John

Registered with Property118.com
Sunday 22nd September 2013

Trading Status
Joint

Insures properties through a broker recommended by Property118
Yes


Latest Comments

Total Number of Property118 Comments: 59

John

11:36 AM, 9th February 2020
About A week ago

New area for me - Block of flats help?

Reply to the comment left by David Mensah at 08/02/2020 - 11:26The conversion was done in 1991 and it is registered on the planning portal. I will look into this with the council.

The pic is a good one, but is loaded by property118. The house is not as beautiful as this one, but it is sort of comparable.... Read More

John

11:33 AM, 9th February 2020
About A week ago

New area for me - Block of flats help?

Reply to the comment left by AP at 08/02/2020 - 07:51
Agree tenant mix is important. I will be the one who does all this work. I have run a HMO in the past, but the hassle was not worth it.

Purchase will be done in cash, via remortgage of BTL's. So a better position. Thanks for the info.... Read More

John

19:18 PM, 7th February 2020
About 2 weeks ago

New area for me - Block of flats help?

Wow. Thanks very much for the info. Really useful stuff. Lots to be researching.... Read More

John

14:08 PM, 7th February 2020
About 2 weeks ago

New area for me - Block of flats help?

Reply to the comment left by david porter at 07/02/2020 - 14:00You must be bored replying to this thread.

Nothing since 2014 means you have missed out on huge potential. I was working by ass off 2012-16. It was the right time to buy in my area during this period. I assume you are based in London. The UK market moves in a wave spreading north (roughly). This new area still has to play catch up i reckon... Read More

John

13:41 PM, 7th February 2020
About 2 weeks ago

New area for me - Block of flats help?

Reply to the comment left by andrew sheppard at 07/02/2020 - 11:49
Thanks Andrew.

The reason for the change is a move into this area which is a longer term plan. It is a seaside town and so i am thinking about possibly holiday lets. I also like the fact that this money is tied up in one specific unit and so management and maintenance will be easier. The alternative is to buy 4 semi's and replicate what i have done before in my normal area. But prices are well up and the value isn't there. Also the town is a cheaper area than the city where i am based, but the specific area of the house is in the more upmarket part of the town and the building is one of those drop dead beauties you see. Put this in a city in the north and its value will be £1.3m

The flats are 45sqm on average and 330sqm overall.

Tenant issues i will be finding out about, but they are all longer term tenants, so it sounds stable.

Grounds maintenance is fine as will be done by myself. The one issue i can see i need to sort is the cleaning of the halls. I may well end up doing this as i think i am likely to be working here 1 day every 2 weeks. Seeing as i do all my own maintenance bits now, this is not a problem. Yesterday i was fitting a new DG lounge window on a property for example.

The EPC's are surprisingly good. 1 x C, 5 x D and 2 x E. Solid walled with single glazed sliding sash windows. I can see longer term i will be insulating the attic areas with new kingpan, as i have done this on a few properties already where you have no void for soft insulation to sit. So i am confident longer term i can update the whole building to become a C rating. This will need attention to secondary glazing i think as the sashes are worth keeping because they are beautiful.

There is also the potential to develop the basement into another flat. It was done i think in the past, but it doesn't look as though it has been carried through. Again i will find out more when i see it.

The yield is the lowest i have ever had at 7.5%, moving up to 8.1% with smallish rent increases (the older family have not really kept rents up with inflation, hence the stable tenant population i think). So i think an increase is easily possible. The yield will jump to 9% if i do a basement conversion.

So the yield isn't great, just ok, but i feel the property is a good longterm investment to keep for the next 20 yrs.

Insurance is about £1k... Read More