Daniel had a portfolio of 14 properties which were doing quite nicely. We had actually sourced him 4 of these back in 2005 in Scotland and still owned them.
He is based in Yorkshire and had his portfolio spread around the North and Scotland.
Daniel got back in contact with us around 6 months ago (August 2008) as he wanted to top up his monthly cashflow as he had gone on a bit of a personal loan spree and his costs had got higher.
He did not have much money with only £4,000 to put down but wanted around £350+ cashflow. We like a client with ambition!
He was not afraid of DSS but wanted something a bit closer to home. So we got to work and we found him a 3 bedroom 2 reception semi-detached house in Leeds.
The results were as follows:
Monthly Rent direct from council £890
Mortgage costs with BM Solutions £189
Insurance costs £17
Letting agent fee (10%+VAT) £104
Net positive cashflow £580
This property was sourced by us for £80,000 and Daniel only had to put in £3,987 of his own money. The deal was done at 100% financing. The £3,987 went on solicitor's, broker's and our fees.
That £580 comes in to Daniel stress and worry free as it is managed by an agent in the area who found him the tenant
Daniel was very happy with what we sourced and his very own words emailed to me directly from him were:
"Just thought I would
let you know. The 3 bed 80k Leeds property your team kindly found me.
We are planning to find about 4 of these for Daniel every year. We are trying to get them so he does not even have to put the £4,000 approx in so that by 2012 we can take him to his own personal target of earning £10,000 passively per month.
If you want help building a property portfolio suited to your own personal aims then request a callback and we will contact you within 24 hours.
Posted on: 8th Feb 2009