36 Canada Road Rawdon Leeds

On market purchase from retiring landlord. Property was in very poor condition and not licensed. The purchase and refurbishment was funded by private investors with first charge at 8%pa rolled up until refinance on to ong term mortgage.

A point to note is that refinance on to mortgage can be tricky due to “bricks and motor” & ’commercial valuation” methodologies.

Summary

  • HMO renovation and basement development to form 6 rooms
  • Purchase £180k
  • Renovation £80k
  • Re valuation £315k
  • Rent £2600pcm
  • HMO’s allows purchase in better areas that do not cashflow well on single let basis.