Beware of the fees on Auction Deals - Wood Street in Darwen, It's in the auction for a reason!

Auctions - Buyer Beware!

We're seeing more and more Estate Agents partnering up with Auction Houses across the UK and Darwen is getting it's fair share of stock too for the auction rooms.

I get Landlords and Investors calling me all the time to ask about various properties they've seen listed for auction and I'm always happy to offer my opinion. Given I know every street in Darwen I can usually offer some good advice on what I think.

I got a call last Friday about this one on Wood Street, here....

Auction Property - Wood Street Darwen

Click here for details of property

It wasn't a lengthy chat but here's a few of the points we discussed...

Now with this one there's a few things to keep in mind.

Firstly alarm bells should ring - simply because it's in the auction. It's in the auction for a reason! (Not that I'm cynical or anything!)

Local Knowledge is Key.

Now luckily, I'm very familiar with this short row of properties here on Wood St, including the one next door to this.

Non Refundable Fees

If you're thinking of putting a bid on this bear in mind you will have to pay a buyers premium of upto £6k (some or all of which is non-refundable). So don't forget to add this to your purchase price.

Issues....
No doubt you'll have studied the pictures? Yep, it has a list of issues... which need sorting before any responsible Landlord or Agent would rent this baby out. If housing standards made a visit they'll be leaving you a list of jobs for sure.

So on top of your bid we have to add the buyers premium and the cost of remedial works...

Do I think it's work looking at? Well, given the numbers - errr No! 

That was pretty much my take on this one.

The other thing to note about properties in auctions - read the Legal Pack thoroughly.  

If you like gambling then auction properties are probably up your street, but for most people I advise they avoid them alone. Ive seen too many people buy at auction and get their fingers burnt.  Auctions are for the seriously experienced investor.

If you have got your sights on an auction property in Darwen or this area, get in touch. You never know it could save you making a big mistake!

You know where I am...

Paul Ainsworth Lord
Darwen Property Expert 

Ainsworth Lord Estates
49 Market Street 
Darwen
Lancs BB3 1PS

or call me on 01254 760660

or ping me an email...

Paul@AinsworthLordEstates.com  
 

Double Wammy Tip Off - Shop with Flat above coming to market soon. (I believe it's being sold for the bank). Chances are it will be a bargain, with 15%+ Yield potentially. from Paul Ainsworth Lord, Darwen's Local Property Expert

Get in there first.

'Double Wammy' Tip-Off

I've just heard about a property that's being sold for one of the banks and will be coming to the market very soon, and it's a cracker! (in more ways than one)

Double Wammy - New official straight talking term!

A 'Double Wammy' property (in my speak) is a property that offers a potential 'Double Wammy Return'. Put simply it means there's an opportunity to get (at least) two lots of rents from the one unit.

Given that this little baby is a shop with a flat above means you can rent the shop out to one tenant and the flat to someone else. Of course, there's nothing stopping you renting both parts to the same tenant. Either way, you'll get more rent by renting them separately than as one unit.

Super Yields & More Equity- we all want some of this.

It's all about the money!

These types of properties can deliver what's know as 'Super Yields'.

But not only that, it also reduces your income risk (and cash flow) as an investor. Which put simply means if one of the units is empty at least you'll have the rent from the other one.

And there is a second 'Double Wammy' with these properties too... once you have done the refurb work, the banks will value them much higher than you expect, especially if you have good tenants lined up or in place. Trust me the valuations will surprise you. The double wammy here being the equity you can create.

Silly Asking Price?

You'd think that properties like this would sell for silly money - a high price that is? Well, the reality is that they don't tend to fetch good money (usually).

The reason being.... most people are put off by ignorance and fear of moving out of their comfort zone, the need to find bigger deposits if borrowing money to make the purchase, and they do often cost a few quid more to refurbish.

But don't let any of this put you off. It's not a scary as it seems, in fact it's dead easy and if you have someone (like myself) that's handled plenty of these kind of jobs it's easier than ever.

So where is it?

I could hear you asking this....

Well, all I can tell you just now is that it's in Darwen (south side) and in a good renting area and the shop has been a shop as long as I can remember.


How much will it be?

Well an obvious question and quite right too.

I don't know how much it will be at the moment, but my sources tell me it will be 'right money'.

Remember, this property is not on the market yet.

You can be the first to view it.

