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  • gelli street

Gelli Street

This is a house split into 2 separate flats that is in a great area for student rentals, it is near the new uni campus where there is a slight shortage of HMO's.

Valuation

£145k - £150k

R.O.CE.

48%

Flip

13% or £16k

Equity

£20k

Money Left In

£16k

Months To 100% Return

25

Sale Comparables

https://www.zoopla.co.uk/property/37-gelli-street/port-tennant/swansea/sa1-8nj/20541796

This one on the same street sold in reasonable condition for £105k, multiply the £'s / square foot out and you will get to £138,500k valuation.

309 Dan Y Graig Road was 66sqm and we achieved a £100k valuation on it, it was rented not sold but the valuation was achieved via a RICS survey for the lender.  This gives us a £150k valuation when extrapolated out.


https://www.zoopla.co.uk/property/49-wern-fawr-road/port-tennant/swansea/sa1-8ll/20541361

This one at the bottom of the street is a little smaller and was in good but not great condition when it sold for £135k, it is a little smaller too.

None of these have the premium that comes from flats so I'm hopeful of getting to £155k or even £160k plus in the end.

Rental Comparables


https://www.onthemarket.com/details/8135762/

At £300 per room with no need for a HMO licence it could achieve £120pcm - bills.

https://www.onthemarket.com/details/8080281/

This one is a 3 bed acheiving £990 / month.

https://www.onthemarket.com/details/8000835/

This 2 bed flat is achieving £620pcm on its own.

Refurb Timeline

Our refurbs are organised as follows:

20% Up Front

Extra payments as and when each stage is completed.  

Photo and video evidence will be provided at each stage and you can also visit whenever you like.

​Allow 10 - 12 weeks for the completion of works.

Taplow Terrace Update

Hi guys,

Thanks for your patience on this one, it's rare I make an error on a comparable (in fact it's never happened before) so great spot Boris!

I've updated with lots of info on the value of the area in the video below, the keys to valuing this area are:

Ignore the Copper Quarter properties as they are a unique high value estate.

Watch out for the new streets built in the area such as Moriss Street.

Pay attention to the council estates and houses.

I've looked 1/4 mile out then 1/2 then 1 mile just purely due to the location of the property and the lack of houses around it.

We are doing well in this zone, one in particular, 25 Claire Street in Manselton we recently sold for £125k with a terrible refurb in it... We picked it up for £98k as a quick sale at auction and put it straight up for sale ;).

Another 3 bed we are doing on Llangyfelach Street will sell for around £125k - £130k when complete.

Everyday that I'm in the market in Swansea I see money coming in, the cat is out of the bag as to the value to be had in the area and the prices are going up fast.

In the overview video below I show values of high value properties to show the money is coming into the area, low value properties to show you're getting a property at a low price as compared with others and other more realistic comparables, the more realistic ones from the video are below, only two are freshly refurbished, one shows the impact of a poor refurb on a sale price and the other I left in even though it isn't perfect for what I am saying to show one that was sold for a bit less than it should've been (nothing to hide).

I have dropped my value of Taplow Terrace to £115k and a 22% flip but I expect to beat that.  There's a shortage of high quality refurbished homes on the market in the area, and when they arrive they are taken quickly.

https://www.rightmove.co.uk/house-prices/detailMatching.html?prop=48867783&sale=10875547&country=england

https://www.zoopla.co.uk/property-history/86-eaton-road/brynhyfryd/swansea/sa5-9jh/51932361

https://www.rightmove.co.uk/house-prices/detailMatching.html?prop=80796191&sale=11155084&country=england

https://www.rightmove.co.uk/house-prices/detailMatching.html?prop=82363013&sale=10875613&country=england

https://www.rightmove.co.uk/house-prices/detailMatching.html?prop=82686026&sale=10875502&country=england

https://www.rightmove.co.uk/house-prices/detailMatching.html?prop=61548276&sale=56480369&country=england

https://www.rightmove.co.uk/house-prices/detailMatching.html?prop=80925164&sale=11155162&country=england

https://www.rightmove.co.uk/house-prices/detailMatching.html?prop=70862780&sale=10875451&country=england

https://www.rightmove.co.uk/house-prices/detailMatching.html?prop=61178790&sale=10878145&country=england

St Thomas Street Update

Good news!

