I am excited to announce that it is one month today until the the launch of the inaugural Property Vault Medway networking event. I will be hosting it at the Innovation Centre Medway on Tuesday September the 27th 2016.
If you have been to property networking before, you may be aware that sometimes there is a lot of hard sell to go on courses or buy products from the speakers. At the Property Vault no selling is allowed and all the ticket sales go to charity. If you haven’t been to such an event before, then attending the Property Vault Medway will help you to meet all the people you will need in your power team to get involved in property: such as lawyers, builders, electricians, plumbers, letting agents, estate agents, accountants, mortgage brokers and property investors.
We have Rick Walton speaking from the Property Lifeboat who will be discussing his investment strategy that has propelled him from his job as a mechanical engineer to a full time property investor. Rick Walton has a fountain of knowledge and his talk is really not to be missed.
There are only limited spaces available so RESERVE YOUR TICKET NOW by clicking here. I look forward to meeting my landlords and readers and I would appreciate your ongoing support.
For my loyal readers I am also letting you all know about a property which has entered the Medway property market only today. I spotted it while scrolling through Rightmove earlier today. It is a four-bedroom terraced on Coulman Street, Gillingham ME7 and is on the market for £240,000. I think it has excellent potential as a five-bedroom House in Multiple Occupation (HMO).
The property looks to be in good condition and is 0.3 miles from Gillingham station. All the rooms are good sizes, with the kitchen and living area more than meeting the minimum requirements for a six-person HMO licence. There are two bathrooms already, so you would need to find space for an additional separate WC.
The rooms should get £425-475 each, with the first floor front bedroom achieving £500+ with a couple. Accounting for one weeks void period per room, which I find to be average across a five-bed HMO and in the area, the gross rental income comes to £26,149 per year. Make sure to factor in a Stamp Duty of £9,500, legals at £2,000 and an estimated cost of £2,000 to install an extra toilet. In order to comply with the Medway HMO licensing requirements, you should also budget £10,000 for interlinked smoke alarms, fire doors, emergency lighting and other maintenance and certification requirements.
Despite these extra costs, the gross yield still comes in at a respectable 10%. I would warn you to make sure to check the cellar for compliance with building regulations to make sure it would be allowed as a bedroom. As always, please do your due diligence to make sure there would be no extra unexpected cost.
The best thing about the property is the good room sizes and floor plans, which allows scope for future development possibilities. If you decide to view this one please let me know how you get on. At Bullfinch Properties we are the only letting agent to specialise in the working professional market HMO market in Medway, as well as student lets. If you need any advice, help or just wanted to chat about property in Medway then give me a call on 07944 726676. Or you can email me at email@example.com.
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