X

Sign Up

or

By signing up I agree to Property Tribes Terms and Conditions


Already a PT member? Log In

Sign Up

Sign Up With Facebook, Twitter, or Google

or


By signing up, I agree to Property Tribes Terms and Conditions


Already a PT member? Log In

Log In

or


Don't have an account? Sign Up

Forgot Password

To reset your password just enter the email address you registered with and we'll send you a link to access a new password.


Already a PT member? Log In

Don't have an account? Sign Up

  • New Members

    Hello! North West Newbie

    Very interesting read Darren and well done for progressing so far so fast.

    Re the JV partners, I was recently advised to avoid JV partners and look for investors instead. The difference being that you can offer your investors a 6% or 7% return that still gives them a good deal and doesn't mean you have to share your profits when you are the one doing all the work. I'd be interested in your thoughts on that given your recent experiences.

    0
    0

    Weekly Update
    01/04/19 - 07/04/19


    Good morning everyone.  I have started writing this post at 09:01 on Saturday morning.  I am currently sat in the hotel lobby waiting to book by Uber to the train station.  I have had a great time in London, although I must admit I am pretty much exhausted.  We have mixed business with pleasure so there have been quite a few meetings that have involved beer and food.... now I am just tired and looking forward to getting back in my own bed.  The trip has been great, its really good to put faces to names and it has also helped cement the relationship that I have with my clients.  It is good to sit face to face and chat property, rather than just on the phone or by email.  I was fortunate enough to have lunch yesterday near the Tower of London, so was able to pick up the kids some souvenirs that they had been nagging me about!  I also went to the roof top garden of the building one of my clients in due to move into that had some spectacular views... but to both of our disappointment no bar!!
    Well, its time for me to check out and get to the station.  Will continue once I am at Kings Cross and in the lounge.

    09:46 - Just sat down in the Virgin 1st Class lounge.... (Don't worry folks, I got an amazing return train deal in 1st class.... I'm not just throwing the money away!).  It isn't as nice as Manchester Piccadilly which is smaller and a lot less busy.  It just feels like any other cafe in the world.  Anyway, I digress.... Here are my updates for this week:
    10:24 - Still updating the various journals but I have now had 3 brews and a lovely shortbread biscuit so I am feeling more human again! lol.
    11:18 - Now on the train, sat in 1st class for a bargain price of £50...  you just cant complain at ticket prices like that can you?
    12:08 - It turns out that Virgin train WIFI is utter toss so I am just giving up until later today!
    12:35 - Im back on it... just thought that I would fight my way through the rubbish connection.  I will only get told off when I get home and I pull the laptop out!
    14:44 - Just got home... and I am sat in the Mrs car finishing off this post as I am not allowed the laptop out when I get in the car!! 

    Project 4 - Bold Street - SOLD - TWO WEEKS ON TUESDAY!!!!!!!!!!!!
    * Project 9 - Burnley Road East - SOLD!!!! - Home buyers survey completed on Wednesday.
    * Project 11 - Hope Street - ON THE MARKET - 1 Viewing but no offer.  Price was reduced last week.
    Project 12 - Garnett Street - ON THE MARKET - 1 Viewing but no offer. Price was reduced last week.
    Project 14 - Inkerman Street (2) - Done.  Vinyl for the kitchen and bathroom booked in, furniture goes in next week - Available @ £58.5k with £450PCM return - 20% ROI
    Project 15 - Wasp Avenue - ON THE MARKET - Priced reduced last week and now 4 viewings booked in.
    Project 17 - Mill Street - BUYING - With solicitors - No update
    * Project 18 - Edleston Street - RENOVATING - Buyer viewed this week, mortgage application starting on Monday - Already SOLD 
    Project 19 - Lightbown Street - BUYING - With solicitors.  Should now complete after Easter now that we have a completion date for Bold Street!
    Project 20 - Newchurch #2 - Shop conversion into 2 x 2 bed duplex apartments - SOLD - Keys are in hand.
    Project 21 - David Street - BUYING - BTL property with existing tenant. No updates
    Project 22 - Newchurch #3 - House conversion into 2 x 1 bed duplex apartments - SOLD - No updates
    Project 23 - Clifton Street - FAILED!!!!  Seller decided to sell to someone else but had not told anyone.....