I've gone through all the measurements and we can get 3 maybe 4 beds out of each house by rearranging the house and moving walls etc.

Bad news!

There will be a couple of extra expenses to do so.

More Good news... I overrode my refurb values formulas and added some extra money because I thought the budget came out too low in anticipation of something like this.  We can get the kitchens done if you would prefer to, I would like to but I don't see the value in replacing a reasonably good 5 year old kitchen with a perfect brand new one in these houses.\



Adding the bedrooms should hopefully appease any valuation concerns, but to be sure, here are some comparables... for these comparables I treated Tonypandy as a single unit and just searched for homes in Tonypandy as it's quite a winding elongated town that doesn't change value too much apart from in very specific circumstances ' locations which I can pick out manually (I always remove the high and low outliers when doing statistics).

The links to the properties in the video below are also below :).

https://www.zoopla.co.uk/property/10-tyntyla-avenue/tonypandy/cf40-2ss/4278317

https://www.zoopla.co.uk/property/63-ely-street/tonypandy/cf40-1bz/4270214

https://www.zoopla.co.uk/property/29-penygraig-road/penygraig/tonypandy/cf40-1ha/28973209

https://www.zoopla.co.uk/property/37-church-street/llwynypia/tonypandy/cf40-2nd/31264008

https://www.rightmove.co.uk/house-prices/detailMatching.html?prop=57380206&sale=88941906&country=england

This one is the best example on the same street, sold 4 years ago, since then...

New Valuation Protocol

As you may know, since we met I had an agent create a very poor listing of one of our properties, getting 1 view in a week, I listed it and got 12 in 8 hours... and sold it 4 times... well, only twice after DD on the prospective tenants!

So I took control of the situation and started a lettings agent and already we have a 3500sqf commercial unit that we are hoping to put an 8 - 10 bed HMO behind the shop front which will be my new office on Morriston High Street.  This allows me full control of the entire process from start to finish, purchase, refurb and rent or sale, the only thing I'm not in control of is the most unpredictable... RICS.

Therefore, for the purposes of valuations I am the agent (whether I actually am or not) and the valuer is to contact me for keys.  I've missed a couple of valuations and both didn't go how I wanted them to (The Merthyr one that we managed to get changed and one that was £10k under value but the investor didn't mind as that's what I'd told him it was worth ;) ).

I create info packs, crack the heating on so it's nice and toasty, give a lovely warm welcome and generally brown nose the valuers because it has to be done and that way I regain an element of control over the whole process.

I know what I can sell these properties for, I've seen agents arguing with valuers, one house on Dan Y Graig Road, Port Tenant, Swansea a 3 bed terrace sold for £140k 3 times over, the mortgage valuer didn't agree with the market so someone paid a hefty deposit to take it! 

I will sell Taplow Terrace for a great price and we will get the extra rooms out of the Tonypandy ones, just tell me what you need (fire doors etc). and I'll swallow most (if not all of the costs) where I tucked some money away for a rainy day.

  • St Thomas Street 1
  • St Thomas Street 2
  • Taplow Terrace
  • Chemical Road

St Thomas Street 1

This is a house with a huge potential to rent for a good profit in the town of Tonypandy, purchase price £51k, 2 bed.

We are adding value by adding a driveway at the back and cleaning it up a bit.

Valuation

£85k

R.O.CE.

61%

Flip

18%

Equity

£16.5k

Money Left In

£4.5k

Months To 100% Return

20

Sale Comparables



This 2 bed sold in good condition for £85k very close to ours:  https://www.zoopla.co.uk/property/222-court-street/blaenclydach/tonypandy/cf40-2rf/427781


Rental Comparables

There are many comparables, here is one:  https://www.onthemarket.com/details/8213935/

A fuller list is here: https://www.onthemarket.com/to-rent/property/tonypandy/?view=grid


Refurb Timeline

Our refurbs are organised as follows:

20% Up Front

Extra payments as and when each stage is completed.  

Photo and video evidence will be provided at each stage and you can also visit whenever you like.

This will take 8 - 12 weeks to complete.

Dear Adam And Boris, welcome to your dedicated page on our website

It's a space for sharing properties, information etc without having to send you lots of files by email.

How we calculate the returns on our properties