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Weekly Update13/05/19 - 26/05/19You can find all of the individual projects HERE.Good morning and happy bank holiday Monday everyone..... its absolutely throwing it down here and its set to be a crap day for weather!! Fortunately I am not working today... (officially) although I am sure that I will be on the laptop at multiple points today. My apologies for the lack of updates. I am just so busy now that I had to miss last weekend. I cannot remember what I got up to but it must have been work related... it always is!!As mentioned I am going to try and simplify my journal updates using the Instagram platform. If you have never used Instagram then don't worry, you do not have to be a member and can simply click on the available links. If you are a member then you of course know what it is all about. Feel free to say hi! If Facebook is more of your thing then my Instagram automatically updates Facebook, so you can also follow me on there if you like:Instagram ProfileFacebook ProfileThe links below will now link to the Instagram hashtag for that property, so you will be able to see all of the updates for that particular property. This does work best on Instagram as it puts all of the posts in order. Each post always has multiple images and descriptions so it is quite a simple format for people who follow my journey. If anything it should be a whole lot easier that this current method (I hope), so will give better updates to anyone who enjoys reading my journey and should hopefully mean that I can knock out better updates in less time, as I must admit when it gets to the 4th hour typing up my updates it does get slightly tedious.What Have We Been Up To?So what have I been up to since the last time I updated my journal?? Honestly? I haven't got a clue! There is that much going on that things really do blur, so out comes the trusted diary (Hand written old school 1 page per day diary!).The start of the 2 weeks began with a tonne of property viewings. This was a combination of viewings for flips for myself, viewings for clients, and viewings on properties that we are renting out. On the Monday I had just 4 viewings, then on the Tuesday this went up to 10 viewings! The first was at 10:00am and I recall getting home at 8pm. Looking through the list we had an offer accepted for a client on Farholme Lane.. and that was pretty much it! A few properties that were interesting but the numbers didn't quite stack up. There was one that I was going to offer on but something else has come up last week that I have moved pretty quickly on.... update later.One possibly big piece of news is that I have had an offer accepted on my largest purchase to date at £158k. I am not going to go into detail on this one yet until I know that it is definitely going through, but it is an auction purchase where the property did not sell. The owner is selling at quite a loss and if everything goes well this could possibly be the purchase that will elevate me to the next level of property renovations. I am of course quite excited by this one, but until I have exchanged I am not going to go into more detail. It has quite a few challenges, but as mentioned could finally be the big deal that moves me onto larger more complex opportunities. I have been discussing this deal with one of my Angels and we are looking at how once this deal is completed and sold how we can then move into the bigger ticket items as we will have around £350k in cash.I have also been looking at improving my advertising. I do not put FOR SALE or TO LET boards on my properties. I have never really seen the point as everything is now done online... then I had one of those "ping" light bulb moments. On every property that we now get keys for I am putting EA style advertising boards up that look like the below:With the number of properties that we have moving at any one time this is a great way to keep spreading the message. I have ordered 15 of these signs from an EA board printing company that should be due in the next week, then Matt can spend a day putting them all over the place! I am also advertising in a local magazine, hiring a road side sign from the council and also having my work van fully printed up, all with the above image. There seems to have already been some interest as I did have a call from a chap who had a few to sell, but off a with held number so I am waiting now on another followup call from him.Well I hope the new layout is a bit better an easier for people to use. Although I was aiming to save time doing it this way this actual post has taken me from 8am-1pm!!! I have had to do a lot of background things but hopefully this will now streamline everything.My Personal BTS and BTL Business:You Can View All Of My Projects HERERenovation PropertiesProject 17 - Mill Street renovation started on the 13th May. So far the property has now been completely stripped, vestibule removed from the living area, partition wall removed between the kitchen and the living room, new wiring fitted for the new kitchen layout and almost the entire property re-plastered. On Tuesday this upcoming week the new front door gets fitted and replacement glazed units go in. After this its just decorating, new kitchen and carpet fitting and another project will be completed ready for tenants to move in!