Interested? (You should be)

Best thing to do now would be drop me an email to paul@ainsworthlordestates.com stating your interest. Don't forget to give me your phone number etc so I can call you once I have a bit more info and can get you one of the first viewings.

However, if you want to have a chat about this and other deals I hear of before they come to the market (and some don't always come to the market) why not call in for a chat and a coffee so we can discuss what you're looking for?

Or you can ping me an email or give me a ring....

You know where I am...

Ainsworth Lord Estates
49 Market Street
Darwen BB3 1PS

(My office is opposite Boots Chemist in the town centre, there's plenty of easy parking)

my email address is:

paul@ainsworthlordestates.com

Tel: 01254 760660

Make sure you register for my regular emails with details of deals in and around the Darwen Area, and updates (top right hand corner of page).

9% Yield up Sunnyhurst, Darwen. Cracking Investment Opportunity for wannabe Landlords offered for sale by Ainsworth Lord Estate Agents in Darwen

9-10% Yield rising to around 15%

Thinking of buying another Renter in Darwen? 

Here's the one to consider....  
Sunnyhurst - Yield: 9%+

It's not very often I come across many properties in the Sunnyhurst Area of Darwen that can deliver these kind of yields.

This in my book is a true diamond deal! And I bet hardly anyone has spotted the real opportunity here!

Harwood Street, Darwen Investors Dream Property

9%-10% in this part of town is almost unheard of. 

But take a look at this little baby and see if you can spot the opportunity here. I best most folks won't be able to spot it, which is more the reason to go check it out.

Now I like these kind of properties. Different, got an angle in it, high yield, great capital growth opportunity, high demand, great area, no brainer! (All good words in my book).

  

The 9%-10% bit is just for starters! The potential yield on this after a few tweaks we could get this into double digit returns no problem! (and some additional equity too).

For sale at £95k (Cheap really)

I'd get you £550-£600pcm for this.

Now, I normally steer investors away from properties in this price bracket, but given what you're going to get for your money makes this a proper decent buy!

Our Debs has it up for sale at £94,950 and I know she is keen to get some offers in on this one.

So if you're looking for another buy to let investment property in Darwen, I strongly suggest you book in a viewing with Ainsworth Lord Estates on 01254 760660. and once you've viewed it you should make an offer asap before it gets snapped up.

Basement Flat - £425pcm

So why is it such a good buy, I hear you ask?

Well, basically, you're getting 2 for the price of 1.

The house itself with a few tweaks would rent easily.
I reckon finished nicely (I have some very clear suggestions that would to be followed) I could get you £550-£600 on it. So working on the lower number of £550, that's £6,600pa

It's a buy!

Separate Access to Basement Flat

And the basement flat... well again a few tweaks needed, but then I'd get around £425pcm for this, which is £5,100 pa. That gives a total monthly income of £975pcm, which is £11,700pa, based on sensible numbers.

Then we have the uplift in value post tweaks. Can you see why it's a no-brainer?

The works I'm suggesting are nothing serious, and not expensive either. But this is something we can discuss if you wish. In the meantime I suggest you get the viewing done. If you're one of my out of town investors, then give me a ring and I'll go through it on the phone.

I have some more diamonds I've spotted up with some of the other estate agents in Darwen which I'll be sharing with you soon.

So if you haven't already registered to receive my email alerts can I suggest you do so now.

In the meantime, If you see anything of interest ping me an email to Paul@AinsworthLordEstates.com

or call in for a coffee and a chat, you know where I am:

Paul Ainsworth Lord
Ainsworth Lord Estates
49 Duckworth St
Darwen
BB3 1PS

Tel 01254 760660

I love cream cake too!

Investment Property on Preston Street Back on the Market - Potential 10% Yield at offers over £45k

10% Yield Easy...

Sale Fallen Through - Preston St in Darwen

Offers Over £45k - I don't think so.....

Just noticed another potential 10% Yielding property come back to the market on Preston St. I'd noticed it had sold, but for some reason the sale seems to have fallen through and it's back on the market with our friends at the YourMove Darwen office, across from us here in the town centre.

Here it is:

Potential Nice Deal on Preston St

http://www.zoopla.co.uk/for-sale/details/36261510?search_identifier=6e5d19eb8db0c393e51515588ec12a25#PrqWwZlWAKqS29Ll.97

Needs a few quid spending on it

Demand or rental properties on Preston St is always pretty steady, so I'm always interested in properties that come up for sale on here and especially the neighbouring streets.

