Our property journey (update) | How we started our portfolio

House 1 – 2 bed terraced Our property journey really started when we decided to move to Durham in 2014. I had been living in my house for 18 years and then rented it out to enable me to move. I was an ‘accidental landlord’. The details are as follows and the values are current ones. All the houses are in NE England. Purchase Price : £32,500 Current Market Value : £45,000 Rent Currently Received : £4,320 pa House 2 – 2 bedroom semi The house we bought in Durham in 2014 was built in 1999/2000 and is also 2 bedroomed, but it’s semi-detatched. Owned by a former student of Durham who became a lecturer at Nottingham Uni. He’d rented … Read more

Case study : Tracking down and buying the house for 30% BMV

When we first started on the property ladder we found we were quite good at spotting a decent house, but were obviously inexperienced at tracking people down. We’d started looking seriously in November 2016 and found a nice looking property on Rightmove that seemed to be cheap. It was a 3 bedroom end of terrace property listed at £55,000. By our reckoning that made it about 25-30% below market value. It had a nice little front garden and an enclosed yard at the rear. The Rightmove blurb also said that this house was available by the ‘modern method of auction’ and this shouldn’t be confused with the traditional way. We didn’t know what the Modern Method of Auction was, but … Read more

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