My first journey in property started with a vanilla Buy to Let property.

So much was learned on this first attempt, and I wanted it to go as smooth as possible. So I chose a property which needed very little work. It is a fairly new property which only needed cosmetic decorating to bring it up to scratch.

It took around 7 weeks from offer to exchange. All surfaces were painted, and all new carpets. Other small fixes were made, but the updates were mainly cosmetic.

It didn’t take long to let the property for £575, as suggested by the letting agent.

I also managed to negotiate a reduced management fee – from 12%+VAT to 8.5%+VAT, as I had an aim to only give away a total after VAT of 10%. Here are the full stats.

Price	£105K
Mortgage	£78.75K @ 3.4% = £223.12 per month
Deposit	£26.25K
Rent	£595 per month
Management	8.5%+VAT = £60.69
Insurance	£13 per month
Cashflow	595 – 60.69 (management) – 223.12 (mortgage) – £13 (insurance) = + £298 per month
Return on Cash	3578/26250 = 13.6%

Considering that this is my first attempt, 13.6% isnt a bad return.

I learned so much, and ready to move on to my next project.

	Type	Deposit	Rent	ROI	Cashflow
Property 1	2 bed semi	£26.25	£595	13.6%	+ £298
Total					+ £298 pcm