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Thereisashortageofrental propertyin thisarea!
We arereceivingmanycallsandemailenquiries everyday, especiallyforpropertiesin Mudeford &WestChristchurch.
Most tenantsare lookingfor long term rentals,anythingfrom12months to 10 years,andon averageour tenantsin3-bedroomhousesstaya littleover8 years.
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Renting apropertyoutcangiveagoodincome, certainlymorethanputting moneyinthebankand,theasset isthere,itdoesn’tgo away until yousellit.
Areyouin aposition to become alandlord,have you inherited aproperty,doyouhave moneyinthebank earningpitifulinterest?
In early2009 Iwasapproached by achap looking to investin abuy-to-letproperty; at thetimehewas looking to investc£230,000.
We satdowntogetherandshortlisted5 propertiesfrom localagents’details,hethen wentawayto make appointments to view theseproperties. Ithenaccompaniedhim onall 5viewingstogivemyinputas to what eachproperty would returnas farasrental income.Duringthatdaywe settledon1 house;anextended 3bedroomsemi offof CometWay in Mudefordpriced at £230,000.
Overthenext weeksthenegotiations culminatedinanagreementtobuythehouse at £220,000andabout 5weekslaterhehad thekeys. Therewasnomortgage required to buy,themoneycamefromaninheritance.
May2009,purchased for:£220,000 Rent received2009 –2021c£143,335
SaleagreedApril2021 £347,500 Obviouslytherehave been costs –c£18,000 Sowhatdothesefiguresshow?
Theyshowthatthe ownerhas returned approximately £125,000(rentless costs)on hisoriginalinvestment–about50%andhe nowhasan assetworth£127,500more thanhepaid forit, an overall “profit” of c£252,500, –114%!
Idon’tknowwhathedid with theincome but,ifhesaveditforhis retirement,that combinedwiththesaleproceeds couldmean thathenow hasalmost£500,000 available
Wall Street movie(1987)GordonGekko: “Idon’tthrow dartsataboard. Ibet onsurethings. Read Sun-tzu, TheArt of War. Everybattleiswonbefore itis everfought.” jeremy.clarke@belvoirlettings.com
