Anchor Estate Darwen, Unsold Opportunity... Reduced! 8.8% Yield - "This should have sold by now," says Paul Ainsworth Lord on Investing in Buy to let opportunities from Estate and Letting Agents in Darwen

This is still available and I don't understand why?

It's been a busy week this week and I was just checking the Darwen property market activity on Rightmove and Zoopla to see if there was anything I had missed.

I came across a few surprises, but one that stands out in particular...

Reduced!

I wrote about one particular property about 3 weeks ago, tipping it as a good buy. It's up with our friends at the YourMove office across from us here in Darwen.

http://darwenproperty.blogspot.co.uk/2015/10/anchor-avenue-darwen-8-yield-and-safe.html

I'm surprised to see it's not flagged as sold. In fact it was subsequently reduced by £5k from £80k to £75k..


The crazy thing is it has a nice and bonny yield of 8.8% with potential to increase this further. It's a no-brainer!

Here' it is:

http://www.rightmove.co.uk/property-for-sale/property-36846924.html

Have you all spent up?

I think you guys need to check this out, and if you have concerns as to why it hasn't sold give the agents a ring see what they say? Are there problems we can't see in the pictures etc?

Pretty much every property I write about gets snapped up, usually by Landlords and Investors i have spoken to.

Bottom Drawer Secret Property Deals... 
 
If you spot any other properties you're interested in drop me a line or call in for a coffee (we only do nice coffee!) I can discuss some off market investment properties I've got in my bottom drawer.
These are properties that the owners (mostly retiring Landlords) are looking to sell discreetly, that won't go on the market. I have a steady supply of these and they're all producing nice yields.

You know where I am..

Paul Ainsworth-Lord
Darwen's Local Property Expert

Ainsworth Lord Estates 
49 Market Street
Darwen
BB3 1PS

(There's plenty of parking)

Ring me on 01254 760660 or ping me an email to:

Paul@AinsworthLordEstates.com

£40k Bargain Investment Deal on Argyle Street in Darwen, up with YourMove - Estate and Letting Agents in Darwen, spotted by Paul Ainsworth Lord

Calling all Bargain Hunters! 

33% Discount on Argyle Street in Darwen

Well, I was just checking looking to see what bargains I could find on Rightmove this morning and guess what I stumbled across? Don't know why I hadn't spotted this beauty sooner.

It's up for sale with our friends at the YourMove Letting and Estate Agents office here in Darwen, across the road from me.

Reduced from £60k to £40k
Then again it might have been the original price tag of £60k that put me off. But since it's now up for grabs at a whopping 33% discount - only £40k it's certainly on my radar now!

What's the catch? 
Before you all start scrambling for your phones... what has gone wrong here? Should we not be smelling a rat, given the big discount?

I can only assume given the length of time it's been on the market (quite a while) and the number of price reductions there's clearly more to this than meets the eye, or is there?

Can't be much wrong with it?
Given I've been in the property business most of my life, and professionally for the last 15 years or so, even at £40k - there can't be that much wrong
with it, surely?

Can't be this bad?

At worst.... if it needs a 'full job' on it to restore it to a good standard, I've never spent more than £30k on a major refurb on this type of property. So at worst, after works etc it's only going to stand the buyer at say... £65k - which means its still a cracking deal. The asking prices on this street tells me this is a bargain waiting to be snapped up!

Here it is:

 http://www.zoopla.co.uk/for-sale/details/36504396?search_identifier=0b041af1fa1d072aa13f7ab2700178ba#GdBrGMTJFQsrq3pD.97

Bargain on Argyle Street, Darwen

Numbers.... I like the numbers..

Well, lets suppose you bag it for £40k and spend £30k on the refurb. It's going to stand you at £70k.

Given we have budgeted a for a top end refurb here I think we should get £500pcm for it quite easily (probably more).

That means you'd be getting a nice healthy 8.6% Yield. And if we got £525pcm it wood be a nice juicy 9%.

And on top of this you have Capital appreciation - the cream!


If you see any other potential bargains and would like a second opinion, you know where I am, call in for a coffee and a chat.

Paul Ainsworth Lord
Darwen's Local Property Expert

Ainsworth Lord Estates
49 Market Street
Darwen
Lancs
BB3 1PS

Tel 01254 760660

or ping me an email:

Paul@AinsworthLordEstates.com

Anchor Avenue, Darwen. 8% Yield and safe long term investment from YourMove in Darwen. Spotted by Paul Ainsworth Lord, Local Property Expert, Sales and letting agents in Darwen

Cracking Yileds

I was talking to one of my landlords the other day who is on a buying spree at the moment.

We speak regularly, and the things properties he likes are houses in 'really good areas' and he wants them cheap. A pretty tall order!

Ive mentioned to him before that in this job the focus needs to be purely on the numbers... ie yield and capital growth. But some folks get stuck in their own mindset, and that's fine if it works.

It's all bout the numbers

But the frustrating down side to this mindset is losing out on so many other opportunities, which is so unnecessary.


Council Houses make Great Investments
I'm a great supporter of buying former council houses, for many reasons.

They're cracking family homes, built well, built for families, are usually nice and spacious, and invariable come with good sized gardens. They tick all the boxes (on paper) that families are looking for, and when we have them come up for rent there's always a scramble for viewings! Great!

It's a Pseudo Stigma
The only down side to these houses though is the stigma of them being on a (former) council estate. The tenants are happy to put this aside if it means they can get a great house that ticks their boxes at a suitable rent.

This is where investors really need to tune in. Rental demand is really strong for these properties which is why I always promote buying them up, providing the price is ok that is.

So when this one bobbed up on my alerts at £80k it got my attention.

