Latest BRRR HMO Project in Liverpool……
n today’s article, I will be discussing with you the perfect BRRR, Buy Refurbish Refinance Rent property that is also a small HMO in Liverpool.
The house was purchased and not my house as I found it negotiated with the help of Alistair Cunningham.
We negotiated for 43,000 pounds and now the investor who's very happy kind of makes me jealous of the house.
It's a little small deal but I thought I’d give you a review and show you exactly what's happening with the house.
As of now, it does need a whole lot of work as we're going to take the carpets out and we're going to knock it back to take everything off and get a new central heating system put in.
The crazy thing is that builders tend to be slow with refurbs and this house was completed in two weeks.
The electrics have been tested and the structural surveys have all come back as everything is all-good and once it's done, I honestly think it's going to be worth around a hundred thousand pounds and might even be worth more than that.
I’ve got a friend that has a house in the same street and his was valued at 110,000 pounds as he used the same builders we're using on this project.
Even if the value comes down to 90,000 pounds, it doesn't matter because the refurb is only going to cost about 30,000 pounds and so, either way, we're pulling the money back out and my investor who owns the property, when he pulls the money back out, he's going to sink my praises and going to reinvest the money probably into another project that I’ll find as well.
The room downstairs is going to be a nice bedroom as we're going to put an ensuite into the bedroom and rent it out.
We are going to tear everything down on Monday and we're hoping to achieve around 400 pounds per month.
The property was secured on auction this year and this just shows you that properties can take a long time and you have to be patient.
My investor was asking what's happening because it was taking forever but the deal was so good we couldn't pull out of it as we had to keep going.
House prices have gone up in Liverpool and if we put the house back on the market I reckon we could sell it at sixty thousand pounds as it is.
We'll try our best to rent it out at approximately four and hopefully, closer to 500 pounds per room because we can't predict the market as it's a crazy time right now.
We bought the property so cheap because houses in Liverpool right now in this particular area are selling for like, 70 grand.
The thing with buy refurbished refinance rent strategy, you need to buy the right price since you need to refurbish at the right price.
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