Buy to let deal of the day - opportunity for a cheeky offer?!

For those of you that read my blog regularly, you'll know that one of my tips is to 'watch' a property for a number of weeks to see what activity there is. If it stays on the market for over a month then that can be an indication that a deal can be done. Don't forget, that owner is very probably paying a mortgage on the property and it is costing them to have it sat there empty each month and as time goes by they will become more and more receptive to an offer.

The simplest, and probably most effective, way to make money in property is to buy below market value (BMV). The decision of how much you will make from a property is at the point you buy it rather than sell it, i.e picking the right property, in the right location at the right price. Get that wrong and you'll never make money no matter what you do.

I've been watching this one for a while....it's been on since 23rd September and hasn't had a price drop so could well be open to offers. A 3 bed flat, 10 minutes from St Margarets - ideal rental territory. May need a bit of sprucing up but certainly won't break the bank.

     

http://www.rightmove.co.uk/property-for-sale/property-48313625.html

On at £379,950, lets say you can get it for around £360k and spend £5k doing the cosmetic stuff. Your rental would be £1600pcm giving you a gross yield of 5.3%. Not bad and could be even better if you can get more off the asking price...!

If you're thinking of buying a property to rent then please do give me a call or drop me an email - I'm happy to give my advice and would love to hear from you. 



Rebecca Smith
http://www.rebeccasmithpropertyservices.co.uk/