Click link Here:

Ex-Council House on Anchor Avenue in Darwen

Ex-Council Houses are Great Rental Investments

Lipstick and Makeup Required

No Brainer...

£80k for Anchor Avenue? It's sensible. Having had a quick look through the pictures. it's fair to say it needs a bit of TLC in places, but on the face of it I can't see anything major. Nothing a bit of lipstick and make up won't sort out.

Now we all know, us investor types are a cheecky bunch - and there's nowt wrong with a bit of cheek! so let's assume we managed to get it for £75k which is a sensible offer so we we'd tell the agents, (despite knowing the price on this one is pretty bang on.. hee hee) we'd have bagged a bargain!

Let's do the sums...

PP £75k
Rental income: £550pcm = £6,600pa
that equates to an 8.8% gross yield.

But lets say the agents and vendor play hard ball and you have to pay £80k, would you be happy with an 8.3% yield? Course you would!

Bear in mind, Ive not taken account of any decorating costs and bit of jobs etc that you might need to do with these figures, but even so, but you see the point I'm making?

And the Brucey Bonus is that the capital value on these houses appreciates nicely.

Suffice to say... Ex-Council houses are a great rental investment on our patch.

My opinion on this one...

BUY BUY BUY.

If you see any other council houses (or anything for that matter) and want to run it past me then give me a bell or call in for a coffee (we only do nice coffee).

If I'm not available, leave your details and I'll get back to you.



You now where I am..

Paul Ainsworth Lord
Ainsworth Lord Estates
49 Market Street (opposite Boots the Chemist)
Darwen
BB3 1PS

Tel 01254 760660

or ping me an email...

Paul@AinsworthLordEstates.com

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

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

Nice little 8%+ yield on Hindle St Darwen from Debs at Ainsworth Lord Estates Agents in Darwen

We work together all day, yet some of the best property chats we have happens in the evening..... and Debs was telling me about one of her properties she has just reduced. So needless to say I have to take a look at it..

It turns out she has a nice little deal on Hindle St in Darwen, and it's just been reduced by 5k!

Here's the link to it on Zoopla...

Hindle St Darwen Click Here for details

8%+ Yield Plus Healthy Forecast for Capital Growth

Now, not only is this a nice tidy refurbed property, it's also one of those that would get snapped up pretty quickly if it was to come onto the rental market.(Well I might like to add some 'personality' feature colours just to help it along a little).

Given it's a 3 bedder in a decent area - classed as Sunnyhurst, the demand for this size of property in the Sunnyhurst Area couldn't be better.

Sunnyhurst is one of the best areas in Darwen and this part of town in particular has had a lot of regeneration happen over the last 6 years or so.

This area used to be purely traditional terraced stock, but as part of the Darwen Regeneration Programme a lot of the old sub-standard housing stock was knocked down to make way for more modern and efficient housing
with gardens and off-road parking etc..

Regeneration of Hindle St & Queen St Darwen

Not only has this regeneration cleaned the whole place up, but we've seen a definite positive impact on house prices in the immediate surrounding areas.

(For example on neighbouring Nicholas St we saw prices jump around 20k in some cases.)

I expect this trend to continue for the foreseeable future, on top of the natural increases we expect to see with house prices in Darwen

The new Houses they have built are selling for around £130-£135k. So when you think you can pick up a good-sized traditional terraced for half that, it makes sense to pay attention, and as none of the new-builds are going to go for rent due to private home ownership and shared ownership, anyone who buys and holds will see a healthy rise in price in the mid-to-long term.

Now, anyone who has ever lived in a new build house knows only too well that you can't swing a cat in them (not that you would, but you know what I mean). They're compact at best is what I'm saying ;-)

Can't swing a cat in one of these

However with traditional houses the room sizes etc are more generous, and demand for traditional houses is very strong - not only from buyers, but renters too.

So what are the numbers?

Well you need to offer over £70k for the property Debs is selling.

So... Assuming you paid £70k for it, and then we got you a rent of £495 pcm (per calendar month) that would deliver a gross yield of  8.5% - nice and bonnie! but assuming we only got say £475 you would still be getting a 8.1% gross yield. How's that sound? Not bad eh?

PLUS as a property to buy and hold, you would without doubt, see some generous capital  growth too.

My Conclusion: BUY!

But if you want to chat some more about this, why not give either Debs or myself a call on 01254 760660, or bob in for a coffee. Our office is in the town centre opposite Boots the Chemist and Your Move's office.
or ping either of us an email:

Paul@AinsworthLordEstates.com
Debs@AinsworthLordEstates.com

Potential gem here on Olive Lane, Darwen. Or is it? Darwen's Propety Expert, Paul Ainsworth Lord takes a look..

Noticed this one came on the market a few months ago in June at £45k. Owch.. bit on the high side for my liking, but might be worth a viewing now it's been reduced?

Little Diamond or Ruby? Right here in Darwen

http://www.zoopla.co.uk/for-sale/details/33574182#qFIY166EUgYV6us0.97

But as they have just dropped the price by 5k it shows a good sign that the vendor is keen to see a sale (potentially). So at £39k it's now worth a look.

Having checked out the other pictures on this listing, I see that it will need a bit of work to bring it up to a decent standard so to attract a decent tenant, so make sure you take a count of this when doing your calculations.

A yield of 8% is possible with some careful number crunching and cost control.

You need to bear in mind that rental properties in this area can be tougher than normal to shift. But the demand in Darwen overall is very strong. So this is why its important they are finished off to a good standard to compensate. Then priced right and marketed really well with a good agent you ought to have a decent tenant before too long.

I'd be more than happy to have a chat if this one wets your appetite. Or call in to my office for a coffee (we only do nice coffee). We're just in the town centre opposite the Darwen YourMove office.