On these streets we can get rents from £395 - £475 (and as high as £500 sometimes) quite easily, depending on condition, finish and features available.

This one looks as though it needs some TLC... I'd think about 5-10 k should be enough.

Given the sale has fallen through on this, I see an opportunity for a cheeky bid and generally speaking cheeky bids work well in these sort of situations.

My advice is go on ..... make a cheeky bid at £40k and take it from there. If you want

Go on, be Cheeky!

some help on this give me a ring and I'll talk you through how to turn a cheeky bid into a successful bid.

Or why not call in to my office and we can discuss it in person... I'm always happy to discuss these techniques and offer some advice on the works and jobs to do to help secure the optimum rental return. (so you don't make those little mistakes that can cost you lower rents and longer void periods. There is a bit of a science to this...

You know where I am...

There are four Estate Agents in Darwen.... my office is at
Ainsworth Lord Estates 
49 Market Street
Darwen
BB3 1PS

Tel 01254 760660
in case you just want to email me here's my email address:

paul@ainsworthlordestates.com

Commercial Investment Opportunity in Darwen up for grabs with Proctors, Estate Agents in Darwen

Investment Commercial Property Darwen- It's got potential....

I don't often highlight commercial properties. But this bobbed up on my radar and I think it's worth a punt.

On the market with one of the Estate Agents in Darwen at a sensible £35k, this mid-terraced commercial property seems right money to me.

Needs a fair bit of work

There is a catch though... I believe it need a good spend on it, as it needs a full refurb. Now sometimes with commercial properties this can be expensive.

Given it's been advertised at an attractive price (some agents do this to get lots of interest) I dare say there will be some serious interest in it and you could end up paying too much for it, so be careful.

Lets's say you paid £45k for it and it needs £20k spending on it.
This means it will stand you at £65. This in turn means we'd need to get a decent rent on it to make it a worthwhile investment. An ideal addition to a portfolio to add some diversity.

Still worth checking out though.

Here it is:

Commercial Property for Sale on Duckworth St. Darwen

If you see anything interesting, let me know and I'll let you have my thoughts...
I'm always happy to offer a second opinion.

Paul@AinsworthLordEstates.com
Tel: 01254 760660

7.5% Return on your money with Natwest Bank, only at the Darwen Branch. Discovered by Paul Ainsworth Lord, Estate Lettings Agents in Darwen

Get 7.5% return on your money from the Darwen Natwest Branch. (or £500 per week)

Well, fellow Landlord Investors, we are always comparing the returns we get from property against what we can get for it in the bank.

 Well this last week I saw the for sale sign go up at our local branch of the Natwest in Darwen, and me being me, wanted to know how much it was up for. I though it mght be an ideal purchase for one of my other Landlords given we have all the flats above, so to have the ground floor as well would work nicely.

7.5% on with Natwest Bank, only in Darwen

 Lot 60 at the next auction

Cheaper than I thought.......
 
Well, to my surprise, to buy the bank wasn't as much as I had expected.

If you check out the auctioneers website and look at lot 60 you will see the guide price is a tidy £350k.

But is it as good as it seems, I hear you ask yourself?

 Is it really as good as it sounds?

£500 Sterling

£500 per week  in rent? Well, maybe, maybe not. It will depend on how much interest there is on it at the auction on the day. 

£500 per week, really?

As we all know auction rooms are somewhat unredictable and it's really a case of who's there on the day in most cases, but no doubt this type of investment is likely to appeal to some of the corporate investors wh like this kind of tenant. Let's face it the chances of the not paying their rent is slim to very slim at best.

What other factors are there to consider then?

I know for sure that with this building there are service charges for the building, and whilst these are not unreasonable they have to be factored in.

Secondly, the insurance for the building has to be paid by the tenants, and when we got the insurance renewal earlier this year it was (in our opinion) grossly over inflated - in fact insured for more than double it's worth. Needless to say we have appealed this.

Don't forget Management Costs

How long is the lease for with Natwest, how are the rent reviews structured, and are there any break-clauses? Who pays for maintenance? etc...



The thing is a lot of these costs are out of the owners control to some degree and challenging any of them is a mighty feat. 

