My Most Inspirational Student Ever! | Samuel Leeds and Andrea Harber
I went to Blackpool but right there, is one of the worst houses in the best street that was recently purchased by one of my student Andrea.
Andrea was diagnosed with breast cancer that kind of put everything on hold for her but at the same time, gave her the kind of the kick to think oh going for an operation as she went to Mexico for treatment towards the end of the year.
She was really motivated watching my YouTube videos and my energy even when she was in the hospital as she literally just got one of my videos and my voice and energy just lifted her spirits.
In this article, we asked her few questions that hope to help even more people aspiring to venture into property.
Q: Why would you come all the way from Buckinghamshire which is where you live and invest so far away in Blackpool?
Because the yields are so high compared to where I live in the southeast.
It just working really well in Blackpool and it’s a really decent street as I can make it look like the rest of the houses eventually which is still currently under construction at the moment.
We’re having it all re-rendered and hopefully soon in the next few months, it will look like the others and so I believe it’s going to push the value up as I bought it for 185,000 pounds. We’ve just done a refurbishment on one of the flats and then someone will be moving in next week.
The rent is going to be 650 pounds a month on the refurbished one and obviously, we would have made a lot of money through serviced accommodation but now our plan is to look for something else around here that we can run a serviced accommodation because I know that the tenant who’s moving in here will probably stay a long time because she’s got a disabled son as she’s a nurse and likes the flat.
Q: I know that I said you bought the worst house in the best street, is this a decent area?
Yes, it’s obviously a decent area.
When you get closer to this town center, it’s not as desirable and that’s the crazy thing as the closer you get to the center, the rougher it gets whereas this is a bit further out of the town center.
But they still work really well as from the seven flats, six of them are rented and the remaining one will be ready by the next week and the total rent will be slightly above 3000 pounds on a monthly basis.
The great thing about apartments is that you’ve not got no bills as they will pay for that because they’ve all got their own electricity which they pay for among other bills and so I don’t have to, you know, factor any bills in.
As a whole, the return on investment is about 36 percent which is incredible and that’s the thing with Blackpool, you buy low and the returns are very high.
Thirty-six percent return on investment after all costs sounds too good to be true and something’s bound to go wrong as you don’t have terrible tenants.
There’s always going to be issues like having a bad day at work, you know, as we did have an issue with one of the tenants because there was a bit of a mess up with the universal credit. We used to have it rented before I bought it as it was with another agent and then the rents got paid directly to them and then there was a bit of a mix up so there was a bit of an issue there but that’s been sorted out now.
Before I went to your crash course to be quite honest, I wouldn’t have had the confidence to buy something like this as it’s quite a big deal because it’s quite a big house and there’s a lot to it as I wouldn’t have had the confidence needed to buy it before.
Q: Are you expecting to pull out all of your money?
No, because I think we bought this with another investors money and I just want to pull out.
I paid for the refurb and the extension and so my own money was about 1600 pounds in the project. We sold our house and used some of the money for the investment.
I think the advantage is, I can’t speak for other people, but the advantage for us has been that we’re living in a nicer house than what we were living in. We’re living on a very busy road and it’s a lot bigger house and obviously, if something goes wrong in the house, we can call up the landlord as we don’t have to worry.
I’m really so glad that we came to this region as it’s very different from the Blackpool one because I’ve done it from the beginning, you know, as I’ve had control. Despite my health issues and being in the hospital as I’ve just had a brain tumor removed, I’m trying to deal with stuff.
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