    Well, yet another busy week.  Great news is that Bold Street is finally coming to an end, with completion date set and funds being requested.  23rd April is the target date, so just after Easter.  Woohooo!  I can finally pay my investor back rather a large chunk of change (over £110k!!) and finally push on from this saga.  I wouldn't mind but the property has only generated around £12k profit, so it has turned out to be quite a lot of hard work.  This should have been completed 2 months ago... but I won't ramble on about that again, I know that I have done it many times before, lol... but Bold Street is my Project 4.... and we are currently on Project 22....

    Hope Street and Garnett street are still sticking on the market.  Last weekend I reduced these two and Wasp Avenue.  Hope and Garnett both got 1 viewing each, Wasp has 4 booked in.  I am getting to a point where I am starting to think about just cutting my losses and reducing the 2 Darwen properties again.  I think I will hold off until next weekend.  If nothing again then another reduction.  I would rather just get the money back into the business.  Don't get me wrong, I am not going to lose money on either property (Hope Street I will still get a decent return) but them just sitting there is not doing my cash flow any good, and I would rather just re-invest and put these two down as just unlucky ones.

    Had a call from the EA this week regrading our latest purchase at Clifton Street telling me that the seller had accepted an offer from someone else, but not told anyone and it was nearing exchange......... Incompetence of the EA... yup, pretty much shows how clueless some of these people are.....  On to the next purchase.

    The Lettings & Sourcing Agency

    The Lettings Agency Journal - Keys for another project this week as well as another offer accepted 
    Management 2 - RENOVATING - The house has been gutted and now waits for the decorating to start on Monday.
    Management 3 - BUYING - With solicitors - Completion scheduled for next Friday!
    * Management 5 - BUYING - With solicitors - No updates
    * Management 6 - BUYING - With solicitors - No updates
    * Management 7 - BUYING - With solicitors - No updates
    * Management 8 - BUYING - With solicitors - No updates
    * Management 9 - BUYING - With solicitors - No updates
    * Management 10 - BUYING - With solicitors - No updates
    * Management 11 - BUYING - With solicitors - No updates
    * Management 12 - BUYING - With solicitors - No updates
    Management 13 - ADVERTISED FOR RENT - Tenant referencing currently underway.
    * NEW!! Management 14 - OFFER ACCEPTED - £61.1k purchase @ £475PCM

    This week we have sourced and had an offer accepted on another property for a client.  We have also received the keys for our latest client purchase, and the renovation of an existing client purchase is going well. I have been in discussion with a client regarding the purchase of another property that we have found, and we are hoping to put an offer in on that one at the start of this week.  Hopefully I will be able to post some more news on it this time next week.

    Have a great week everyone!

    Darren

    2
    0

                 http://www.fmp-investments.com


    Weekly Update
    08/04/19 - 14/04/19



    It has been a very positive week.  I agreed the sale of our Project 15 - Wasp Avenue project.  This is important as it now means that we have 4 properties selling at the same time.  This is also a cash sale so hopefully it should not take too long.  The result is that in 2 months I should finally have a substantial amount in the bank account and finally some decent breathing space and not having to watch the funds as closely when planning renovations.  We are just finishing off Edleston and Inkerman (2) this week and the money in the bank as just stretched to cover them! This additional money in the bank has also made me think about my direction.  I am wondering if I should now start to look at renovations that require more funds but give a better reward.  I am also thinking about new builds (building something).  Only something small, a single unit or maybe 2 units, but I really need to have a good think about this one and what the best way of financing such things would be.

    Another positive from this week is that I may have found a buyer for Inkerman St (2), and possibly a buyer for Garnett Street (although I am not counting my chickens on that one!).

    Here is this weeks updates:

    Project 4 - Bold Street - SOLD - WEDNESDAY 24TH APRIL PROPOSED COMPLETION!!!!!!!!!!!!
    * Project 9 - Burnley Road East - SOLD - All going well.  Buyers are on holiday for 2 weeks.
    * Project 11 - Hope Street - ON THE MARKET - 2nd viewing booked.
    Project 12 - Garnett Street - ON THE MARKET - No viewings.  Reduced this week.
    Project 14 - Inkerman Street (2) - Done.  Photo's to be taken this upcoming week - Available @ £58.5k with £450PCM return - 20% ROI
    Project 15 - Wasp Avenue SOLD!!! - Late night viewing on Tuesday and offer accepted.
    Project 17 - Mill Street - BUYING - With solicitors - No update
    * Project 18 - Edleston Street - RENOVATING - Mortgage application underway.  Tiling almost completed - Already SOLD 
    Project 19 - Lightbown Street - BUYING - With solicitors.  May target date.
    Project 20 - Newchurch #2 - Shop conversion into 2 x 2 bed duplex apartments - Already SOLD - Not much! lol...
    * Project 21 - David Street - BUYING - BTL property with existing tenant. No updates
    Project 22 - Newchurch #3 - House conversion into 2 x 1 bed duplex apartments - SOLD - No updates



    Sooooooo........  Good week with the projects.  Wasp Avenue has sold (as mentioned above) which is a huge relief.  I also have an investor looking at Inkerman Street (2) and a 2nd viewing booked on Garnett Street. With the renovations Edleston and Inkerman are ready to be photographed.  I intended on doing Inkerman on Friday, but it was late afternoon and it has been a long week so I just went home instead.

