So we finished 2020 by finally getting what should have been a simple and quick auction purchase over the line. Completing on the 20th of December.
A 28 Auction completion meant we should have completed before little 'River' (the latest addition to the Kieba Team) was born on the 20th of October 2020. However due to the vendors solicitors errors on the contract supplied, we found ourselves in a stale mate - They sent the contract over stating Vacant Possession - although they couldn't deliver this.
We agreed to accept the sale under the actual conditions and take on the existing commercial tenant, not the vacant possession they had proposed (but unable to deliver on) in return for a further reduction in the completion price - a nice 5% discount on top of an already great buy - was a nice little Christmas bonus. Happy days. A big shout out to Paul at MSLAW for getting it done and tied up within 3 hours of them accepting our proposal.
This property was badly marketed as a flat above a retail shop, this "flat" was a 5 double bedroomed property with a separate lounge and kitchen, with 2 full bathrooms. Only one other party viewed it prior to the auction, so we had very little competition on auction day.
It goes to show there are deals out there, often hiding in plain site - you just need to look closer sometimes.
While this apartment was ready to rent as it was on a single tenancy, bringing in £550 pcm we looked at it and saw an easy opportunity to add some significant value and drastically increase the cashflow we will generate from this asset for years to come.
We are converting it into a fully compliant 5 bed, 2 bathroom professional HMO. I will do a separate post on the works we are planning and some figures, but our team were pretty much ready to go and started rip out on the 8th of Jan. So we are a good way through the refurb as i post this. To follow more up to date progress - please follow us on Facebook.
Heres a few 'before' pics to wet the appetite. As you can see it could have gone straight on the market as it was.
