11:25 AM, 27th July 2013, About 10 years ago 6
Our first flat was bought at auction and cost 33k, spent 7k on a refurb and was valued at 55k, it rents out for £335 pcm. I re-mortgaged for 30k and bought another one bedroom flat for 23k also at auction. It has just become vacant after 2 years during which time it rented for £350 pcm.
My third investment property I bought for 25k, spent 17k on refurb and was valued at 90k. It currently rents for £450 pcm.
The tenant in the flat which cost 23k (my second purchase) has moved out and conveniently forgot to tell me. The council informed me the rent had been stopped so I realised she had gone. She had taken the cooker, my fireplace and there were two smashed windows, she was also fiddling the electric, VERY DANGEROUS.
All her belongings were still in the property but I have since had them all removed, the windows fixed and the locks changed. Nightmare!!
The block of 9 flats have deteriorated greatly in the past two years to my horror and I am going to try and sell at auction.
I am scared that if it does not sell it wont rent out either. Out of the 9 flats there are only two being rented, not good and the other flats are falling into disrepair. This is why I have decided to sell, all the other landlords in the block don’t want to know?
I am living through a nightmare at the moment, not eating, sleeping, worrying etc etc.
I applied for a re-mortgage of the cottage before this all started and the offer has just come through of £67,500.
I have suddenly become more fearful about taking on more debt because of what is happening at the moment.
I would like some advice as to which is the best way forward.
My confidence is at an all time low and some good advice would be greatly appreciated.
I hope all this makes sense.
I have just got back from the nightmare flat so my nerves are a bit shot and I thought a post on Property 118 might just ease the pain.
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