UK Buy to Let Property HMO Conversion Wigan
This HMO refurbishment project of a 4 bed Wigan is almost complete. This property we added a bedroom from one of the reception rooms. This increases our yearly revenue. This property generates 10,400 £ with no voids…no management…and maintenance covered up to 5,000 £ per year. We receive 50 £ per week per room for a niche of social housing guaranteed on a 5 year contract. The day the property is approved and passes inspection, it is cash flowing.
This property we decided to sell. We are selling at almost a 9% net yield to the investor. We have a property within a quarter mile away in which we will decide after refurbishing to keep or sell on.
Most of the properties we keep…however we sell some in order to raise additional monies for properties we keep. This is the simple buy 3 three properties sell one. Next week hopefully we are conveying on 3 properties. We will sell one of these. Most of the refurbishment take between 3 weeks up to 2 months. One of the projects we hope to convey on next week needs a full 2 months as it is a complete shell. Full refurbishment projects are more lucrative but require more time and investment of energies. We lease these properties for 5 years to the Home office appointed contract holder for a very specific niche of social housing.
If anyone has questions or if I can assist you please let me know…
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