    Newchurch (2) hasn't had anything done on it at all.  I met my roofer earlier today as there is water getting in and I am due to hopefully meet the architect this week.  I have been thinking a lot about the front of the property.  It is on a main road location so my thoughts are to have a large sign made for the front of the building, something along the lines of "We buy houses for cash" etc.  At the same time I may have the front of the property re-painted and the old shop signage removed.  I do not really want to do anything internally until I know what is happening, although the lads will be going in at some point to start ripping out kitchens, bathrooms etc, as they need to come out regardless.



    The Lettings & Sourcing Agency



    The Lettings Agency Journal - Keys for another project this week as well as another offer accepted 

    Management 2 - RENOVATING - Decorating completed! Carpets on Monday.

    Management 3 - BUYING - With solicitors - Completion scheduled for next Friday!

    Management 5 - BUYING - With solicitors - No updates

    Management 6 - BUYING - With solicitors - No updates

    Management 7 - BUYING - With solicitors - No updates

    Management 8 - BUYING - With solicitors - No updates

    Management 9 - BUYING - With solicitors - No updates

    Management 10 - BUYING - With solicitors - No updates

    Management 11 - BUYING - With solicitors - No updates

    Management 12 - BUYING - With solicitors - No updates

    Management 13 - NOW LET - Tenants have moved in today

    Management 14 - BUYING - With solicitors - No updates


    A fairly quiet week. No offers accepted and no new keys! lol. We have however almost completed Management 2 for our clients. The carpets are due to go in Monday so we should be able to have the property advertised by the end of this week.  we have another 2 due to complete after Easter/Early May, so something to keep us busy!

    Have a great week everyone!

    Darren

    0
    0

                 http://www.fmp-investments.com


    Weekly Update
    15/04/19 - 21/04/19



    Another roller coaster week this week.  The sale of Wasp Avenue fell through as the buyer of my buyers property could not get a mortgage (This is something that I hear quite a lot of!). 

    This was a bit of a kick to the proverbials but something you unfortunately get used to.  I have had another viewing on Wasp and an offer, but it was £5k under my listing price so it has been declined.  Garnett street had its 2nd viewing this week.... viewers chose another property instead, so I have just bit the bullet and reduced it to £60k.  This property has turned out to be a good example of something that hasn't gone right at all.  Its had a sale fall through, then just sat on the market for ages.  Those who have seen it have said they really like it and then not bought it.  People are strange. 

    Another decision for this week has been to advertise Hope Street as a rental property.  I can't remember the last viewing that we had on this property and I have owned it since December so I ran the numbers.  It turns out that if I keep it and get a mortgage at 70k on it then its a return of over 30% ROI for my spend, so in some ways it does make a bit of sense.  I could have just done with the chunky money but it is always good to have another option.

    This week it has dawned on me just how tired I am at the moment.  I have not had a real break from work now since around August last year (could be earlier) and I do feel a little physically drained. 

    My lad Matt has been off this week and I have been too busy to get into any of the houses, so none of them have had the dressing completed.  This upcoming week is Easter and my Mrs is only off Tue, Wed and Fri so I am stuck with the kids, so I will be having a bit of a forced break. 

    On Good Friday we had a family day at St Annes in the beach huts, and I fell asleep in a deck chair!!  I had no internet access so couldn't work at all, and my brain must have simply shut down.  I have also been finding myself really tired when I wake in the morning.  I naturally wake up at 6:00am, but recently it has been getting harder to move myself... so definitely time to slow things down. 

    This upcoming Easter week I have the kids on my own Easter Sat to Easter Mon.  As the rest of the world is shut down and the sun is shining I am going to try and just get in the garden, go to the park, do as little as possible.  I would have given my journal a break but this needs to be done as I soon forget what I have been up to!  We are away in France for a week at the end of May/start of June, so there is a holiday coming up where I can re-charge... (If driving to France is a bloody holiday!) lol....

