Bridgestone

Bridgestone

Category : Uncategorized

The Marketing:

This frustrated and “accidental” landlord came across my details on Gumtree.

The Situation:

She never intended to be a landlady, but had moved in with her boyfriend about 80 miles away and was not comfortable using a letting agent to manage the property, or to look after this house herself. She also had an ongoing dispute with a neighbour and just wanted rid of it, and was not getting any joy with it up for sale in the traditional way with the estate agent.

The Solution:

We came in and immediately took responsibility for the property, the mortgage payments, the maintenance of the flat and the ongoing interaction with the neighbour.

The Maths:

We bought the studio on flat from the owner on an Instalment Contract:

  • The property was worth £115,000
  • The mortgage on this property was £92,000
  • The mortgage payments were only £137.00 per month
  • We agreed to buy it for £115,000, and sold it on to a Polish couple that were pregnant and wanted somewhere to put down roots rather than just carry on renting
  • Market rent was £725 pcm
  • They paid £900 pcm “Super Rent”
  • They agreed to buy it at £135,000 in 5 years’ time
  • They agreed to bake cakes for the neighbours to smooth things over..!

The Result:

  1. Seller very happy to not worry about the house, any letting agents, or the neighbour any more
  2. Buyer very happy to have the opportunity to buy a property now when they haven’t been in the country long enough to qualify for a mortgage, and set up the nursery for the new child.
  3. I was very happy to have helped both parties and made £20,000 profit for solving their problems.

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