* Replacement Project 19 - Russell Street is one that we have just received the keys this week for. This property is actually owned by one of our clients and initially they had approached me to sell this on for them. I have discussed the renovation of the property and then selling at an increased price (£58,500), so this is what we are doing. I already have a buyer lined up for the property. I will not make a massive amount on this, probably around £4k, but it all adds up to the pot. This house needs fully stripping back and starting again, but we should be able to have this completed in 4 weeks and then get a tenant in for our buyers.Project 20 - Newchurch Road (3) is moving very slowly. I am waiting on the drawings from my architect so that I can get the planning application submitted to the council. We have done nothing on this project over the last few weeks as we decided to focus on things that actually need doing, rather than spending money on something that can wait.My Personal LettingsProject 12 - Garnett Street was a project that we were initially looking to sell onwards, but unfortunately the market is really quiet so we decided just to keep the property. We have a tenant due to move in this upcoming week, so have added additional sockets to the bedrooms (2 extra doubles) as each room only had 1 single. The tenants are due to move in on the 30th so this will be an additional £450PCM coming in until we start and complete the remortgage process.Acre Mill has the refinancing started this upcoming week. There isn't really much to add to this one as of yet. I am aiming for a £75k revaluation from a £55k purchase (With all fees etc the actual cost is £65,500). If I get the revaluation that I am looking for then the property should only actually cost me £11,147 returning an ROI of 42%. If I somehow manage to squeeze above this then it will be a great result.Properties Being SoldProject 14 - Inkerman Street (2) is now completed and the tenants are moving in this upcoming week. This property is being sold as a turn-key property at £58.5k and is achieving £450PCM. The sale process is due to start early June as the buyers have just been waiting for.Project 15 - Wasp Avenue has the valuation booked in for this Wednesday. So far I have held off involving the solicitors until I know that the lender is happy. This saves on costs and wasted time, as what we have found is that the biggest issue in sales is the valuation by the lender. If this comes in OK then we will go full blast with the solicitors and the sale should take place and complete within 4 weeks.Project 18 - Edleston Street again has the valuation booked in for Tuesday this week. This is the exact same situation as the above. I have held off getting the solicitors involved until this is completed, then I will be moving forward with the legal side. A tenant has been found for the property and the deposit paid but they have had to give a full months notice before they can move in. As they are good tenants I was happy to do this.Projects In The Purchase ProcessProject 12a - Newchurch Road (2) - After a VERY long wait with this one due to legal issues with the seller I received a call this week to update me that this one is going to start moving! This is an amazing £35k purchase that is worth at least £50k all day, and needs very little work. I will refurb to a great standard and get £450PCM for this property!Project 19 - Lightbown Street has had the purchase fail. Unfortunately due to the owners taking this on as a part exchange for a daft price they did not complete the due diligence that they needed to, and due to this we could only get an indemnity policy for an unknown freeholder that would cover 25 years. The problem here is that a lot of lenders would not like this, plus I would use up 6 months of this with the renovation and sale, so we could end up with a property that might be tricky to sell onwards. Rather than risk it we simply chose to walk away.* NEW Project 19 - Russell Street (See Renovations above).Project 21 - David Street - This property literally feels like it is taking forever, but we should complete in the next 2 weeks. This will bring in another £360PCM for the next 8 months. I will be refinancing at 6 months and hopefully pulling all of my funds back out.The Lettings & Sourcing AgencyYou can view the Lettings Agency Journal HERE.You can view all of the individual client projects HERESourcing Service:We also had 2 more property offers for clients on some higher spec properties. These are turn-key properties that are ready to go at higher purchase prices, but will command much higher rentals. One of the clients is UK based but wants something in a better area, our other client is based in Dubai and was restricted with their purchase price at a £75k minimum (Below).Elswick Street - £82,000 purchase that should achieve £575PCMDevonshire