The derelict terrace house in Bolton was in poor condition and selected due to it being undervalued, requiring extensive work and being suitable for a BRRR (Buy, Renovate, Rent, Refinance) strategy, effectively leaving no money in the property upon refinance. The property was available at auction and guide price was reasonable. The property was secured slightly over guide price and renovation commenced in November 2019.
The property is a Victorian terrace located in the Farnworth area of Bolton and the exit strategy was BTL or a Flip. During construction there were no hidden surprises, a full rewire, replaster, GCH installation were undertaken and a new bathroom and kitchen installed. The internal furnishings were Anthracite grey and the property rented out quickly at above average rental for the area.
The investor used the BRRR strategy, was able to pull out all of his investment funds and is now undertaking more projects with us.