PASSIVE INCOME GENERATING PROPERTY : HIGH CAPITAL GROWTH
Oldham had the highest level of Capital growth in the UK last year. This region of the country grew by 27% in 2004 making these properties some of the best investments available. In addition to the highest levels of growth in the UK these opportunities are all passive income generating so cover the complete mortgage cost and provide the investor with a guaranteed cashflow.
These properties are provided as part of our Bespoke Property finding Service. Once a client has expressed interest our agents will source a property for you, make all of the legal and mortgage arrangements, manage the refurbishment and tenant the property for you giving you a completely work free investment.
With the highest growth rate in the UK this area is now creating a lot of interest so these properties do go quickly. Due to the speed of sale we are not able to show available units. The following are examples of properties sourced, arranged, refurbished and tenanted by our agents. These are the reports that our agents provides when sourcing the deal giving you a full description of the property and all work required to put let it out.
If you are interested in having one o fthese deals sourced and managed for you please call us on 0845 257 2431 or Email us on Info@31API.info.
*****************************************LANCASHIRE, OLDHAM************************************
GENERAL INFORMATION:
Client Tbc
Property Address 2 Huxley Street, Oldham, Lancashire, OL4 5JX Date 1st December, 2004 Purchase Price £59,950 (can purchase for £53,750K) Expected Rent £350 (£4,200), Yield = 7.8% (at purchase price of £53.75K).
Monthly Mortgage £228.44 (at purchase price of £53.75K)
Interest only @ 6% (85% of purchase price) - estimate only.
DESCRIPTION OF AREA
 Huxley Street is a quiet side street in Clarksfield, Oldham. The end of Huxley Street adjoins Lees Road which is a busy road from Lees into Oldham. There area is well served with shops and local transport.
.DESCRIPTION OF PROPERTY
A freehold 3 bed end of terrace property constructed from brick and slate c. 1900. On the ground floor it has a lounge and a kitchen diner. On the first floor are 2 bedrooms and a bathroom. There is a loft conversion which can either be used as a study or a 3rd bedroom. It is in good decorative order.
The property has been renovated over the last 5 years. Renovations include laminate/tiled floors on the ground floor, UPVC windows, central heating, new fitted kitchen, decoration throughout, loft conversion and a re-fitted bathroom.
Exterior – The property is accessed up steps and has a small courtyard at the front. There is a secure yard at the rear. The back door has a wrought iron security gate.
Lounge - A vestibule leads into the lounge. It is well presented and has a nice feature fireplace with living gas. There is laminate flooring.
Kitchen – The kitchen has recently been refitted to a very high standard. It has maple units, integral stainless steel oven/hob, a standalone extractor and a black marble effect worktop. It also has a breakfast bar.
 First Floor – accesses by stairs from the back of the kitchen. There is a landing leading to 2 bedrooms and a bathroom.
Bed 1 – A big double bedroom (12’4 x 11’9) with fitted wardrobes.
Bed 2 - A single bedroom (8’4 x 5’7).
Bathroom – has a bath, toilet, basin and a separate walk-in shower. 2 walls are fully tiled.
Bed 3/Study – stairs lead from the 1st floor landing into the roof which has been converted into a room. There is full electrics/heating and a velour window. This is a very useful space and very unusual for properties in Oldham.
Heating - There is gas central heating via a combi boiler in the kitchen (concealed) to all three floors. There are radiators in all rooms.
Damp – no evidence of damp.
Roof/electrics – not checked. Any issues will be shown in the survey.
PROPERTY SUMMARY
A very well renovated property in a good rental area. The high spec finish (kitchen/separate shower/3rd bedroom) make this a highly attractive property for renters. I highly recommend this property.
**************************************LANCASHIRE, Accrigton**************************************
GENERAL INFORMATION
Client Tbc Property Address 39 Belfield Road, Accrington, Lancashire, BB5 2HH
Date 6th January, 2005 Purchase Price £44,950 is the asking price (should be able to get for £42 - £44K).
Expected Rent £325 per month. Yield = 8.9% (at £44K purchase price). Monthly Mortgage £187.00 (at purchase price of £44K)
Interest only @ 6% (85% of purchase price) - estimate only.
DESCRIPTION AREA
 Residential street in Accrington, Lancashire. Accrington is a working class Lancashire town. There are good transport links (M66/A65) which provide easy access to Bury/Blackburn/ Preston and the M6 corridor.
