Here’s a video of my latest purchase, a flat I bought in Newcastle upon Tyne for £30k!
If you’re from London you might think I’ve lost the plot, or that’s a typo, but neither is right. It’s still possible to find great deals if you look and, because the market hasn’t picked up yet like it has in other parts of the country, you don’t have to look that hard.
The video doesn’t have a commentary – I might add one later.
The bullet points are:
The internal passage wall is damp because the roof needs fixing
The kitchen is fine
I could keep the bathroom but have decided to replace it
I own the flat underneath, which makes this a very interesting buy as I now control the court yard … I’m thinking of putting on some nice wrought iron gates and making it into secured parking
It’s going to cost a max of £8k to do it up
Should be able to finance based on a value of say £55k when done up
Will rent all day long at £400 a month
Related Posts:
Why I’m Excited About My New £30,000 Buy to Let Property Investment
How I Creatively Financed My New £30,000 Buy to Let Property Investment
Hi Peter
Interesting the thought that a flat can be bought for £30K, can I ask was it so cheap because it had a short lease, or generally are there some really good bargins in the North East?
Gloria
Hi Gloria
there’s not a problem with the lease.
I believe the property was a repossession, and the roof defect meant it was very damp and didn’t look too good (although the damp is actually easily resolved).
So it was priced to sell and I just got it cheap.
But yes, in answer to your general question, there are still bargains in the north east. The market is lagging the recovery seen in other parts of the country
Peter