Back-to-back terraced house was initially shop and residential house. The properties were already converted into 1-bed and 2-bed house. The properties are located in the North West of England, 20 miles from Manchester. The two houses were in need of back to brick refurbishment to make them liveable again. The roof was entirely replaced, the external walls have had deep cleaning and new repointing. The interior was massively upgraded to the highest standard, with new kitchen, bathrooms, floors and consumer units. The exit strategy was to rent out to local professionals and to refinance afterwards. The second strategy was to sell the houses on the market since the market was buoyant. The other exit strategy was to sell the houses off-market through own network of sourcing agents, conservatively we would expect to make descent profits. Both houses were finally let to local professional workers (the first exit strategy) within a couple of weeks after being advertised. The tenancy have been fully managed by local agent.
HIGHLIGHTS
Two properties (back-to-back terraced houses) under 1 title
Both houses in need of full back to brick refurb
Refurb finance through bridging, duration 7 months
Gross rental yield of 9.4% (two houses)
18% ROI after refinance
IMPRESSIONS
BEFORE
AFTER
