I bought this one with my main man AP, and you will get to meet him soon. He turned up a bit later on to this showing but he will defo be popping his head up soon. We've got 2 other blocks of flats agreed right now with contracts on the way and one block of 28 that we have just offered on, so fingers crossed. We are also doing 2 little London flats like the ones you've seen so far so watch this space as we will get the SP on each of these, uploaded for you as soon as we have it.
Ok, so now i'm switching it up a bit. Up until now i've been showing you all about the little deals down south. The ones that I buy for future capital appreciation. The ones that I like to call "safe as houses" But what about the blocks of flats up north? The high yielding assets that give you great monthly returns. The ones that I like to call, "money now over money later". And here we have one. Ripe and ready for your viewing pleasure.
Talking of equity? If I got it valued at £300,000 and took out a loan amount of £240,000 (80% LTV) then the difference between the value (£300,000) and the loan amount (£240,000) is your equity which stays in the property until you sell it. And the plan is, that this figure increases over the years. So £300,000 - £240,000 = £60,000 equity / profit
So, she looks good, and like all of my refurbs, this one is built to last. Thats all good and well but this is business and its all about the profits. I can hear you screaming, "SHOW ME THE MONEY"... Well here it is.... The initial plan was as follows: Purchase Price: £158,000 Stamp Duty: £5,400 Legal Fees: £5,000 Refurbishment: £30,000 Total spend: £198,400 Now I was expecting an end valuation amount of £300,000 and an 80% LTV (loan to value) mortgage.
Ooohhh I'm a happy bunny right now... Check this sexy little number out. Don't she look good? It's only a little buy to let but look how good she looks. I call it little because this is only a small deal and one of these alone will not make you a millionaire. But if you can do 2 or 3 of these a year then they will soon add up. The formula that I use means that 5 of these is over £1,000,000 profit in ten years time.
What else can this software system do? The short answer, just about all administrative tasks in relation to Property Investing and Developing. Progress your purchase or sale through to completion? Yep. Instruct Agents to advertise your Property for sale or for let? Yep. Communicate with Tenants? Handle Maintenance issues? Chase Rents? Store Documents? It does absolutely everything.
I can not fit all of the information on one post.... So what else can we offer you other than the Property Investing 101 System? Well how about leads? All you have to do is choose your area and leave the rest to us. Just log in regularly to find new fresh leads waiting for your approval. An area is usually a Borough. In London, a Borough is quite a vast area but when you venture further North there may be some Boroughs that do not have as many chimney pots as others.
This is how we manage all of our offers and deal pipeline... By using the Property Investing 101 software, all you have to do is input any leads that you find and start organising, communicating and automating. But what about getting some help with that too? Help finding the leads and inputting them into the system?
Could you imagine having a PA that could submit 1000's of offers for you, in writing per day to multiple Estate Agents? That could automatically follow up on every offer that you had ever made. That could then schedule follow up calls on pre defined days. A virtual PA that could text your Property Finders requesting leads if your pipeline was a little low.
Man I get so excited when we get to this stage.... I know we are just a few steps away from it being a 'Banked Deal' The takeaway here is to make a plan, step by step how you want the project to take place, then just make sure you stick to the dates set. If you start going off track a bit then you have to pull it back round again. If you lose time on one stage you need to try to make it up on another.
Buying a property with tenant in situ - Part 3 What to find out before buying a property with tenants in it If you’re buying a property with tenants, make sure you’re using a solicitor or licensed conveyancer who has experience in handling this kind of transaction. These experts should know exactly what to ask and be able to anticipate potential pitfalls.
Buying a property with tenant in situ - Part 2 The last post listed a lot of pros, but there are also some cons. Things might not be above board The biggest con of taking on or buying a property with tenants in it is taking on the risk that things might not be up to scratch. If the previous owner was not letting the property entirely legally, you might have to spend some time and money putting things right – and that’s not always easy to do when the property is occupied.
Open sesame... Now that those two little walls are gone, this room is looking super open and that first coat of white has really brightened it up. However this space is to be used, its bright, airy and extremely welcoming. That's the best blank canvas that you could give to a new occupier. What more could you ask for from a room.
More of that brick that I love... Super cost effective #valueadd When doing it in the kitchen splashback area, make sure you choose a work top that compliments the colour of the bricks that you have. You may need to varnish them first as sometimes the colour can change slightly after varnishing.
Are you afraid to fail? The thought of failing is something that holds most people back from taking that step out of their comfort zone and trying something new. Unless you push yourself to do something extraordinary you will only continue to do ordinary things. Everyone fails and that's ok. Even this guy.... “I'VE MISSED MORE THAN,9,000 SHOTS IN MY CAREER. I'VE LOST ALMOST 300 GAMES.
Yes, let's get some flooring down. I'm bored of this now. And that happens all the time. You push for the next stage and are so excited to get there, but as soon as you do, you want more. Its just human nature. And it'll be the same with the properties. I guarantee it. All those that can't wait to get their first property, the minute you have it, and it's rented and banked, then you are gonna be scratching around looking for your next one.
Do you want to buy with a mortgage? Are you mortgage worthy? How would a lender view you? So basically the lender wants to know their money is safe and at the end of the term, they want their money back, and with minimal headache. So they are looking to lend money to people that they feel will be sensible. They want to see good credit and good personal management. So, here's my top 10 ish points to note, for you to contemplate...
Yeah, this has to be bedroom 1 You can use the flat however you like, but for me, this would be the main bedroom That little lean to would make the perfect walk in wardrobe come dressing room. Or better still, get a desk in there and you've got a really quite home office, tucked out of the way, at the back of the home. Got a baby? How about a little crib room directly off of your bedroom. Either way its a massive #valueadd
FFS!!! Is that what I think it is??? Have I got dust on the back of my coat? But I suppose that's expected when getting down and dirty in a refurb. Luckily we are approaching the clean up stage. But now is not really the time to rush the job. You want to keep on track and meet deadlines, but at the same time you don't want to compromise on finish. If you do need to speed up the process, then add more bodies to the job. But separate them into different rooms.
Am I talking about painting already? Seems like I only picked up the keys on this yesterday. And this all boils down to having the right team around you, the correct systems in place and knowing what you are doing. I can't stress enough how important it is to research, prep, plan, educate and prepare yourself as much as possible, before taking the plunge. Don't let that put you off, as action is very much the key, but failing to prepare is preparing to fail. 💪
Now do you see what I'm saying? The new bathroom has formed. It may not have been clear before what we was trying to achieve but now you can see exactly what we was planning. If you have a bathroom that is big enough to be a second bedroom then all you have to do is find a way to squeeze a bathroom in somewhere else. And where its the smallest room in a home and the only room that doesn't need a window, it is the easiest room to find a place for. You are only answerable to the waste pipe.