7% Yield on Devon Street, Whitehall Area Darwen. A good investment?

7% Return on Devon Street, Whitehall, Darwen

Well, you might have noticed this one on the market with our friends at YourMove in Darwen. It's been on a while (since May 14) and it makes me wonder why it hasn't gone yet.

Stale isn't always bad...
It always gets my attention when a property becomes 'stale' after being up for sale too long. But there could be many reasons for this - and not necessarily bad. This can happen for many reasons - and some are often out of the agent's control.

That aside, it's in the right area, and granted it's not a real bargain as such, but nonetheless it's worth looking at.

Well anyway, here's my twopenneth worth.....

Firstly, and as I've already mentioned, it's in one of the best areas of Darwen - the Whitehall area.

Rental Demand is the stongest ever in Darwen
Demand is good for many reasons... it's just one of those places people want to live. There are good schools nearby, access to Bolton & Manchester are pretty good, and of course you are close to a lovely Park and on the edge of some beautiful countryside.

Whitehall Darwen 7% Return on Investment (Gross)

Rental Demand is stronger than ever, we all know this. And especially in this part of Darwen.

And given prices are on the up, now might be a good time to jump in and make an offer on this one. I realise this property isn't a fab bargain right now, but lets be sure of one thing.... prices are going up, not down, and demand in Darwen is stronger than ever. Whether this will change after the election is anyone's guess, but even then any slow down will be temporary, I'm sure.

So if you are looking for a medium - long term investment, I don't think you can go far wrong with this one, or anything similar in this part of Darwen.

So the numbers....
Let's say you ended up paying £80k for this, and you got £450pcm rent on it. This would give you a near 7% return on your money. Not bad eh? (And pretty safe too).

If you want to have a chat, or second opinion, about this or any other property you might be thinking of buying, why not give me a call or bob in for a coffee? Beware though, I can talk property all day long, especially when it's on my patch.

You know my number... 01254 760660
email: Paul@AinsworthLordEstates.com

9% Yield on Hollins Grove Street from one of the Estate Agents in Darwen

Great 9% Yield in Darwen

I had a lovely couple in to see me the other day, asking me about a property they were
thinking of buying to rent out. 

They're pretty new to the renting game and because they're from out of town wanted some advice on whether I thought the house they were looking at was the right one for them?

They also acknowledged that they didn't know the areas of Darwen very well and wanted to know if this House on Hollins Grove Street was in the right area?

Buy on the right street

Now Hollins Grove St. is a bit of a mixed bag, and it's fair to say, making the wrong purchase on here could be a costly mistake (and it's fair to say that to some degree there are many streets in many towns that this would apply too).

But given my extensive local knowledge and the fact I've lived in Darwen pretty much all my life, I'm in a good position to comment on any street round here. (I love it when the banks ring up with details of a repo property and I can picture the house in my head.. and often tell them what colour the front door is!). I remember disputing with them once about a property that was up with an out of town agent and was supposed to have a board up, yet I was adamant there was no board up - nor had their ever been, and I knew this off the top of my head. Sad or what? (but handy nonetheless).

Anyway, the main good thing about Hollins Grove St. is it's location and with that I mean it's ease of access to the M65, and Darwen in general. There are some nice decent sized houses on here that bring decent rents (we rented a nice 3 bedder not that long ago for 500 per month - which is very good for here.

So.. once we'd done all the pleasantries I brought the property up on my screen, and sure enough it looks like a nice deal, and it's in a good spot.

There are several houses for sale on this street, but they're not all the same and not all in the same section either. However, this house is configured well and appears in very good condition etc... I reckon it will bring a nice rent - we did the sums and if they were to bag it for the right price we can expect it to bring in a nice healthy 9% yield. 

 My Conclusion: A Good Buy 

If you are thinking of buying in Darwen and would like to have a chat just to reassure yourself on whether or not you're are buying right, just drop into the office for a chat.

Or you could of course, give me a ring, or ping me an email...

01254 760660
Paul@AinsworthLordEstates.com

Always available for a second opinion!

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!