DESCRIPTION PROPERTYAn end of terrace 2 bed property constructed from stone and slate c. 1900 (slightly larger than the rest in the terrace). It has 2 receptions and a kitchen on the ground floor and 2 bedrooms and a bathroom on the first floor. The house is in good condition. It was part of a regeneration project in the 1990’s. The work undertaken by the council included UPVC windows, new roof, new chimneys, rendering to gable end and seamless gutters. This is a major benefit to this house.
The property has been on the market since Nov 04. There was a sale agreed but the purchaser pulled out (same purchaser as 34 Belfield Road – a couple who had split up but wanted to live near each other).
At the front of the property is small courtyard garden with steps that lead to the front door. The front door leads to the front lounge and the stairs.
Front Lounge - is a good size (12’5 x 12’0). There is a wall mounted gas fire.
Middle Lounge – Is also big (14’8 x 12’11). It has a feature fireplace, large understairs cupboard and is open to the kitchen at the rear.
 Kitchen – A very smart new looking kitchen which has integral hob/over/extractor in chrome. There is a laminate floor. This is a key feature of this property.
Yard - has a curved brick built wall and secure back gate.
Heating – There is no central heating. However there is a wall mounted gas fire in the front lounge, wall mounted electric economy 7 night storage heaters in the bedrooms and an electric fan in the bathroom.
Windows – all UPVC.
Bed 1 - is a double bedroom (11’1 x 12’7). It has a built in cupboard.
Bed 2 – is a single room.
Bathroom – an attractive bathroom which has a beige 3 piece suite with a shower (fully tiled) and shower curtain. There is a storage cupboard, mirror and towel rail.
Roof – not checked but was recently replaced so there shouldn’t be any issues.
Damp – some readings in the kitchen extension.
Electrics - It is likely that a new consumer unit and further bonding may be necessary to meet new NICEIC earthing/bonding guidelines. Survey will check if electrics are earthed.
Carpets & Curtains – all rooms have good condition carpets and all windows have decent curtains/blinds. The carpet to the front door area is missing. The carpet up the stairs and in the upper landing needs changing.
 PROPERTY SUMMARY A property in excellent condition with a high spec kitchen. Almost no repairs needed. Good yield at 8.9%. Highly recommend.
REPAIRS REQUIRED New carpet to stairs & landing - £250New electrical consumer unit - £350Contingency - £250
******************************LANCASHIRE, Wateserdge, Blackburn*****************************
GENERAL INFORMATION:
Client tbc
Property Address 5 Anchor House, Watersedge, Blackburn, Lancashire
Date 10th February, 2005
Price £56,950 = asking price (£55K is purchase price)
Expected Rent £350pcm Yield = 7.6%
Monthly Mortgage £221.71
Interest only @ 5.5% (85% of purchase price) - estimate only.
 DESCRIPTION AREA Situated in a new area (early 90’s) of housing which is near to a large retail park and leisure centre. It is also very near the town centre of Blackburn.
DESCRIPTION PROPERTY
 A first floor 2 bed purpose built flat in a block of 12 flats. The block is surrounded by other pleasant looking newish housing.
It was built in 1991. There is a communal entrance at the front of the block and then the entrance to no. 5 is up one flight of stairs on the left. The communal areas are well tended to. The flat has an entrance hall, 2 bedrooms, a bathroom and a lounge/diner/kitchen. There is also a small balcony from the lounge. The property is in need of cosmetic updating. The décor looks tired. The property is leasehold.
Lounge – an L shaped lounge/diner/kitchen in one room. The room has enough space for a suite and dining table. The kitchen is small but adequate. The kitchen has a range of cupboards and has a built in hood/extractor/hob. The balcony is small but has enough space for 1/2 chairs.
Bed 1 - is a double bedroom 10’2’’ x 8’6’’
Bed 2 – is a single bedroom 9’5’’ x 6’8’’
Bathroom – 3 piece suite with extractor fan and electric heater. It is tired. Tiles to be re-grouted and walls re-painted.
Windows – All UPVC and in average condition.
Central Heating – Economy 7 night storage heaters.
Damp – none recorded Gardens – there are communal gardens.
Parking – there is a dedicated parking space for the flat and other communal spaces for guests.
Maintenance – There is a maintenance charge of £141 per quarter. This covers keeping the communal areas to a decent standard and also covers buildings insurance.
PROPERTY SUMMARY
 Even though the present owner has let the flat become tired looking, flats like this are not common in Blackburn and are therefore in demand. The flat also benefits from being near to a big retail park and walking distance from the town centre. The letting agent that I use in Blackburn has 4 flats let in the same development, all at £350pcm. She says that there will be no problem renting the flat out (as long as it is re-freshed). If we can get £1 – 2K off the price this will pay for the re-fresh. This will be a good investment, I highly recommend it.
