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If youve not seen it yet Id strongly suggest viewing it before you get too involved with the finances and speaking to banks.Theres something very fishy about it. I hope Im wrong and youve discovered a gem of a property thats just freakishly under priced but Id err on the side of caution because the property youre describing even if it needs total renovation, replumbing, heating and glazing but is structurally sound should be £120k+ just in rent returns aloneIf you can achieve £40 a week per room. A real landlord can get 4x£40 a week. = £160/wk = 700 /month.A landlord is going to be able to get a ~120k mortgage on that without much of a problem. So purely in terms of rent that house is 3-4 times under value.
Can do if you want a second opinion. Arrange a date and give me a call mate (assume you still have my number).worth double checking its not 140k and theyve missed a 1 off or something first.
Quote from: mr_rollWhere do you think Id stand buying a house with my dad, so only 20K and my dad forks out 20K and then either I use 2 rooms and he takes the income from the other 2 rooms. You see I want to start an actual business and focus on that business and for that I cant be renting a house.I just cant fathom how youre buying a 4 bed house for 40k. There has to be something SERIOUSLY wrong with it. The numbers youre discussing really dont make any sense and Ive seen a lot of property up here and been a landlord, tenant and private owner in Newcastle for a little over 8 years. Are you sure its not subsiding, full of asbestos or something worse?
Where do you think Id stand buying a house with my dad, so only 20K and my dad forks out 20K and then either I use 2 rooms and he takes the income from the other 2 rooms. You see I want to start an actual business and focus on that business and for that I cant be renting a house.
Ill see if theyre open tomorrow and arrange one for next week? Early evening good for you ?
Some areas of West Newcastle are still dirt cheap if its in the wrong area. I have a five bedroom house in North shields that cost £72K a few years back, at the time my brothers nice 3 bedroom house sold for £42K.
Quote from: mr_rollIll see if theyre open tomorrow and arrange one for next week? Early evening good for you ?Yeah just give me a bit of notice. Im working from home most of next week so shouldnt be a problem.Quote from: SeriousSome areas of West Newcastle are still dirt cheap if its in the wrong area. I have a five bedroom house in North shields that cost £72K a few years back, at the time my brothers nice 3 bedroom house sold for £42K.This is true - bought a 7 bed house at the top end of Fenham for 160k a few years back and a 2 bed house a bit further out for 90k. 40k for a 4 bed flat that generates 40/wk per room just doesnt exist though.
Quote from: SeriousSome areas of West Newcastle are still dirt cheap if its in the wrong area. I have a five bedroom house in North shields that cost £72K a few years back, at the time my brothers nice 3 bedroom house sold for £42K.This is true - bought a 7 bed house at the top end of Fenham for 160k a few years back and a 2 bed house a bit further out for 90k. 40k for a 4 bed flat that generates 40/wk per room just doesnt exist though.
chances are the only peeps who might pay that are students, if its close to the college. even so hey wont be paying during the holidays.
Quote from: Seriouschances are the only peeps who might pay that are students, if its close to the college. even so hey wont be paying during the holidays.erm yeah they willtis pretty normal to have a 52 week contract these days
Ok, well they was 4 houses in the same street and some one has bought them all, or atleast put an offer in for all 4.So Im looking at alternatives.
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