Keeping it simple...
2 bedroom buy to let in Chorley
January 2024, we had 10,000 hand written letters posted in houses on identified streets within Chorley as part of our direct to vendor/off market marketing/deal finding campaign.
These letters 100% work, and it didn't take long before the phone starting ringing, one of those calls from the owner of Granville Road.
By the end of January we had agreed to buy the property, with us aiming for a completion by April 2024. However the buying process was lengthy, we actually completed the purchase while we were sat on a sun lounger with a beer in Rhodes on holiday in June 2024, which felt... well.....good, not really much emotion on purchase completions these days.
Funding
We were delighted on this project to welcome on board 4 new private funders, working with us for the first time as the majority of other funds were tied up in other projects at the time.
We raised £105,000 in total for this project, to fund the purchase and refurbishment, paying out £7,288 in interest to our funders.
The refurb was completed in 10 weeks, managed internally by us working with what is now a team of fantastic trades.
Following refurbishment the property has been tenanted at £800 pcm.
The Numbers
Purchase Price: £78,250
Stamp Duty: £2,348
Refurb: £22,135
Legals and other costs: £1,401
Total required: £104,134
Private Funding: £105,000
Interest Paid: £7,288
Total Costs: £112,228
New Property Value: £125,000
A mortgage has now been placed on the property, to release funds to repay our funders along with their interest.
The property now cashflows around £300 each month and will sit in our portfolio for some time.
Before and after images...
