South Shields buy to let property is a winner

Weve just completed on a new buy to let property with a 9% yield. A great investment purchase.

We’ve just completed on a new buy to let property up in South Shields.  This is one of our chosen areas to focus building our portfolio in.   As we completed on Friday we thought we’d go up over the weekend to instruct any work that needed doing.   Mark Jackson from Lease Options Made Simple helped us find the property for us as this is his area.

We had lunch whilst we were there with Mark & Julie Jackson, so it was really nice to meet up with them.  South Shields is a really nice area and we had lunch overlooking the sea in beautiful sunshine.  Needless to say it was unexpected to have lunch by the sea in South Shields in the sunshine in March – quite a pleasant surprise!

Before we saw the property we hadn’t been to South Shields before and it was much nicer than we had expected.

The property is a 3 bedroom flat and is in excellent condition.  We don’t really need to do much work to the property.  Replace a couple of glass doors, a few bits in the yard need sorting out but that’s about it.  We just need to spend a couple of hundred pounds on it.  So it can go on the market straight away.  It’s a great buy to let investment.

The deal looks like this:

Market Value: £80,000

Purchase Price: £60,000

Rent: £450

Mortgage: £199

Cashflow: £251

Yield: 9%

It’s a great little property at a great price with a great Cashflow.  Can’t get much better than that!

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