Listers Court

Project: Listers Court
Property type: One bed over 55s apartment
Exit: Refinance & rent as buy to let
Purchase price: £78,000
Cost of works: £150
Other costs: £6,045
Total project cost: £84,195

GDV: £135,000
Mortgage: £87,750
Funds left in: £0 (£3,555 profit)
Rent: £1,100pm / £13,200pa
Rental profit: £276pm / £3,312pa
ROI: infinite

Details:

The property was acquired via an auction 42% below market value. The purchase was completed quickly using private investment money.

The property did not require any costs completing but did have a small leak in the bathroom which was fixed for £150!

The property was surveyed and revalued at a current market value of £135,000 almost straight after the purchase had completed.

The original plan was to sell this property and realise the profit of £50,805 immediately. However, a tenant approached Atlas Property Holdings and a rental contract was agreed at £1,100pm.

This allows the property to appreciate in value while the mortgage lowly leveraged at 65% returns all money invested and a rental profit after costs of £276pm.

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