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Hello again <<First Name>>
Welcome to the first ARaja Property newsletter of 2016.
It's already mid-March although it seems like only yesterday that it was the New Year! It's been a crazy few months in the East Midlands property market, something which has no doubt been replicated across the country as investors rush to snap up properties before 1 April, when the SDLT hike takes effect. In my target areas properties have been selling like hot cakes for the full asking price or above, and in most cases the asking prices which were inflated to begin with!
On a personal level I have taken advantage of the madness and sold my first flip, which should be completing this week. I will be making a healthy profit and my joint venture partner will be making a tidy return of over 8.5% (net of all costs), which isn't bad for a 3 month investment. It certaintly smashes the rates that any bank can offer in today's market! If you are interested in making a healthy return on your capital, please get in touch and we may be able to work together.
I have also completed the refurbishment of one of my other rental properties which I bought last year. Full photos can be seen on my Flickr page here, and I have also added smaller photos below. The project was bigger than I anticipated, and also cost more than I wanted, but the property is now tenanted (everyone that viewed the property wanted it!) and is generating a higher-than-average rental for the market.
We are in the process of buying another property to flip and another rental, both of which should complete before end of the month. Further details will follow in the next newsletter.
The Chancellor's Budget today was slightly positive, especially with the reduction in the corporation tax rate to 17% by 2020. Less positive was the reduction in the rate of Capital Gains Tax, which excluded properties! Other than that, not much affected investors so it's a nice change not to be hammered by George Osborne!
Until next time...
Best wishes
Anish Raja
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Before - horrible kitchen, if you can call it that!
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Now - nice, new reception room with neutral colours
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Now - modern, gloss cream kitchen
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Before - damp reception room, infested skirting
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Before - cramped, dated bathroom
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Now - new carpets doors and windows throughout
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Now - stylish, modern grey bathroom
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