    This week I have also treated myself for the first time in as long as I can remember.  I have ordered myself a brand new Audi A6 Avant.  I do not talk about my personal side much, but tbh I very rarely buy anything.  I spend huge amounts of time in the car, and my old car was a gas guzzling machine that was costing me around £250-300 per month in fuel. 

    This car is only £300PCM and will use half of the fuel, so in some ways it will pay for itself.  This is only on lease though, I wanted something where the monthly payments were low as I need to remortgage our own home next year, so my planning for this started months ago. Anyway, small glimpse into something that I have treated myself to after a long 2+ years of graft!

    07:03 21/4/19 - The update has now spread to Sunday.  Yesterday ended up being a lovely day in the sunshine with the kids.  Now I am sat with the sun shining and the birds tweeting away!  I love mornings like this.

    Here is this weeks updates:

    Project 4 - Bold Street - SOLD - WEDNESDAY 24TH APRIL COMPLETION
    * Project 9 - Burnley Road East - SOLD - Aiming for the end of April.
    * Project 11 - Hope Street - ON THE MARKET - Decided to advertise for rent as well as for sale due to a lack of interest.
    Project 12 - Garnett Street - ON THE MARKET - Couple came on a 2nd viewing this week.....
    Project 14 - Inkerman Street (2) - Done.  Photo's have been delayed - Available @ £58.5k with £450PCM return - 20% ROI
    Project 15 - Wasp Avenue UNSOLD!!! - House sale has fallen through....
    Project 17 - Mill Street - BUYING - With solicitors - April 2019 completion target
    * Project 18 - Edleston Street - RENOVATING - Now completed, just needs a bloody good clean. - Already SOLD 
    Project 19 - Lightbown Street - BUYING - With solicitors.  May target date.
    Project 20 - Newchurch #2 - Shop conversion into 2 x 2 bed duplex apartments PLUS Studio apartment - Already SOLD
    * Project 21 - David Street - BUYING - BTL property with existing tenant. No updates
    Project 22 - Newchurch #3 - House conversion into 2 x 1 bed duplex apartments - SOLD - No updates



    Bob week! lol.... Wasp fell through, then apart from that I haven't really done anything on the properties.  I have had a few client meetings this week, then the rest of the week has been office based.  My current concern is the number of BTS properties out there that are available to me.... at the moment its zero, as anything that is out there is massively overpriced (but its selling!) which is just crazy.  I think the 2 properties in Darwen have knocked my confidence at the moment and are making me think more about future plans.  Part of me feels as though I need to just concentrate on finding properties that will give me a much higher cash reward, but on the other hand I just need to have projects on the go as then at least money will be coming in and I can keep paying wages.  This is something that has been playing on my mind now for the last few weeks.  I am not sure if I was being a bit over confident when I purchased the Darwen properties, or if it is just that the market is flat as a pancake... either way these two have affected confidence at the moment.  Added with the lack of properties on the market that will make my numbers work its feeling a bit flat.  I think the plan for this week will be to focus on finding 2 more BTL properties for myself and just to get going again.



    The Lettings & Sourcing Agency



    The Lettings Agency Journal - 2 projects almost completed and an offer on a new property for a client.

    Management 1 - LET

    Management 2 - RENOVATING - Completed.  Just waiting for furniture dressing

    Management 3 - RENOVATING - Completed.  Just waiting for furniture dressing

    Management 5 - BUYING - With solicitors - No updates

    Management 6 - BUYING - With solicitors - No updates

    Management 7 - BUYING - With solicitors - No updates

    Management 8 - BUYING - With solicitors - No updates

    Management 9 - BUYING - With solicitors - No updates

    Management 10 - BUYING - With solicitors - No updates

    Management 11 - BUYING - With solicitors - No updates

    Management 12 - BUYING - With solicitors - No updates

    Management 13 - LET

    Management 14 - BUYING - With solicitors - No updates


    Both of our client renovation projects are ready to be dressed and tenanted.  The carpets go into Industry Street (Management 3) on Tuesday and Richard Street (Management 2) is now ready to be dressed.  We also have 2 turn key rentals to dress this week as well, and I have just realised that one of my rental properties hasn't been added above, so something that I will need to find... god knows where that one has gone! lol.... it was the first client renovation that we did!

    Have a great week everyone!  I am off to build some Easter Lego for my son, who has been sat next to me most of the morning nagging me to do it for him..... He has now got himself a pair of bloody scissors (!?!) so off I go before he cuts an arm off! lol.

    Darren

    0
    0

                 http://www.fmp-investments.com