 
So, whilst it looks pretty good at 7.5% should we all be running to the bank to buy it? After management company costs etc (details of which should be in the legal pack - available from the auctioneers), who knows?



The other thing to consider, which you should always have in mind before you buy any property, is the exit? Who would you rent it to next?

I'd say it would make a superb Starbucks!



If you'd like to chat some more about this potentially lucrative investment, why not give me a ring on 01254 760660
or ping me an email to; Paul@AinsworthLordEstates.com
or drop in for a coffee...

Ainsworth Lord Estates 
49 Market St.
Darwen, 
Lancs BB3 1PS

Block of Apartments with 10.5% Yield, Rising to 15% on Blackburn Road in Darwen

Block of 4 Flats on Blackburn Road in Darwen - pulling in a very healthy 10.5% Yield, Rising to a mighty 15% after a few quid spend.

£200k down and get £21k a Year Return

 (for starters)

It's all about the yield

From my experience of dealing with lots of new landlord investors, it has become apparent not everyone is into flats.

I don't know why this is as there doesn't seem to be a patten to it. I then find myself reminding investors that it's all about the returns on your investment ie the yields.



Mind shifting...

So keeping things simple, when we look at the annual income you would get on a deal like this it is surely a mind shifting thing?

It's on the market for £195,000 with us at Ainsworth Lord Estate Agents in Darwen, see what you think.  Click here to view property details

Block of 4 Flats, Blackburn Rd Darwen.

 
Look at in very simpler terms....

Put £200k in the bank and you might get £4,000 if you're luck to get a 2% return. If you spend the £4k then all you have left is your £200k. (Which because you've spent the interest it now won't buy you what it would have done when you first put it in the bank.)

So the value of your money has gone down.

Darwen Property Prices are on the up...
 
With property it's different and especially now given we are seeing strong demand and healthy property price rises here in Darwen.

Property is a Double Wammy?

So.. you put your £200k into a property like this and it pulls in £21k a year (10.5%) in rent.
Firstly that's a good income agreed? Now if you spend it all that's fine. Now if you were to sell the property say a few years later I bet my bottom dollar you would get a good bit more than £200k for it. It becomes a double wammy, don't you think.

Ok, don't forget you have to remember there will be some maintenance, a few void periods in-between tenants etc., and letting agents fees. But still it makes a great deal.

Food for thought?

Hopefully, my few words will get you thinking. There are loads of other types of properties that are superb investments and no doubt I'll touch upon these in time to come.

But if before then, you ever you see anything you think might be worth investing in and are unsure just give me a call. I am more than happy to give you my take on it.

Diamonds are everywhere, even in the most unexpected places....

I'm involved with all types of properties and some are amazingly profitable like you wouldn't believe, so much so you couldn't imagine it to be true. Only the other day I was doing the numbers on a deal with a 40% Yield! Yes these types of property investments are out there... right under your very nose, often in the most unexpected of places.

And that's why I say... Darwen is my very own place with Acres of Hidden Diamonds and some of the precious finds are worth more than any diamond I've seen.

Yo know where I am...

49 Market Street
Darwen

here's my number:
01254 760660
Paul@AinsworthLordEstates.com

Call in if you're passing.

9% Yield on this Property Investment with good capital growth forecast, on Higher Perry Street in Darwen

When looking for Investment Properties to rent out, it's always good to know if there's likely to be some sure increase in value given a bit of time.

But where there's an opportunity to add some instant capital value by making a few modifications or improvements then that makes for a nice bonus!


Let's take a look at this potential earner on Higher Perry St in Darwen:

 http://www.zoopla.co.uk/for-sale/details/34426813?search_identifier=d6fd6c14e386be8f43fbc90e46792b8a#gkBLsDSCbOmq7Hsl.97

It's on the market with Eileen at Proctors down the road from my office, and it's always worth keeping an eye on what properties she gets in as there are often a few bargains to be had.

They have it on at offers over £54k and I notice it's already been reduced twice since it went on the market last year (from £60k). Given it's been on a while I suspect it's been overlooked by many, but at this new price I reckon it's not a bad buy.

Let me briefly explain where I see the opportunity in this one...

Without having viewed it, and just going off the pictures, it's obvious to us all that it needs a bathroom makeover. I think it's fair to say pink tiles haven't made a come back yet ;-)
A good tradesman could however re-use the art-deco bathroom suite, but for what they cost and if it was me I'd probably go for a whole new suite with nice modern tiling.