Street - £82,000 purchase that should achieve £575PCMClient Renovations:Management 6 - Argyle Street - Argyle street is now completed and the listing images were taken yesterday (26th). The property still has quite a few little bits to complete but is good enough for Rightmove. Argyle Street has had new carpets throughout, full redecoration, new toilet, sink and shower screen as well as the bathroom almost being fully re-tiled. In addition to this we have had the gas safety checks completed, boiler serviced and a new electric board fitted so that it complied with the local licensing standards.Client Lettings:For the lettings side of the business we have had 3 properties where we have found tenants (one moved in yesterday after us only having the keys for 9 days!) and we had tenants move into Industrial Street at a fantastic £495PCM!!! This is off a £55k purchase price, so an amazing return.Management 3 - Industrial Street had the tenants move in on the 17th. This one can now be put to bed.Management 2 - Richard Street has had the tenants found and they have agreed a move in date of the 30th.Management 11 - Clayton Street (1) was a great success. We received the keys to the project on Friday 17th May at 5pm, and had a tenant found 30 minutes later!! They moved in yesterday (26th May). We had a viewing at one of our other projects and I had 2 sets of couples, both of which I was happy to rent out to. I showed the 2nd couple this property on Rightmove and told them that I was due to collect the keys that afternoon, and if they wanted they could view it before anyone else. I collected the keys and met them at the property half an hour later.... they were over the moon with it and took it there and then. The deposit was paid within the hour and they moved in 1 week later!!Client Purchases:There are a fair few of these at the moment, I will only create an actual link for them once we have the keys:Cowgill Street - £52,000 purchase that should achieve £495PCMHolmes Lane - £52,000 purchase that should achieve £450PCMGarnett Street - £52,000 purchase that should achieve £450PCMClayton Street - £47,000 purchase that should achieve £475PCM requiring a full renovationMelita Street - £58,500 purchase that should achieve £525PCM requiring renovation.Blackburn Road - £55,000 purchase that should achieve £500PCM requiring renovationFarholme Lane (1) - £50,000 purchase with a sitting tenant paying £375PCMFarholme Lane (2) - £52,000 purchase of a 3 bedroom property that should achieve £525PCM requiring full renovationHarley Street - £50,000 purchase that should achieve £425PCMElswick Street - £82,000 purchase that should achieve £575PCMDevonshire Street - £82,000 purchase that should achieve £575PCMHave a great week everyone. I am on holiday from the 30th so the update might be a bit later... although the laptop and work diary is of course coming with me!Darren
Saturday 1st June 2019
Bonjour à tous mes collègues de l'immobilier. Je suis actuellement en France en vacances en famille.
Anyone who is ok with French then. Everyone else use google translate, but basically I am on holiday for a week in France. Don’t worry, I am not wasting my money. We have managed 9 days away, 2 ferry crossings with VIP lounge and 2 days in Euro Disney for under £1k!!! Booooom!!! Lol....
This weeks update will therefore be a bit pants. I am currently sat on the veranda of a static caravan after a couple of glasses of champagne..... in 30+oC in a tin can! Nice!!!
Anyway... off the top of my head (and I will probably go back into more detail next update) this week has had....
• 3 properties found for clients (Brown St, Alma St and a 3 apartment conversion in Darwen that has come to me with a nod and a wink from an EA that isn’t on the market.
• 2 properties let on the first viewings (Hardman and Argyle)
• 1 property new keys for a client
• first floorplans for the apartment conversion received
• 2 valuations this week on properties that I am selling (first on Edleston has come in on value, not heard from the 2nd at Wasp yet)
• 2 properties have tenants who have moved in (Garnett and Richard Street)
• 1 property smashed window reported by a client (on my first day on holiday)
• purchase of big project still on tract...
There is likely to be a whole lot more that has happened but it’s been a very long week and I’ve had quite a few drinks now, and I’m rather tired!! (I drove for 10 hours yesterday AFTER a beasting at the gym).
I won’t add the links but Argyle Street has a tenant found along with Hardman Avenue. There could be an issue with Hardman though as they have had credit issues and are using a guarantor, but I wanted to give them a chance as they were a lovely couple who have had a bad break. This property is for a client so if they end up failing I am going to offer them my property on Mill Street as I know they are really struggling.
Also had a few phone calls from people who have seen my “we buy any house” signage! That is starting to build now. Also have a contact for an off market deal that I am chasing down.
Off to finish this Champagne! Have a good week everyone!
