06/01/2024
Happy New Year to all our friends, suppliers’ contractors and investors.
2023 saw us complete the refurbishment our latest 3 bed property (a very large inner terrace house with big rooms all round) – in fairness to the property it was crying out to be a 5 bed HMO but this was not our strategy for the property – we just wanted it to be an exceptional family BTL with great space and keep the street family orientated but knew we were going to push the envelope on the rent required to maximise the property.
After a longer back to brick and new everything including masses of ceiling and wall insultation we finished in early May having been in the thick of all the material price increases (almost double on some product lines). We actually refurbished the property with fire doors and fire board and put a full fire alarm system in that would allow us if required in the future to easily transition the house into an HMO if we felt it was right going forward.
We were fully tenanted at the desired rent by the end of June despite all the letting agents thinking we were too high making this property one of our better performers.
Since this time, we have refreshed the décor on several other properties to ensure they remain desirable places for the tenants – existing and new.
It’s not all been plain sailing as we had to evict a tenant who chose not to pay us while leaving his job, claiming benefit and working cash in hand every day and then playing out all evening in the pub till late while drinking from the top shelf of the bar – not a good situation but an opportunity experience of our justice system – their costs involved and the inept, protracted and biased system that we have to operate within. The whole process took a massive twelve months and once clear we refreshed and rented the flat within a month to a lovely young man carving out his chosen career path. All houses, rooms, flats and shop have been fully let since mid-year as there is great tenant demand in all our investing areas.
In the past year we’ve also looked after our investors well and have paid them £45,635.12 for their continued support.
We’ve let the markets stabilise while watching the escalating house price rises and the massive hikes in interest rates and it now seems to have peeked with interest rates falling and houses sticking which gives us some real opportunities for offers to be accepted, so were out and about again and have a few potentials in our sights for 2024.
It’s also a good time for anyone wishing to get on board with us and increase your own wealth to which we are happy to talk to you and answer any of your questions.
Happy New Year