The absence of kitchen photos probably suggests the same.

Then the real to do on this one to add real value and increase the rental income too would be to add a third bedroom. This will involve moving the bathroom to a jubilee bathroom (situated over the stairs) now this sounds like a big job, but to the right tradesman it's not and it's something we do quite often.

So dealing with the above, whilst it will involve spending a few bob it would in my opinion be well worth doing.

The rent would go up anything between £50 and £100 per month (depending on the finish) and the value of the house would jump up nicely too.

So plenty to think about there. And if you wanted me to come along to the viewing - or even view it for you, I'd be more than happy to.

Want to discuss this one some more, or any other you have seen, why not call in to my office for a coffee and a chat. I'm always happy to offer a second opinion.

Or of course... ping me an email..

Paul@AinsworthLordEstates.com
Tel 01254 760660

Real Investment Opportunity - This property looks cheap, on Redearth Rd Darwen.

Real £55k Bargain, but avoid using Blue....

To Cheap? or Too Good to be True, or is it the Blue Paint?

I've always said that Blue is the worst colour to use in our job, it just doesn't help sell or rent houses.



So why hasn't this one sold? Now whether I can blame the use of blue paint on this one might be stretching it a bit?

Avoid using Blue!

Have a look for yourself, here's the link...

http://www.zoopla.co.uk/for-sale/details/35971307?search_identifier=d6fd6c14e386be8f43fbc90e46792b8a#hye8HH7HeotCadeK.97

Up at £55k with our friends at Proctors, this property up Redearth Road in Darwen, just up from the town centre, looks like a real bargain to me.

Now I have to qualify that a bit because there are no photos with this listing, other than the front picture, AND I haven't been or seen in side it, so it could be a real mess?

Probably needs a good spend....
 
That said, Ive seen some messes in my time and 20-30k will go an awful long way on a refurb, and a proper refurb at that! (that includes the £100 to repaint the front a different colour)

So if I bought it and had to spend £30k on it it would be a mint job and be worth a lot more - and pull a very handsome rent too. So at worst it still looks a very good buy.

Get the refurb right - get the right profit.

Getting refurbs right is important and shouldn't be ignored.
Whilst in my job I see some real wrecks that need refurbing, I also see some shameful refurbs that cost the investor a fortune - and that's not as uncommon as it sounds. Bad tiling, bad decorating, bad kitchen fitting, and the rest.

Getting the refurb right is where the profit is, and you might have hear me say... 'the money is (always) in the detail', try to remember this.

I have huge portfolio of refubs I can show you if you get chance to call in. Some from as low as £7k (mini refurbs) and others over £100k.

So what's so good about this one?

So what else makes this one a good buy, surely it's 'just another' fifty grander in Darwen? I hear you ask...

Well, I know Darwen like the back of my hand, and we have several other properties on Redearth Rd. and this block in particular and they all pull in decent rents.

These bay window, garden fronted ones are 'huge' inside. Plus they have big cellars too and so appeal to a wide audience house hunters - both for renting and buying.

Also, they do bring good prices on this row, and we get premium rents on this block just because of the size of them.

PS.. Debs in our office sold one on this block not long ago and got over £75k for it - and that needed a full refurb.

My Opinion - Buy (But do view it first)

Hopefully you haven't missed it.

If you want me to view it for you give me a ring, or ping me an email. I'd be more than happy to. I could give you a 'ball park' on the works needed and get our contractors to price up the job if you buy it.

Or of course, just bob into the office for a coffee and a chat.

(I'm also happy to discuss and offer a second opinion on anything else you might have seen in Darwen.)

Paul@AinsworthLordEstates.com
Tel 01254 760660

49 Market St 
Darwen
BB3 1PS
(There's plenty parking)

Two Refurb Bargains in Darwen for the Serious Investor

I went to look at a couple of Bargain Properties for one of my clients last week. He'd called me to say he'd seen a couple of properties come up for sale on my patch, with a Blackburn Agent, and wanted to know what I thought of the streets and if I knew the properties?

As soon as he said one was on Westwell St and the other was on Gillibrand St, I knew exactly which properties he was referring to. In fact, I was one step ahead.... I'd already got my viewing booked, just to see if they were worth buying. Afterall, if they were I would make an offer anyway (I can buy do-er uppers for some of my clients without them even seeing them).

