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.....

Nice Refurb Opportunity Lynwood Avenue, Darwen. £15k for a couple of months work? Not bad!

I'm always being asked for refurb deals, and to bag nice deals it's not always easy as they tend to get snapped up pretty quick.

But just scouting round on Rightmove and Zoopla this morning I noticed a decentish property that looks as though it could well be a nice little earner. Its not gonna make you rich overnight but it looks to me like one worth picking up to keep you refurbers busy for the next couple of months......

It's up with two Darwen Estate Agents - YourMove Darwen and Ainsworth Lord Estates. It's been on the market since middle of October which is over a month now, and not snapped up... so it needs a good looking at with a critical eye cos something that's been on for a over a month and not sold may have issues?

Reduced by £10k
Then just looking at it again, I notice it's been reduced from its original asking price of £75k... so its been dropped twice - £5k each time to £65k- that could well explain why its not gone yet mmmmmm?

Here's the baby....

and here's the link..
Potential Refurb Deal on Lynwood Ave Darwen

So what would it be worth when its been refurbed to a 'good' standard? Well I asked Deborah our sales director who is one of the agents selling it and she reckons with a nice refurb job done on it it's worth around the £100k mark. But she also stressed it neds to be a nice job, not a cheap job!

£10-£15k for a couple of months work? 
So I reckon a fat £20k spend on it should do the job. Given it's been dropped form £75k to £65k with a £20k spend will mean it stands you at around £85k. So if Debs got £99k for it you woud walk away with between £10-£15k profit. Not bad for a couple of months work (tax free if you box clever)?

So go have a look and make the offer, see if you can get it for £65 or thereabouts. I should imagine with the price reduction the interest levels have spiked a bit. Certainly don't go over £70k as the risk becomes a bit too fine, and I always say refurb deals aren't worth bothering with if you can't clear £10k min.

Remember if you see anything worth looking at drop me an eamil or call in to my office on Market St in Darwen. Always happy to chat and offer a second opinion. Debs will usually be around to offer her advice too. my email is paul@ainsworthlordestates.com
Happy hunting!