Project Gladstone
Details
2 bedroom Tyneside flat purchase using vendor finance.
This should have been a straightforward purchase, but it has taken around 6 months to get completion due to the sellers incompetent solicitor.
The Numbers
- Purchase price £36,000
- Stamp and Legals £1,000
- Refurb £12,200
- Rent £525
- New value £60,000
On the day I completed on this property, I only put £4,000 down. The current owner has taken a 1st charge out on the property at his expense and I will pay the owner another £32,000 in 2 years’ time.
The reason the previous owner was happy to do this is because he is a retiring landlord, in his 70s the flat had been empty for over 2 years and he had no interest in doing the flat up. This property was nothing but a burden to the seller.
I have built up a great relationship with the owner, and I have been able to get into the property, refurb it, and get a tenant in before I completed on it. This property has been refurbished, tenanted, and cash flowing for the past 3 months.
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