Attractive Prices
The Guide Prices were very attractive.
The one on Westwell St was offers over £35k, and the Gillibrand St was offers over £25k, and on the face of it both look like bargains. So of course I wanted to see them.

I suspected they were Compulsory Purchase Properties being sold on by the council and this was confirmed by the Agent. This in itself is not good news!

Anyway, you can see them here:

12 Westwell St. Darwen
http://www.zoopla.co.uk/for-sale/details/35875072#DMEIyjHclBivulDI.97

40 Gillibrand St. Darwen
http://www.zoopla.co.uk/for-sale/details/35875001#PsLIJVTGW02rgc4J.97

Anyway, I'm writing this after having viewed them both.

And it has to be said, YES there is some good money to be made on these for sure - providing we get them.

Potentially £50k Profit on these deals combined
The one on Gillibrand St will fetch anything between 80 & 90k if done nicely, and the Westwell one could well sell for a similar figure (pity it wasn't on the opposite side of the street as they fetch roughly £10k more)



They are both in need of some serious work.. very serious! but that doesn't phase me or the guy that called me in the slightest, I often say we like them rough - the rougher the better!

So..  offers have been submitted on both, in time for the cut off date (typical of Council Property Sales). The offers I've made are sensible and take account of the big spend that is needed, and take account of the important fact we have to  make a decent profit on them otherwise there's no point bothering as there are loads of good deals about at the moment.


Council Sales are a Unpredictable at best!
But here is the problem (apart from the other investors that have submitted offers)..... as these are council sales we have no way of knowing how this will pan out. The council use a bizarre method of deciding which offer to accept, a formula unknown to anyone else and without logic or any sense at all. Price doesn't come into it either. It's a lottery and that's how it has to be viewed. AND it can take literally months for them to decide, so it's now a case of waiting.

Tip...
If you find yourself in this situation and your offer is eventually accepted on one of these type of sales, it's worth remembering that you're quite within your rights to pull out if you find something else in the mean time. So don't let this sort of thing stop you looking at other deals and offering on others in the mean time.

So if you want a second opinion on a property you've seen, give me a ring. Chances are I'll know which one your looking at and who knows if I've made an offer on it your timing might be bang on to bag it before I give it to one of my other investor clients.

If you want to chat to me about my sourcing service you know where I am.

Why not bob in for a coffee (I only do nice coffee), or alternatively ping me an email: Paul@AinsworthLordEstates.com or give me a ring on 01254 760660 I'm always happy to chat and share what I know.....

Over £30k Profit up for grabs on this refub opportunity on Gillibrand St Darwen, from Estate Agents in Darwen

Another Golden Nugget found in Darwen

Well... Debs told me about this golden nugget she got today. 'I've got a cracker for one of your Investors' she said. So naturally, I wanted to know more.

And guess what, she's absolutely right! Vendor wants a quick sale, and looking at this little beauty, that won't be a problem!

So, let's take a look, and do the numbers....

http://www.zoopla.co.uk/for-sale/details/36089047

Golden Nugget on Gillibrand St Darwen

It's nothing fancy at the moment, and does certainly require a full refurb. But that shouldn't put off the experienced investor or tradesman wanting to embark on their first do'er-upper.

The potential returns on this one make it a bargain (or golden nugget, as I like to call them).


Needs to be a 3 bedder
Once done up to a 'nice' standard (not a cheap or bad job!) the resale price on this could be as much as £85k, but even more if made into a nice 3 bedder - finished well.

You'd be best speaking to Debs on any plans you might have for a job like this, and listen to what suggestions she has in order to get the best price on re-sale. Our general thinking is this needs to be made into a 3 bed house (it's big enough), as this is where the big bucks are!

Over £30k Profit - lets do the maths...
It's on the market for Offers Over £30k. So let's say you were a cash buyer (very important for these kind of deals), and bagged it for £32k. Then spent £25k on the refurb and then Debs got you £90k, this means you'd be left with a nice tidy profit of £33k.

Now do you see why it's a golden nugget? Do two or three of these a year and it's happy days.

My Verdict: Get it bought!

Another 10% Yield on Sarah St Darwen. Nice Opportunity for New or Experienced Investor

I posted about a different property on Sarah St in Darwen a couple of weeks ago, well here's another to look at.

Same sort of numbers and equally attractive if you're looking to build a portfolio of bread and butter renters with a decent yield and steady capital growth given time.

