Snape Street Darwen offering 8% return, offered by YourMove estate agents in Darwen. But beware! says Paul Ainsworth Lord, Darwen's Local Property Expert.

Snape Street is a popular rental street in Darwen.

I've never had any problems renting out on Snape St. and we have over a dozen on here. Demand is good because its a pleasant street in a decent location.

The rents I get on here vary from £395 to £445 and as you'd expect depend on the standard and finish being offered. These houses are generally good-sized 2 bedders.

Pseudo 3 Bedder....
 
I noticed this one that's a '3 bedder' and being offered for sale by our friends across the road at the Your Move office here in Darwen. They are claiming it has: '3 good sized bedrooms upstairs'. Now, I'm not one to diss other agents in my town, but in my world bedrooms that are only 6' wide do not count as 'good-sized' bedrooms.

Here it is:

Click Here for So called 3 bedder on Snape St Darwen

 http://www.rightmove.co.uk/property-for-sale/property-35303076.html?premiumA=true


Now you'd spot this straight away if you were to view it, but more importantly.... if you were to refurb this one and leave these bedrooms as they are you will struggle to find a tenant. I promise!

Beware...

Two - Bed Properties that have been poorly being marketed as '3 bedroomed properties' for sale or rent and priced as such are tough cookies to move. And this is more common than you think. Often innocently marketed by mistake by some of the estate agents in Darwen, Blackburn and other areas.

What people think is that by splitting one of the big bedrooms in two and creating 3 beds will not only increase rental returns, but also add capital values and in theory this should work, but when you create 2 box rooms that are neither use nor ornament you create a problem for yourself. Tenants aren't daft.

Often the result then is that you have a house that 'doesn't work' and struggles to rent, has high voids and doesn't deliver on returns.


Opportunity.....

Fortunately for us investors these come to the market - often because the landlord loses interest and decides to sell. This is where we can usually snap up a decent buy.


So how do we make good this little baby and deliver an 8+% yield? Well, I'd be happy to have a chat with you about this. Why not give me a call and we'll go through it.

My opinion?

I reckon this house is a good buy.. better at 35k!

This would make a good investment for either a new 'wannabe' landlord or someone

looking to add another renter to their portfolio.

But don't hang about, I know this has been on the market for a good while now (originally on at £45k) and was reduced to £40k about a month ago. Now I have written about it it will go, I'm certain!

You know where I am...








My office is...

Ainsworth Lord Estates
49 Market Street
Darwen BB3 1PS
(There's plenty of parking)

If you can't get down, give me a ring or ping me an email...

01254 760660
paul@ainsworthlordestates.com

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

Nice little entry level renter here 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).

The NUMBERS....

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
Paul@AinsworthLordEstates.com

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)

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%+ Yield on Richmond Terrace in Darwen. Needs a bit of work though. A good buy and hold?

I see that our friends at Proctors, one of the Estate Agents in Darwen, have just listed for sale this garden fronted terraced property on Richmond Terrace in Darwen.

Asking Price £55k - not bad, in fact - not bad at all. 

Needs a bit of work

Check it out, click here:  Richmond Terrace Darwen

"Looks a good buy to me for £55k"

I see from the pictures and description it has had a new roof not that long ago, so that's good news. But it does need a decent spend on the rest of the house.


Needs some work...

I reckon it needs a minimum of £10k spending on it, that's if you can do the work yourself? If you have to pay contractors then you can double it at least.

So £55k Plus £10k - it'll stand you at £65k And we'd get you a rent of anything from £400 - £450 depending on how good a job you do.

Rental Values:

At £400 that would be a yield of 7.3%

At £450 that would be 8.3%

As the figures suggest, it's always best to do a proper job, and they rent much better, quicker and tenants stay longer.

Rental Demand for this area?

Strong Rental Demand Area

Richmond Terrace is just up past the railway station, so it's great for commuters who want to get to Manchester or Blackburn etc... It'd dead handy for town too - only a short walk away. And parking is ok up here too.

Good Capital Return
The area as a whole is on the up which means the capital return on your investment is pretty secure. In fact in 10 years time you'll be saying to yourself... "we should have bought next door too".

Seen something else?
If you have your eye on anything else, or looking to sell any of your renters, just give me a call and we can chat some more.

Or better still bob in to see me and we can discuss it over a coffee (we only do nice coffee you know).

here's my details...

Paul Ainsworth Lord

Tel 01254 760660
Paul@AinsworthLordEstates.com

Refurb Investment Opportunity 10k Profit and 8.5% Yield! on Cavendish St. with Darwen Estate Agents - Ainsworth Lord Estates

Was having me T last night and Debs was telling me about one of the houses she'd recently been instructed on (she knows I always like to hear that kind of stuff), on Cavendish Street in Darwen.

She tells me it's a nice refurber for a new Landlord or investor, that wants a house to do up and either sell for a quick profit, or keep and rent out with a decent rent.

Low Risk Investment
When she says a 'New Landlord or Investor', this means it's going to below risk. Why's that I hear you ask? Good question...

Well, Debs has plenty of experience at what she does, and has had some cracking results on Cavendish St. She got £85k for one not that long ago further up the street. So as you can see it sounds a good deal?

Strong Rental Demand
And Cavendish Street is in a good location for the main road, schools and motorway etc... rental demand is always good round there.

So... I'm interested in looking at it so I can let you guys know, and if you're not too late, it looks a decent buy for sure.

Here's the baby..

Investor Refurb Opportunity on Cavendish St Darwen

Here are a few of Debs' internal shots...

So, it's obvious it needs a refurb on it. But she tells me the house itself has been well looked after, and is just old fashioned inside.

Bit dated, but that an easy fix

Yep, it's a bit dated, but that's ok. 

Rip out the stone work, if you're up to it maybe take chimney right out to roof. (Make sure you know what you're doing here - or get someone in to do it), it makes all the difference to the room sizes, and certainly adds value.

Ok, so it needs a new kitchen?

New Kitchen... allow say £2-3k

Replace with a Nice new kitchen from Howdens (make sure they don't take mick on prices)

Use nice tiles and nice lights, and ask the wife to choose the painting colours (women are better than us fellas at that).

Sorry, Peach is out

New Bathroom... Yes, peach is out I'm afraid.

Budget say £1500 for comfort, and do a proper job!

Don't forget put independent electric shower in.

Easy £10k Profit and 8.5% Yield - No Brainer!

So folks, let's do the numbers..

Purchase Price: £55k

Budget £15k refurb spend on it (You will be able to do it for less, I'm sure, but always better to work on higher numbers).

Total Spend £70k

To sell on.... Debs reckons she could get £85k with a nice job done. So a nice easy profit, and it sits comfortable with me on my £10k Profit Model.

If you wanted to rent it out...

So it stands you at £70k

I reckon a nice 2 bedder on here will achieve between £500 - £525 depending on standadr of job and finishing touches..

So again working on worst case numbers at £500 pcm (£6kpa) That gives us a nice sensible return at 8.5% Yield and because you'll have done a nice job on it there shouldn't be much, if any, ongoing maintenance AND the rental market it will snap it up quick!

But.... if you made it into a 3 bedder, then the numbers all change!

We only do nice coffee

If you're interested in having a chat about this one, or any other you've seen up for sale with any of the Estate Agents in Darwen, why not bob down to our office on Market St (opposite YourMove Darwen and Boots the chemist in the town centre).

We're always happy to offer a second opinion over a nice coffee (we only do nice coffee).

But you could always email me on paul@ainsworthlordestates.com 

Or give us a ring.. 01254 760660. 

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!