Posts crossed there. I understand bilbot79. Looks like a cracking deal at 12% if the rent stacks up.
Its actually a 3-Bed in a village in South Armagh, guide is 35k rent is 4500 and there is a sitting tenant. Im gonna give it a shot, dont know what Im getting myself into though aaaaah. Not gonna bid beyond 35 tho.
I’d say you’ll get on well with the locals. Suckin diesel… as they say.
Just make sure you able able to see long term proof of the rent coming in.
Ask them for their rent account statement from the bank and make sure it stretches back more than a year.
Good point, I havent had access to any information like that. Its a month on month contract which I assume allows either party to break with 1 months notice.
Hopefully the tenants have a bit of a racket going on, I could do with some cheap diesel
Didnt get it in the end, went for 43k. Probably still a good deal in terms of income but I bottled. Probably wont be the last good deal anywhoo
Based on the rental income of £4,500 pa I make that a gross yield of 10.47%.
Yield is good but at 35 it appealed because I could have paid cash + borrowed a little but at 43+ would be cash + borrow a lot (from me poor mother no less)