When Sourcing for Rental Properties we look for the ugliest….the muckiest….in order to create value for us and our investors. It is obvious that one can buy an off plan wonderful Manchester city center flat or possible to buy a rental property that is 100% finished and great, and perhaps for you and your business model, that is what you should do. Not for us…profits are made by doing the refurbiishment. In most cases we bring the property back to the brick. In most cases…so called investors run out the door, repulsed and saying, “No way!” I walk into that same property, take a look around, and start to get excited. In fact, it’s hard for me to be excited about a property that doesn’t have problems. There are problems and then there are structural issues. We will not buy a property with structural issues unless our structural engineer who does the survey gives the green light that after following his guidelines the property would be mortgageable.
Some times investors run from the smells…We love them…That aroma of cat or dog urine.
Lovely smells are generally caused by one or more of a few things, none of which are difficult to solve:
- Rotten food in the cupboards or rubbed into the carpet
- Cat or dog urine soaked into the floor
- Smoke residue on the walls, ceiling, and floor
- Mildew on the windows, walls, or other surfaces
Problem Cabinets or out dated bathrooms…
We basically rip them out..
You’ve likely heard the phrase “kitchens and baths sell houses,” and it’s not an exaggeration! People spend a large amount of time in the kitchen so first time buyers run at the first site of ugly cabinets and bathrooms. Most first time buyers simply avoid houses with these problems. Those people don’t realize how easy it can be to transform an ugly kitchen into a modern, beautiful one with just some new counters and a fresh coat of paint on the cabinets. We do this for our Social housing…and for our professional HMOs we do a full rip out.
In Manchester with the constant rains….Roofs take a beating. Most investors do not understand roofs. Actually we have a trusted roofer who is our go to gent. This one might come as a bit of a shock to people, because a leaking roof seems like it would be a pretty major problem. However, I like finding properties that are in desperate need of a new roof, because it scares off a lot of the competition, and getting a new roof is not a difficult process or even patching is possible at times.
No Gardens or Jungles
I know you know the words “curb appeal” before and probably know the importance of having a property look pristine from the street. After all, the landscaping is the very first thing potential buyers see when they visit the property. This is why I love to find properties where the yard looks like a bomb hit it or a complete jungle.
The more muck the more buck….