Market Value After Refurb
Refinance @ 75% LTV
Money Left In
Mortgage @ 1.95%
Return On Investment
This project is the kind of development that we love! It was a nice and simple process and was extremely profitable.
This property was acquired via a local agent. The previous owner had let the property fall into a poor state of disrepair and it required a full refurbishment.
We were very familiar with this area and understood the market along with the tenant demand, therefore we immediately knew this was a deal in the making. This area is not a investor hotspot so we were mainly competing with residential homebuyers who tend to move slowly when making a purchase.
We were able to move quickly and put pressure on the agent following up with proof of funds and daily phone calls. This in turn put pressure on the residential buyers who began to pull out and we were able to close the deal within 1 week.
As soon as we had the keys we began work and were able to:
complete the full refurb in 23days
Refinance within 12 weeks of purchase
After the first year of renting, we now have a property that gives us a infinite return on our investment. Not bad for 24 days work!