Purchase price | £24,000 |
Refurbishment cost | £17,000 |
Solicitor's fees | £900 |
TOTAL | £41,900 |
---|
Property valuation | £60,000 |
Mortgage loan @75% LTV | £48,500 |
Mortgage payment (interest only/PCM) | £125 |
Rent (PCM) | £450 |
Lettings management - 12% (PCM) | £45 |
Operating expenses | £20 |
CASHFLOW (PCM) | £ 269 |
---|
Money left in | £0 left in! £6,600 profit made on refinance |
Cashflow (PA) | £3,228 |
Return on investment (PA) | infinite |
Gross Yield | 8.5% |
---|
7a Morris Court, Preston
This 2 bedroom flat renovation was a great ‘money in, money out’ deal, meaning after the end valuation we got all of our costs back and also made £6,600 profit. We kept this flat for 2 years with a great tenant earning £3228 profit per year, then sold it for £68,500. After costs we made around £17,000 profit.