18:21 PM, 6th September 2012, About 9 years ago 2
I’ve been having a twitter conversation with a chap called Yemi Edun who specializes in buying tired, prime location, London apartments at auction and then refurbishing and letting them on behalf of buy to let investors.
Yemi tweeted me links to a couple of You Tube video’s where he’s appeared on BBC TV’s “Under The Hammer” and they were so good I felt compelled to add one of the video’s I watched to Property118 along with my own commentary and blog.
In the video Yemi purchases a property just three minutes from The Angel Tube Station in London’s Islington N1 at auction for £278,000.
The refurbishment, which one of his colleagues (Adeola) arranged, ends up costing £13,500 which is remarkable when you see what his team managed to achieve for that amount and within such a short timescale.
Two estate agents valued the property post refurbishment at an average value of £345,000.
The associated fees were not disclosed, however, the profit on capital invested (net of fees) was in the region of £53,500
The flat was subsequently let for £470 a week (£24,440 per annum).
Based on costs (net of fees) that equates to a yield of over 8% – in a prime London location! Now that’s good going!!!
If you are interested in doing projects like this yourself you may also want to check out this page which explains a variety of different funding options.
Please Log-In OR Become a member to reply to comments or subscribe to new comment notifications.
Advice and implementation provided by a practising Barrister-At-Law with £10,000,000 of Professional Indemnity InsuranceBook Now
Previous ArticleToo Good For Students?
|“Account”||means an account required to access and/or use certain areas and features of Our Site;|
|“Cookie”||means a small text file placed on your computer or device by Our Site when you visit certain parts of Our Site and/or when you use certain features of Our Site. Details of the Cookies used by Our Site are set out in section 13, below;|
|“Cookie Law”||means the relevant parts of the Privacy and Electronic Communications (EC Directive) Regulations 2003;|
|“personal data”||means any and all data that relates to an identifiable person who can be directly or indirectly identified from that data. In this case, it means personal data that you give to Us via Our Site. This definition shall, where applicable, incorporate the definitions provided in the EU Regulation 2016/679 – the General Data Protection Regulation (“GDPR”); and|
|“We/Us/Our”||Means Property118 Ltd , a limited company registered in England under company number 10295964, whose registered address is 1st Floor, Woburn House, 84 St Benedicts Street, Norwich, NR2 4AB.|
|Name of Cookie||Purpose||Strictly Necessary|
|JSESSIONID||Used only to collect performance data, with any identifiable data obfuscated||No|
|__cfduid||This cookie is strictly necessary for Cloudflare's security features and cannot be turned off.||Yes|
|Name of Cookie||First / Third Party||Provider||Purpose|
|__utma, __utmb, __utmc, __utmt, __utmz||First||Helps to understand how their visitors engage with our website|
|_fbp||First||Helps to understand how their visitors engage with our website|