Residential Investment, Kettering 2017

A fairly simple one. A seasoned London investor wanted to look further afield for his next investment of 2017 in the hope of achieving higher rental yields. After researching various areas on the map it was agreed that Northamptonshire was the place to invest. A block of 6 flats was seen on a property portal and we all jumped in to the car to see it at the earliest possibility. An offer of £400,000 was made and the reply came back that the vendor would sell for £420,000. On this occasion we focussed on securing the purchase quickly rather than negotiating heavily. Proof of funds was requested, duly sent over and the building was bought very quickly for cash at a net yield of 9%. Immediately post completion the building valued for bank purposes at £520,000. And then this happened in the end of year reports: