I don't let crap!

I went to view a property that failed to sell at auction this week.

The property was a converted end terrace originally used as a corner shop by the look of the design. It was in a good area and even had some potential to extend as the property already had planning permission to build an extension to the rear. I'm always looking for a development angle so I can add value.

Figures 'stacked up'

The figures looked reasonable. The four flats and four garages when rented would generate just over £21,000 which gave a gross yield of 8.4% on the asking price of £250k; above my target 8% yield

When the guy from Savills started showing me round. My heart sunk. The place was a typical poor conversion of a terrace house probably carried out 20 years ago. The four 1 bed flats were a series of tiny box rooms running together filled with the paraphernalia of bachelor living.

Now I'm not adverse to properties in poor condition. I've done some real wrecks in my time. I'm talking ceiling falling down & ready to collapse. However, these places also had potential. They had light and you could see that they could be made into nice places to live.

This place was soulless, a rabbit cage and nothing you could do would change it. Whilst the figures and the location were right. I'm keeping my powder dry for now. The reality is.

I don't let crap.

Landlord insurance - where do professionals go?