Bryan
I have a deal I am currently finalising in the North West. Its a portfolio of nine * five bed houses all currently fully tenanted and producing an annual income of £117k. I have had them valued last week by two different RICS surveyors at £1.588m with a view to package them up as a no money down deal at £1.35m (85%).. The buyer will only pay soft costs.
Additionally I can package these with a full 2 year rental guarantee at £117k per annum - thats 8.7% yield on the net sales price. The rental guarantee comes from the current owner who has owned and managed the properties for nearly 10 years and will manage to 01 Sept 2010 in order to help him realise his cash now!
The properties are in fair condition having been rented out but not re-decorated etc. for 6 or 7 years. Realistically they will need a bit of a cosmetic refresh by the time the rent guarantee runs out in order to ensure yields are maintained or increased moving forwards.
I am looking to pass these on back to back to someone (my margin already built into above figures). I might keep a couple myself for my own portfolio and for example only pass on 5 or 6 units. Ideally I want to pass them all on in a single transaction.
I can provide further details and you can view once I get contracts agreed with the vendor. Let me know what you think.