I have just come back from one of my maintenance/hotspotting trip. The first part is just checking that things are running smoothly and making sure everyone knows what to do to ensure the portfolio is cashflow positive.
The hotspotting part is the other part where you view prospective hotspots and boy did I see one today.
Now this are is ROUGH. And I mean rough. There was one property with no roof and had been burned out badly and another pair of semi-detached houses where the roof had been torn off.
However, there are people living in this small nearly new build estate. You can see that these properties were lovely in their day but I reckon a couple of bad families have moved in to the area and brought the area right down.
Anyway guess how much these properties are? You are talking around £20,000 each for 2 beds. There are 4 available and I am going to bid on them all. If I can get a mortgage on them I will make a monthly profit of:
Multiply this by 4 times and you can clear £1,000 profit per month.
Now I do not recommend these properties to my clients as they would kill me! They are not for the faint hearted. I think I will be the only buyer for these but I love the risk. It will take me a while to rent these and it will be a rocky ride but hey I am up for the challenge.
Anyway this is when property investment gets real exciting (and profitable!).