Weekly Update09/06/19 - 16/06/19You can find all of the individual projects HERE.Good morning and happy Father's Day to all of the dads and Granddads out there!! It's currently 10:26am and the Mrs is on a weekend in work so I have the kids on my own. My son is here nagging me as usual with the daughter still asleep in bed... so just another Sunday that is going to be hard work! lolInstagram ProfileFacebook ProfileAll links are to my Instagram feed so you can see the updates there. Feel free to add me and follow me and also say Hi if you want What Have We Been Up To?This week has been pretty quiet tbh and we have just been finishing off a couple of properties for clients. I have also had one project that may be slightly delayed due to water flowing over the electrical fuse board for the property (yes, you have read that right!). This has been happening for quite a while as the screws on the board are rusty, so now I have a property that has no power to it, which as you can imagine is making life slightly more challenging for the renovation.My largest ever purchase is not far off being announced now. The searches have all come back clear and we are just waiting on a few bits regarding the lease etc. I have also viewed as cracking property direct to vendor that I am about to start negotiating on. Check out the images HERE and the creepy doll!!My Personal BTS and BTL Business:You Can View All Of My Projects HERERenovation PropertiesProject 17 - Mill Street has the carpets being fitted tomorrow (Monday 17th), and then the property is pretty much completed. The new kitchen has been fitted this week along with bits of skirting board and some other little jobs finished. I still haven't decided what I am doing with the bathroom in this property but I think that I will likely be keeping the existing suite and tiling and just giving it a bloody good clean up. I will go to the property on Tuesday (or late Monday once the carpets are fitted) and will then have a good walk of the property to decide what is next. I have also been looking at starting to use pre-made splash backs instead of tiling in the kitchen areas. At the moment it costs quite a bit to have them tiled (normally 3 days labour and then all of the tiling equipment on top. Using splash backs would cost significantly less and would also be much quicker... so something that I am going to look into this week.Project 19 - Russell Street has started to become a pain in the arse! This is the property that has had the water running through the electric fuse board! We have had bad rain this week and I got a call saying that the electrics were playing up. My sparky was at Mill Street finishing off some bits for me (literally 2 mins away) so went over to have a look... which is when I got the call! I need to go over now to see where the water is coming from to see if it is a quick fix, or if we should just completely move the board. Either way I now need a brand new board regardless, which is an expense that was not planned. I have also had a look at the gable end. There was a significant amount of damp internally on this wall. We have repaired the roof and resolved any potential water ingress from here. On Thursday I stood and looked at the gable end... it has 9 air bricks in it?!? All of which are a daft design that are letting water into the brick work?!?!? WTF? I have no idea what people are thinking when they do things, as it must have cost someone as some point a decent amount of money to fit. I looked at the other properties and none have these air blocks. What I have decided to do is to keep the air blocks to allow ventilation, but to purchase some vented downward facing vents so that any rain will not enter the property but will simply run over them. Pretty simple solution and should resolve the issues. I am also hiring some scaffold for the gable end (£300) and then having my decorating team to clean the existing render, repair any render issues, and then re-paint to give the wall additional water proofing. The cost for this property renovation is sneaking up (and my profit reducing) but we are almost complete so its just one of those things. The decorating is now almost completed, a new floor has been fitted to the small bedroom and the kitchen will be finished on Tuesday (The joiner is having to go to our property on Mill Street to cut worktops and then drive back over!! There is some plastering to complete, but we are drying out the property first before that work is done. My priority now is the electrics which I will be looking at on Monday. My buyer is ready to move on this one so I need to push this to get it completed. Project 20 - Newchurch Road (3) has had the drawings submitted and we have had our first contact back from the council. We need to explain why the property should be converted to accommodation and not kept as a retail unit. I have some contacts now within the council so they are getting me a statement and speaking with the person dealing with my planning, so this should be resolved this upcoming week. I might also be able to have it fast tracked which would be very useful. This week the scaffold has been