The day the estate agent took me to view this property, it was the third of the four properties I had booked to view that day. It was a three-bedroom semi-detached property with a massive garden. It was love at first sight, not because I wanted to plant shrubs but because I hoped I could build something on the land. The asking price was £140,000, I made an offer of 130,000, and we settled at 135,000. After the structural survey identified some issues, I threatened to pull out, and the landlord dropped a further £5,000, so I ended up buying it for £130,000. I then spent a further £70,000 to renovate the three-bedroom house, build a side studio apartment next to the main three-bedroom house and another studio apartment in the back garden. In return for the £200,000 spent, I had a modern three-bedroom house and two studios flats within this piece of land. Three buildings generate a Combined 16.2% annual rental yield.
This is the building of the second studio apartment from start to finish.