Those of you who are regular readers will know that my strategy is to buy run down houses and turn them into high end HMO’s (Houses of Multiple Occupation) as joint ventures with investors. This means that I can grow my property portfolio and create passive income each month whilst at the same time helping my investors to grow their portfolio and give them a fantastic return on their investment.
A couple of weeks ago though, one of my sourcers in the north brought me something a little bit different! He admitted that it wasn’t my usual property but wanted to see what I thought anyway. Turns out it was a bit of a no-brainer! A one-bed flat for £21,500 which literally just needs around £1k spending on it to deep clean (it’s pretty disgusting and everything in it is sticky!), new carpets and lick of paint.
All in investment including sourcing and legal fees is £25k. And the best bit is that we already have a tenant waiting who will pay £375 per month which makes it an 18% gross yield! 18%!! The average gross yield in Teddington is between 2 and 3%! So I bought it and very pleased with it I am too.
If you are thinking of getting into property investment but have no clue where to start, then I can help you and I’ll gladly give you advice where I can. Just drop me an email on firstname.lastname@example.org and we can have a chat.