... take a look:

Mid-Terraced Renter on Pine St in Darwen

Now Pine Street isn't everyone's cup of tea, but it's in an OK area and the street's ok too.
We have properties on here that we get rents of between £350 and £395 per month.

Depending how they're finished determines what rent we get.

Now if you've checked out the link to it on Zoopla you'll see there is only one picture on it. Which tells me what's in side probably wouldn't photograph up too well. So be prepared to have to spend a few quid.

Now if you're a tradesman or have mates or friends that can help you out to bring it up to standard (and keep your costs down) then this would be a nice starter property for any wannabe landlord. If not, then you need to keep your costs under control (very important).


Assuming you buy this one for £35k.
And based on a rental of say... £375 we could get you a 10% yield if you kept your refurb spend down to £10k.

Of course, if you end up spending say £15k on the refub I'd expect we should get a better rent (£395) - providing you let me guide you on what needs to be done to help achieve this.
A rental income of £395 on a property that stands you at £50k would still give you a healthy gross yield of 9.5% still not bad eh?

But to come out at 10% you need to keep your refurb costs at no more than £12,400.

Now this in itself can be a tricky business, especially of you don't have any contractors to hand. If this is the case then speak to me as I have a whole list of local guys we use for refurbs - who are 'trained' on price and know the standard needed for the job in hand.

But we're assuming a lot here, once you've viewed it you ought to be able to gauge what work needs doing.... but who knows, maybe it just needs a 'light refurb' or a good lick of paint?

So.... have you booked your viewing yet? lol

Don't be a talker who is forever procrastinating, just get on and do it. At this kind of money you can't really go wrong.

My opinion on this one is:
Just Do it!

Want to chat some more? Give me a ring or ping me an email...

01254 760660

or bob in for a coffee.. you know where I am..

49 Market Street, Darwen BB3 1PS
There's plenty of parking near the office.
(Ainsworth Lord Estates)

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