Buy To Let (BTL) problem, solved.
A recent long term Buy to let got messy, literally when the Landlord gave lots more than the legally required three months notice, as he wanted to sell the home to fund another home purchase. The Landlord waited for the tenant to move out and asked them to allow viewings to occur to sell the home. Yet on this occasion the Tenant decided they did not want to cooperate and let the home get very dirty. The home was not being given the opportunity to show its true potential to new owners, and the attitude of the exiting tenant was less than professional.
After too many failed viewings the Landlord contacted our team to help with the sale. After a few days research by our team and due diligence we were able to quickly solve the Landlords nightmare!
Some of the Headline Tenant Strategies:
We wont share all the details as the some are case sensitive, but the below is our top tips you may wish to use?
1) We worked on a strategy of rapid minor repairs, and when the tenant was on Holiday, we agreed for a 3rd party firm to clean the home. (The front of the Home was also painted, and the old shed removed, which looked like it was going to fall down!)
2) We achieved a new negotiation with the tenant around house keeping and a new agreed exit date was set.
3) Tenant met our CEO and agreed to adhere to new Cleaning standards. (We advised the Landlord join some of the viewings to ensure our standards were met.)
4) We gave the Landlord examples of a detailed Inventory with numerous Picture's of each room and to set up regular Home inspections for their other rental properties. (This home was only checked twice a year, which was not enough!)
The result was the landlord was able to sell the home within one week to our Investor just before the tenant left. (The Landlord also gained new valuable processes and detailed strategy should they buy another BTL after our work!
Joint Venture Opportunities are open for Investors that want to get their money working harder for them!
One Berwyn Property JV example: We would invest in the below market value home, and once completed, pay back the initial amount, plus an agreed % payment. In this case the JV (investor) could gain say 6.5% over a six-month loan*.
- Investor loans £200,000 to our team for six months.
- House Below Market Value £163,500 Cost.
- Legal & Refurb of home £25,000
- New Home valuation £280,000
- Refinance @75% (Mortgage) £210,000
- Investor Interest (6.5%pa / 6 Months) £6,500
For this example, a repayment would be made to the Investor on the agreed date of the initial investment plus % from the agreement. What’s not to like from the above example that gains the Investor an agreed benefit from the short-term loan, in this example you would be paid a sum of £206,500. Many investors repeat this process and allow our team to continue the mutually beneficial process. Contact our team to discuss your aspirations for 2023.
- 07999 556034 - Berwyn Services
- Info@BerwynServices.co.uk
- 9-5pm M-Friday
- PRS Number PRS040625
- ICO 00014035263
- *% Rates quoted is for example only.
