Hi there! It’s Richard Mews here from Property Result Investments and I’m here for my weekly update.
I had a very, very busy week which means I just had a good week. I did a survey on Monday which went pretty well. And then I had to go visit another property on Tuesday.
The one I viewed on Tuesday was quite unusual. It’s a large property with two flats on one freehold title. One flat on the second floor and another one flat behind. On the ground floor it also has a dog grooming business. The dog grooming business is let on a lease which will make it a lot easier to manage. It’s not on a commercial lease which is a good thing because otherwise it can be difficult to process the sale.
It just totaled a brilliant £1,260 pound last month. That is quite good money. You’re lucky because the property is for sale. When I got all the particulars done this week, at £115,000, you can have it. Really, really nice property it’s a real good investment.
It’s unusual, but we look at anything that’ll definitely give a good return. We never disappoint our investors with our finds.
This week we also had some sales. We’ve put quite a few properties out on our website at different intervals during the week, and now they’re all sold!
Let me tell you about the one we had in Headingley Hall.
It is a lovely two-bedroom property. It is probably one of the best interiors of all the properties I’ve seen. It just took us half an hour after our emails were sent that we found a buyer for it. It was scheduled to go out at probably 11:00 on Tuesday and by half 11:30 it had gone. So when buying you really have to be fast. These deals are going at high-speed at the moment.
I also sold two pairs of flats in Sunderland. I didn’t even get a chance to put them on the website. I was about to post them when one of my investors came and said, “I want them, I want them.” We were just talking one night about plenty of other things that time. He secured his mortgage within two days, and it’s now gone to the solicitors. That was quick.
There’s also a three-bed property in Thornaby that we put out yesterday (Friday). It was a nice property that was let out to private tenants at £550 a month.
The buyer really got himself a good deal. With a little bit of work he can sell it for a considerably higher amount. If the tenants move out, a new kitchen will make its worth go up to about £100,000. That’s what the three-bed semis are bringing in that area. Another bonus for that property is it’s right next to a school, which is a very good attraction for buyers.
Friday was very interesting. Spent that day in Hartlepool. We were offered four properties. The landlord lives in London and he didn’t want them anymore. He’s had enough of being a distant investor. Two of them needed work and two of them were tenanted. The challenge is I’ve only got seven days to sell them. Hopefully, I think I might have got two of them away already!
I already viewed them in February. He just took his time to decide what he was going to do. It took ages before he decided when suddenly he gave me a short window to sell them. So I went back and I took videos of the two empty ones because they need a little bit of work. Two of the four properties are empty. We’re selling one of them at £25,000 while the other one’s at £22,000.
When they are refurbished, based on the sold price history and everything in that street, each would be worth about £38,000. Considering that they don’t need a fortune to spend on them, it is a really good investment.
I also came to see another property for a client that I’d spoken to two years ago. I think he had a lot of personal problems. He phoned me out of the blue and said, “Richard, would you go and have a look at this?” It was a nice two-bedroom again in Hartlepool. I’ve given him a price for it, hopefully we’ll have that one in the next week.
Taken together, we have lower value properties, under £30,000, and we also have the flats in Sunderland for £105,000 along with the one in Annfield Plain at £115,000.
About Browney Place, broadband wiring is now complete. The painting and decorating is also nearly done. I only expect to see some work done on the floor, and little, fiddly jobs that we’ve got done this week, and hopefully we’ll move on from there.
So that sums up my long productive week. That’s all I’ve got for this week and I’ll come back and update you next weekend.