REPAIRS REQUIRED 1. Redecorate whole flat - £850
2. Re-grout bathroom & kitchen tiles - £100
3. Re-carpet whole flat - £600
4. Contingency - £450
TOTAL = £2K
****************************************LANCASHIRE, Oldham**************************************
GENERAL INFORMATION
Client tbc
Property Address 38 Avon Street, Oldham, Lancashire, OL8 1XW
Date 15th November, 2004
Purchase Price £37,750 (asking price was £38,950)
Expected Rent £65 per week, £282 per month, £3,380 per annum Yield = 9%
Monthly Mortgage £160.44
Interest only @ 6% (85% of purchase price) - estimate only.
DESCRIPTION AREA The flat is situated in an end of street area of flats in Hathershaw, Oldham. This makes the area quiet as there is no through road. Hathershaw is an average lettings area of Oldham. There is a rehab centre 2 streets away.
DESCRIPTION OF PROPERTY
A 1 bed first floor flat. There are 3 houses in a row. Each house is split into 2 flats. These flats were built as flats and are not conversions. I estimate that they were built in the 1980’s. There is a car parking space in front of the flat’s entrance. The flat is furnished and has previously been used as a letting flat.
The flat is in good decorative order throughout.
The flat has a dedicated entrance with stairs leading to the lounge. The front door has recently been refitted in UPVC.
Lounge - is a good size (13’8 x 11’2) with storage space. There is a gas fire mounted onto the wall. There is a 2 piece suite, coffee table and side table.
The lounge has a corridor that leads to the bathroom, kitchen and bedroom.
Bathroom – 3 piece suite in beige. The bathroom has been fully tiled and has a shower & screen. It is clean and in good order.
Kitchen – fitted units and sink. There is a free standing cooker, washing machine and fridge freezer. There is a combi-boiler on the wall that provides the hot water.
Bedroom – A double bedroom with a double cupboard, desk, drawers, double bed, bedside table and chair. The back window overlooks a tidy garden (belongs to the flat downstairs).
Heating – Heating – Only has a gas fire in the lounge. Other electrical heaters may need to be provided.
Windows – all UPVC.
PROPERTY SUMMARY A modern flat in good condition with good furniture. No repairs are necessary. An easy to let, attractive flat, to prospective tenants.
REPAIRS REQUIRED May need to provide an electric heater for the bedroom.
To take advantage of this spectacular investment opportunity or to make arrangements to visit current properties available, call us on 0845 257 2431 or Email us on info@31api.info
GREAT DEALS: STUDENT LETS, PASSIVE INCOME, LOW ENTRY COSTS
******Buy a 4-6 bedroom terrace property, let to students, positive cash flow***********
One property will cost you about £6,000. That’s all. (And that includes £2,400 stamp duty: see below)
This is an on-going programme of refurb, sell and let; however, numbers of suitable properties are limited. If you are interested, register your interest now, and we’ll work out a time scale: immediate purchase, or planned to coincide with your requirements and circumstances.
Example property: 4-6 bedroom property, between £200,000 and £250,000 - North England.
Developer refurbishes the property to a lettable standard, and provides all furniture necessary to be suitable for student lets. Assistance towards getting tenants into the property may be possible, as will assistance with management of the property. Such properties, when fully tenanted, produce a net positive cash flow to the buyer.
15% discount off agreed purchase price; used as gifted deposit
In addition to the 15% discount, there is a £1,200 allowance from the Developer for each buyer towards stamp duty, solicitors, brokers and valuation fees. (Buyer must use solicitor and broker designated by the Developer.)
Terms, Conditions and Financials
£1,000 reservation fee (non-refundable) to Developer immediately, but returned on purchase of property on completion.
£2,000 finder’s fee (non-refundable) payable immediately.
Approximate prices for property purchase:
Solicitors fees £1,000 (some on account and search fee, say, £300 immediately; balance on completion)
Valuation fee (say) £300 (immediately to Broker)
Brokers fees £1,000 (payable on completion)
Any additional fees for mortgage can usually be incorporated into the mortgage
Stamp duty, say, £2,400 on £240,000 property
Total monies payable: £4,300 + £2,400 = £6,700
Less £1,200 allowance and £1,000 deposit refunded = £5,500
Necessary criteria for purchase
Each buyer must be earning at least £20,000 p.a. and have squeaky clean credit record.
For further information, or to make arrangements to visit current properties available, call us on 0845 257 2431 or Email us on info@31api.info
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