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.....