This one is up with our friends down the road at Proctors Estate Agency here in Darwen.
Take a look:

http://www.rightmove.co.uk/property-for-sale/property-38488321.html

Sarah St Darwen -Bread and Butter Renter - 10% Yield

Now, on the face of it, it looks a decent deal. But I'm not sure whether or not your going to be able to get this one for £50k.

When I take a look at the back office stats... I can see it's been on the market for almost 2 years. Why? is anyone's guess, but it's likely to be one of three things given it seems to be priced right.

• It could be that they are pricing it to attract attention to achieve a good sale price? a good strategy, but not really Proctor's model. And in any case it should have gone by now.
• Perhaps the offers they're getting aren't high enough to clear the vendor's mortgage? this is quite common. But on this one, given they only paid £20k for it back in 1998, it's not too likely (unless they remortgaged back in the peak?)
• The obvious one is.... what's wrong with it, or how much needs spending on it?

Well, we're only guessing as to why it's not sold and often best way to find out why is to simply go have a look and ask the agent why it hasn't sold? Proctors are pretty straight up when it comes to answering questions like this.

You can see from the pictures it will probably need a few bob spending on it, but it mostly cosmetic. I'd put a shower in the bathroom too.

But finished nicely, the likely rent is around £425-450pcm, which means a nice yield of 10% +/- with steady capital growth.

10% Yield

Why don't you go have a look at it and we can have a chat. I'm always available for a second opinion?

You know where I am... bob in for a coffee (I only do nice coffee) and a chat, anytime.

01254 760660
Paul@AinsworthLordEstates.com

Darwen & Hyndburn are 'Real Property Hot Spots' says Paul Ainsworth Lord, from Ainsworth Lord Estates Agent in Darwen

Investing in property is easy, anyone can do it. Whether you make or lose money is the tricky bit.

The key is to know what to buy and where, and as I'm always banging on about.... you need a plan! Always know what your exit is going to be as this is where the profits are realised.

If you ignore this you're at high risk of making the wrong move which could undermine the whole plan altogether.

As you all know I'm based in Darwen in East Lancashire, but I do my stuff across a much wider patch... including Blackburn, Accrington/Hyndburn, Bolton and other surrounding areas.

But when I got a call from a reporter at the Accrington Observer asking for my comments on the Accrington Property Scene, he seemed pleased to hear what I had to say about Accrington in particular.

Read it here for yourself....

Paul Ainsworth-Lord speaks to the Accrington Observer

 http://www.accringtonobserver.co.uk/news/property-hotspot-hyndburn-set-10m-8669506


And as always, If you want to chat about what opportunities I see in East Lancashire, just drop me a line, or call in for a coffee - anytime (you should know by now.. we only do nice coffee).

Tel: 01254 760660

Paul@AinsworthLordEstates.com

Derelict Property - Investment Opportunity In Darwen for the Experienced? Too Risky??

Two-For-One Derelict Property Deal.
If I had a quid for for every time I've been asked about this one, I'd be a millionaire by now! well not quite, but you get what I mean.... but no-one seems to have the guts to take it on.

Serious Refurber - only for the experienced Investor

Its a pair of terraces on a gable end, in pretty bad shape, being offered for sale by our friends at Thomas Shaw & Co in Blackburn.

So what would I do with this one? And why hasn't it been snapped up yet?

Well, to someone from out of town it looks a bit of a bargain, and I'm sure its gonna go soon. But us local folks know that Green Street East in Darwen is a tough street and the properties in this area don't fetch much money on a sale or when up for rent - even when done to a fairly good standard.
Because it's tough, unless you're up for a challenge and have a clear plan, a good refurb team behind you this is one to probably stay clear from.

Gable End Refurber - Green Street East Darwen

Thing is, a lot of the people I speak to just want the easy stuff - the straight refurbers or easy renters and projects like this scare most folks.

Having said that, anyone who knows me knows I like a challenge! So can I see the money in this one?

My answer is yes! and some good money too, but you need to have a plan and know what you're doing!

Up for the challenge on this one?

If you also like a challenge and are up for a chat, then give me a ring and I'll talk some more. Here's the deal..... I'll make the coffee, you bring the cream cakes!

I can see a nice little return on this ugly baby! I bet most folk won't.

Here it is...


Derelict Property on Green Street East Darwen