I had a bit of money and so wanted to buy my first rental property. I had been looking around East London and actually had an offer accepted on a flat in Wood Street but then changed my mind.
I was getting lots of property alerts from Zoopla and then saw one flat in Bow that looked quite familiar. It was one my ex-boyfriend and I had tried to buy 3 years before! However, after being asked for more money part way through the sale, twice (!), we ended the purchase (and then ended the relationship so good job!).
But the flat was up for sale as a reposession. That'll teach the greedy seller! There were a few other people interested so I didn't get that good a deal, but it was a fast sale and I knew the area and property well so was very happy with it.
It needed a bit of tarting up, with the main things being the kitchen floor (tiles were broken) and some damp in the bathroom. I discovered the damp was coming from a leak upstairs which had obviously been there a while. When I touched the ceiling it came off in chunks and I then spent hours scraping off the Artex layer, before finally getting it re-plastered.
Again, I tried to do much of the refurbishment myself and it took a LOT longer than it should have done. What would have taken a few weeks if I'd had a team of tradespeople in ended up taking me 6 months!
But it was finally ready in January 2015 and I rented it out to some nice young professionals.
Purchase price £295,000
Refurb expenses £3,500
Total cost £298,500
Value 2017 £375,000+