February 2007. Secured the purchase of a 2-bedroomed terraced house in the Horwich area of Bolton. Extensive refurbishment was carried out on the property including: new kitchen, new bathroom, redecoration throughout with new flooring. The total purchase price of the property was £86,000.
The property was let during the period between exchange of contracts and completion, ensuring that the first rent payment came in before the first mortgage payment went out, at £450 p.c.m..
Similar properties in the same road are now being offered at £96,000.
February 2007. Secured the purchase of a 2 bedroomed terraced house in St Helens near Liverpool. The house was completely refurbished throughout. The purchase price of the house was £83,000.
It was let during the first month of ownership at £400 p.c.m..
Similar properties in the area are now selling at approx.£90,000.
January 2007. We were introduced to a client who had recently sold his business and wanted to invest in property.
For an investment of £80,000 we secured the purchase of six 2 and 3 bedroomed terraced properties. Three of them were in Oldham and three were in Bolton.
All of them were let at completion with a total gross monthly income of £2,550. The interest-only mortgage payments on day one were £1,857 per month.
The total purchase price for all six properties was £499,000. Their market value today is £540,000.