on site for the roofer to repair the roof issues. Nothing major but I of course want this to be water tight. Unfortunately it has rained all bloody week, so he has not been able to get much done. I did however use the scaffold as an opportunity for my builders to remove all of the old signage from the shop.... which as always has resulted in another new issue!! The Lintel above the left shop window is made of wood (why?!?) and is rotten resulting in a new lintel being required...... FFS.... lol.... The joys of property development eh?My Personal LettingsAcre Mill refinancing has started. Will update as the valuation etc goes ahead.Garnett Street and Hope Street re-mortgages are starting this week and next week respectively.Properties Being SoldProject 14 - Inkerman Street (2) has had the solicitors started now and the valuation is booked in for Tuesday, so this should hopefully get moving very quickly now.Project 15 - Wasp Avenue had the valuation completed a few weeks ago. The valuation came in, but the lender was not happy with the number of privately owned properties vs council owned, so the lender refused the mortgage! "> There is however a positive to this story. My BTL buyer obviously couldn't go through with this purchase (unless they tried a new lender) so I messaged the previous private buyer who had to pull out because his own sale fell through.... he had just had a valuation completed on his property (by his buyer) and was completing the sale side, and still wanted my property!! RESULT!! This has meant that the sale is still going ahead, and the bonus is that this buyer is cash from his sale, so no messing around with mortgage companies! I am hoping that this will be completed in the next 6 weeks.Project 18 - Edleston Street had the valuation accepted and we are going through the sale process. My buyer is pushing his solicitors as much as I am, so again hoping this is completed in the next 5 weeks or so. Its better to think longer as nothing is ever quick. The tenants move in on the 3rd July so my client will have a tenant in place from day 1 and will be earning money straight away.Projects In The Purchase ProcessProject 12a - Newchurch Road (2) - We were told 2 weeks ago that this sale was ready to start moving... 2 weeks later and still nothing! lol.... Slow, slow, slow!!Project 21 - David Street - 2 weeks ago I said that we expected this to be completed.... shock horror, still not done. All we are waiting on is the new AST being signed, but the sellers solicitor is absolutely useless and despite them receiving this 2 weeks ago they do not feel like they have had it long enough for it to be completed and signed...... welcome to the world of large solicitor firms.... absolutely useless.The Lettings & Sourcing AgencyYou can view the Lettings Agency Journal HERE.You can view all of the individual client projects HERESourcing Service:We have had another offer accepted this week for a client on Alma Street. A standard B2B terrace with a purchase price of £50k that will return £450PCM after having some bits of work completed on it. We are also in discussions on a block of 3 apartments for a client at £125k that will return just shy of £1,000PCM without any renovation work and then a few other properties that we are speaking and negotiating with EA's for. As I type I have 4 clients who want something now, so my priority this week is finding them the properties so that they can get the offer in.Alma Street (1) - £50k purchase that should achieve £450PCM Inkerman Street (3) - £35k purchase plus 12k renovation that should achieve £450PCMClient Renovations:Management 9 - Holmes Lane - Completed! lol... took us a week. The decorating is finished and thestaging furniture is being moved in on Monday. We should have the listing on Rightmove for Wednesday this week Management 8 - Garnett Street - This property has been fully decorated and is just waiting for the new laminate flooring to go down on Wednesday this week. We have already moved the dressing furniture into the house and it is ready to be set up once the floor is down. All being well this will be on the rental market by Friday/Saturday this upcoming week.Client Lettings:For the lettings side of the business we have had 3 properties where we have found tenants (one moved in yesterday after us only having the keys for 9 days!) and we had tenants move into Industrial Street at a fantastic £495PCM!!! This is off a £55k purchase price, so an amazing return.Management 5 - Hardman Avenue - This property has been fully redecorated, dressed and now has tenants living in it!! We achieved £600PCM for this property which is an outstanding result for the PP of £77k!! Absolutely crazy return for our clients, and a return that has made me slightly jealous! lol.. Not sure why I haven't listed this one on the updates (probably too much going on in my head) but one that shows how just redecorating a property can make a huge difference to how it ends up.Management 6 - Argyle Street - We did find a tenant for the property on the first viewing. The lady loved the house and wanted it, but wanted her teenage daughter to see the property. They