35 Manor St, Nottingham
- Improved house to make it a 5 bed HMO.
- Purchased for £95k and sold for £190k.
- Profit of £80k+ after CGT and expenses.
This was Mike’s first house he purchased in 2013 for just £95k. Mike cleverly added some studding to split the top floor into two bedrooms making it a 5 bed HMO and he also built an en-suite in the front bedroom to meet the amenity standards with a very modest spend of just £8k. In 2018 Mike decided to move into doing more passive assets such as blocks of flats. To raise capital for this, he sold the house for £190k to a London based Investor. Mike also obtained a Certificate of Lawful use from the Council and still manages the house to this day for the investor and it continues to be very profitable. As Mike lived in the property at the start, the CGT bill was 0 and the profit from this sale was in excess of £80k.