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2 Bed Flat with a Tenant in Situ


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Hi All,

 

I have found a 2 bed flat in Birmingham for £85K that has got a tenant in and has been on the market since September 2016. The flat is not in the best area but it is part of a really nice town, it is near local shops, the bus  stops are all within 5 minute walk and there are some great schools and parks nearby.

 

The flat is Ex -council and the building looks well maintained and there is a new estate built opposite. The lease has 97 years left. I have a lender that is willing to lend on it.

 

I went to view the flat yesterday and managed to speak to the tenant's mum. She told me that her daughter has lived there for 3 years and has never  had any problems. She works in a nearby hotel and her 2 boys go to the local primary school. The rent is £560 a month which is quite good according to a letting agent I spoke to.

 

 The flat is over 2 floors with loads of storage areas and the bedrooms are both good size, it was very messy though.. with clothes everywhere and stains on the carpet, ashtray on the bedside table... it was awful. I can't believe how people can live like that! The AST is until August 2017 but I am not sure what the tenants plans are! Either way, I don't mind if they stay or go as I want to keep it for the rental income and then remortgage after a few years

 

Similar flat has sold for £74,500 in March 2016 and the flat I am looking to buy was last sold in August 2014 for £78K.

 

I like the idea of the tenant in situ because I will have income from day one and avoid letting agents fees and I think it is a very low risk deal, especially as this will be my first property. But I know that it could be problematic too.

 

Do you think it is a good deal and how much would you offer on it to start the conversation going? I was thinking £60 but I don't want to come across too cheeky in front of the agent and ruin my relationship with them.

 

Thanks for your help in advance!

 

Best Regards

Petya

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