Some say January is a quiet month in property. Well not for me it ain’t!
I’ve been working on a few deals through the end of 2009. Here’s a quick run down …
4 properties all in the same complex. These came to me one at a time but I’ve ended up with all 4 and they’re all great little renters. All currently tenanted earning a nice income. The vendor has owned them for a couple years, maximised the use of the plot (by extending out the back to create two new properties) and now he wants to cash out. He wants his money and I’m happy to oblige and get 4 good properties earning cashflow from Day 1.
Another block of 4 – this time a new build. This is an interesting lease option deal on a property that has been converted into 4 falts from a detached family home. Good terms for me (payment of £300 pcm for a property that rents out at £650) but short timescales on the option (6 months) so the vendor gets his money quickly. Fair enough I say. These are great to hold or to sell on, either to investors or owner occupiers. And I’ve already found my first tenant buyer so at least one will be a sandwich. I like these, so I think I’ll hold on to the rest.
Then the tricky one … This deal has been jumping in and out of bed. Another 4 flats – these all exist on a single leasehold title. The developer who refurbed them all to a nice standard with lovely open plan lounge / kitchen areas is going into administration and the bank are looking for a buyer with cash who can move quickly. There’s a bit of a discount in it but at the moment the sticking point is the price. I put a great bid together at £320,000, but they are looking for £360,000. Whether or not we can work this one out … only time will tell.
And finally, I’ve found a builder to do the refurb on the purchase I made in November of last year … so I need to get that underway now.
So, all in all, I don’t think it’s been a quiet month for me at all. And here we are, Valentine’s Day passed already and well into February.
Here’s to a full house and achieving all of the above – 3 out of 3!
Tags: deal, investment, investor, new build, new build property, property, property deal, property investing, property investment, property investor
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