viewed together (Matt showed them round as I was on holiday) and apparently her daughter was "vile." Long story short she had to pull out as her daughter was not happy. This has meant that we have lost that initial interest and the viewings have been harder to come by. I have one potential tenant but she does require a guarantor so I am going to arrange to meet her and her guarantor (her dad) so that I can weigh them both up a little better.Client Purchases:-There are a fair few of these at the moment, I will only create an actual link for them once we have the keys:Cowgill Street - £52,000 purchase that should achieve £495PCMClayton Street - £47,000 purchase that should achieve £475PCM requiring a full renovationMelita Street - £58,500 purchase that should achieve £525PCM requiring renovation.Blackburn Road - £55,000 purchase that should achieve £500PCM requiring renovationFarholme Lane (1) - £50,000 purchase with a sitting tenant paying £375PCMHarley Street - £50,000 purchase that should achieve £425PCMElswick Street - £82,000 purchase that should achieve £575PCMDevonshire Street - £82,000 purchase that should achieve £575PCMAlma Street (1) - £50,000 purchase that should achieve £450PCMHope you have enjoyed this weeks update,Darren
Weekly Update17/06/19 - 23/06/19You can find all of the individual projects HERE.Good morning. Its now 07:57 and as always I have been up for a good few hours. I have a stack of red council tax bills that I need to pay later (I always like to make them wait), and then I am hoping to get into the garden and complete the fence that I started a few weeks ago. I am trying to keep the weekends more non-work now, as the last few years of continuous 24/7 working are really starting to catch up with me. It will be hard for me to train myself to do this, but long term it will benefit me and is something that I need to be doing.Instagram ProfileFacebook ProfileAll links are to my Instagram feed so you can see the updates there. Feel free to add me and follow me and also say Hi if you want What Have We Been Up To?This week we have had an offer accepted for a client on a new BTL. We have secured them a 58k purchase on a property that has values of 72k on the exact same street, so an easy 14k of equity for our client! I wish sometimes that I could keep all of these deals for myself, and my dad was moaning on Friday that I should be, or charging people more money. I told him that its unrealistic to be able to keep them all, I do not have an unlimited pot of cash, and secondly I think my sourcing fee at £995 is fine. I am not greedy and tbh if I compare what I earn to what my solicitor does per property, I am earning more than him and he works his arse off! I would rather earn a lot of a little than a lot of nothing!My own personal projects are going well. I only really have a few left now and just one more being purchased... although the one being purchased is the big one. This week we moved it from auction conditions to a normal purchase process because there is so much involved. Searches have all come back so the reality is that we are probably only a few weeks away now from getting the keys...... then I can finally talk in more detail about it. My shop conversion is still going through planning, and I think has now got through the first stage. I just need to explain why the property should not be kept as a shop and why it would be more beneficial as accommodation... as soon as we get the green light then we will jump on it full time and get it ready and sold, as I already have a buyer lined up. Then, all of the funds will go into the new big project.My Personal BTS and BTL Business:You Can View All Of My Projects HERERenovation PropertiesProject 17 - Mill Street had the carpets go in this week. The vinyl in the kitchen was delayed as the floor wasn't right, so Matt has been over this week to make sure its better. I may already have a tenant lined up for it at £495!! Crazy! This week the little jobs have been finished. The splash backs have gone in the kitchen, bits of skirting have been caulked and painted, doors hung etc. The bathroom has had a new shower screen fitted and will have the new shower head go on, and then it is time for the big clean before we put in the furniture and have it advertised.Project 19 - Russell Street has not had much work completed on it this week. The kitchen has been finished off but there is still the splash backs that need to go in. I have had two new vent covers fitted to the gable end that will stop rain water entering the property. Scaffold is due to go up on Thursday, so we will be blocking off six of the 9 air vents (leaving 2 at the bottom and 1 at the top) so that the wall can still breath. Then the gable end is being repaired and painted to make sure it is water tight. We are due rain on Monday, then after this the weather is dry for the next 10 days I think. I will put my 3 dehumidifiers in the cellar first to completely dry it out (as this is where the electric fuse board is that had the water getting on it!). I am also going to concrete the exterior and make sure that it is all water tight. Once this is dry the next