Cumbernauld nr. Glasgow

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    Cumbernauld nr. Glasgow

    Good evening, or morning...

    I wonder if anyone might be able to answer me a quick question for my first post here?!

    I've asked someone else this same question but thought I'd check if anyone here has any opinions, so forgive me for just copying and pasting the same email I sent to him.

    Here goes :

    Originally posted by Eddy
    What I'm hoping you might be able to do is either offer advice on a property that I'm thinking of buying from Ajay Ahuja (does it seem to you to be a good deal), tell me what I should be doing to research this for myself OR a bit of both....

    As I've posted before, I do have a couple of B2L properties but have had it easy so far in that they're rented to people I know and in the area in which I currently live. This will be my first property outside Aberdeen and for which I'll be entering the market somewhat blind.

    The link to the property is here :

    http://www.ahuja.co.uk/ahuja_estates

    It's the first property listed. GBP48,000. The details aren't correct, though. The property I have reserved is a three bed as opposed to two bed. It's ex-LA and I believe it's recently been renovated which makes me think that the decent homes initiative isn't an issue in this case.

    I have an option of withdrawing from the purchase and re-claiming my finders fee of about 1,160.00 so if it doesn't seem good, I'll pull out.

    The property is currently let at 425.00 a month leaving a profit of about 250.00 a month after interest payments and management fees etc.

    -------------------------------

    A FEW OTHER BITS OF INFO :

    The property is in Millcroft Road, Cumbernauld. Postcode is G67 2QQ. I've had a little look around and the price of 48k seems a little high in comparison to other things that have sold there over the past year, atleast. That said, I don't know of those properties that have sold have been two or three beds.

    This is a property sourced for Ajay through a guy called Derek Milligan. He's a local bloke and says he sources a lot of stuff for Ajay. Ajay seems to have a lot of stuff available with lower finders fees than I paid for this, so I assumed, perhaps incorrectly, that this was probably an OK deal.

    Haven't yet spoken to local letting agents. Probably a good idea. I have had a look at websites offering properties in the area for rent. Two beds avail for 350.00 a month and, as mentioned, this is a three bed for 425.00 so sounds about right.

    Meeting the tenant is probably also a good idea, but might be tricky. I work for an airline and am out of the country more often than not. When at home, I live in Aberdeen and while not a great distance away, Cumbernauld isn't particularly easy to get to. The guy who sourced the property says that he can also manage it for me for 10% pcm.
    Mortgage rate is about 4.59 with Birmingham Midshires with payments of about 160.00 a month. With managment fees also paid, profit left at the end of the month is about 220.00.

    I've been assured that the tenants are good, reliable and long-sitting ones.

    Any advice, I mean anything, would be greatly appreciated.

    Best regards,

    Ed

    #2
    Doesn't anyone have any experience of this sort of property or of investing in this area?

    Comment


      #3
      Most, but not all, of the landlords frequenting this forum have properties in England and Wales.

      Comment


        #4
        Maybe you are in the wrong forum Eddy. Either that or members think you are advertising something! All I can say on the subject is if the deal looks 'too good to be true' then it probably is too good to be true!

        Your money, your risk!

        I wish you well.

        J

        Comment


          #5
          Originally posted by Joannepowell View Post
          Maybe you are in the wrong forum Eddy. Either that or members think you are advertising something! All I can say on the subject is if the deal looks 'too good to be true' then it probably is too good to be true!

          Your money, your risk!

          I wish you well.

          J
          Poppy, Joanne, thanks for the advice.

          I assure you, I am advertising nothing other than my own in-experience in the property investment game.

          I am going to try and speak to the vendor one last time before going ahead with the purchase and will make my decision from there.

          Thanks again.

          Comment

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