Friday, 11 November 2016

Super-Cheap 2 x 1 Bedroom Flats - Cash Buyers Only Due to Short Leases (24% Gross Yield)

These two 1 bedroom flats (ground floor and first floor) are being offered For Sale together for a bargain basement £34,950

The catch is that the leases have less than 70 years, meaning at best the choice of mortgages may be limited or at worst it may suit cash buyers only

Either way you'd need to factor in the cost of extending the lease as part of your long term exit strategy

 They should rent at £350pcm each meaning you'll return £8,400 per year rental income which works out at 24% Gross Yield!!!

 A further note of caution before you get too excited, they appear to be in decent condition so it should be possible to attract working tenants (we manage a couple of small houses on this estate and rent them to working people) but you may need to consider DSS at a push

 They're being marketed by Pattinson so contact them to get more details or arrange a viewing http://www.zoopla.co.uk/for-sale/details/40368178

Call me if you'd like to discuss this or any aspect of property investment in Sunderland - call me on 0191 567 8577 or email neil.whitfield@belvoirlettings.com


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23 comments:

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  2. Unknown11 January 2017 at 06:54

    I had an offer accepted on this property, i pulled out after spending 1700 on solicitors fees i was advised by my solicitor that the complications involving the leases, the management company, and the freeholder were not good. I then subsequently found out that i was either the 3rd or 4th buyer to pull out, the properties then went to auction.

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