We have a couple of deals coming up where investors can buy a property with a tenant already in situ. This is because an existing landlord is selling. We see quite a few examples at the moment of people renting their own house out because they can't achieve the sale price they want, then deciding 12 months later that they'll take an offer after all. Here's number 1!
MOORE STREET, POETS CORNER.
2 bed property, well presented, excellent order, and in one of the best areas of town for Victorian properties - Poets Corner, Kingsley.
Double Glazed, Gas Central Heated, Nice kitchen and bathroom, etc etc.
Currently tenanted (single female occupier) at £550PCM. It's a rolling contract, but we'll have no trouble re-letting at this level if and when she leaves.
Current owner has been advised by local estate agents to advertise at £119,995 and will do this in the next few weeks. Avoiding the agency fee, he'd be happy to accept £118k for a quick sale.
The property is well maintained internally and has been looked after by the current owner.
Double Glazed, Gas Central Heated, Nice kitchen and bathroom, etc etc.
Currently tenanted (single female occupier) at £550PCM. It's a rolling contract, but we'll have no trouble re-letting at this level if and when she leaves.
Current owner has been advised by local estate agents to advertise at £119,995 and will do this in the next few weeks. Avoiding the agency fee, he'd be happy to accept £118k for a quick sale.
The property is well maintained internally and has been looked after by the current owner.
Rental Yield 5.5%
Why buy with a tenant in situ?
- Appeals to investors who value certainty! If there's a good tenant in there already, there's no question mark over what rent will be achieved and whether a suitable tenant can be found.
- You pick up rental income from the day you complete on the property - no void period whilst a tenant is found, referenced, and moved in.
- The property comes with all relevant safety certificates. No nasty surprises or a gas man telling you the boiler won't pass it's test.
- No new tenancy agreement is needed - Belvoir tenancy agreements are set up to move from one landlord to the other if required, which minimises paperwork.
CONTACT richard.baker@belvoirlettings.com if you're interested in this property