stage is to then get the dehumidifiers in the 2nd bedroom and dry this off so we can get it plastered. Once that is done then they will be moved onto the steps so we can dry out the gable end wall and have it re-painted. The additional cost has been a couple of £k, but this is the joy of houses. You never quite know what you are dealing with until you get in there. I would say that we are probably 3 weeks off completing this one now, as I want to make sure that it is fully dry.Project 20 - Newchurch Road (3) had the structural engineer in this week for the lintel above the shop window. We also need to more structural steels going internally for opening up the rooms. I have had the walls here stripped back to brick and the kitchen has also been removed. This week I will get some rather large skips ordered and we will completely gut the property ready for the property to be set up for its new layout. My builder is booked in for 2 weeks from the 15th July so we will be able to get all of the internal walls, new stairs, steels etc put in. Then the plumbers and electricians can come in and do their thing. The roof has also been repaired this week and all of the leaks have now stopped, with new guttering to replace the old rotten wooden ones. My Personal LettingsAcre Mill, Garnett Street and Hope Street all have remortgage applications being processed.Properties Being SoldProject 14 - Inkerman Street (2) has had the valuation achieved! Received notification yesterday. The sellers are going away on the 20th July so they want this all completed before then, so great news.Project 15 - Wasp Avenue is ready now. I think we probably have around 3 weeks for this one to complete. I am going to push for a set date so that everyone has something to work towards.Project 18 - Edleston Street has the date of July 1st set for completion. Great news. The tenants move in on the 5th July so my client has a paying tenant almost straight away!Projects In The Purchase ProcessProject 12a - Newchurch Road (2) - This one has gone quiet again.... I have so much going on that I haven't really chased it, so it will be on my priority list for this week.Project 21 - David Street - We have finally had the new AST signed! It has taken the shitty solicitors 3 weeks to get this done, so I am expecting completion this week. Bloody joke! This purchase has gone on for months now.The Lettings & Sourcing AgencyYou can view the Lettings Agency Journal HERE.You can view all of the individual client projects HERESourcing Service:We have had another offer accepted this week for a client in Accrington. Absolutely cracking property. Needs decorating and some new carpets but we secured a PP of £58k.... and there are properties that have been sold on the same street for £72k and £68k!! That's some amazing equity gained. We also made a £115k offer on a block of 3 apartments for the same client. I went to view them on Tuesday and they needed a bit of work to bring them up to the standard that I will permit for my tenants. We knew that we would need to update them anyway, but there were touches of damp and they needed the bathrooms removing. I thought a £10k reduction was a fair amount (as it would basically cover most of the work) so we submitted the offer to the buyer. He is currently considering it and we will find out in the next few weeks if we have been successful. I am also due to look at something slightly different next week. The property is on the market at £95k but is a 3 bedroom semi with garden, off street parking, nice location surrounded by properties worth £160k+. This is funnily enough for the same client, and we thought that we would have a look at something where the ROI isn't quite as strong but the area is good and they will likely realise some capital appreciation. Finally we have an offer on the table for another of our clients. The property is listed at £59,950. The EA told me that the seller would accept £52k, but my client has gone in at £48.5k with a detailed explanation of the works that need doing (Exaggerated of course!). If we can secure this at £50k then he has got himself a really nice bargain that will realise £495PCM.What i am noticing is that the value properties are become very low in supply. I am sure that I have mentioned this before in my ramblings on here, but the market prices are rising and these properties opportunities at £50-60k are getting short in supply. I have a lot of clients who are still sitting on the fence, but I feel they may well be missing out now (in my area anyway) on these types of properties. I know if I personally had a few hundred £k in cash at the minute I would have literally snapped up everything as I can see the prices rising. I do have 3 more properties that I have found over the last few days so will be emailing them out to my sourcing list later today.Client Renovations:Management 8 - Garnett Street - This is becoming a pain in the arse property!! The laminate went in on Wednesday and I had a call from the fitter saying that the living room radiator was leaking and he needed it fixed before he could fit the laminate. My plumber went over and repaired it. The cleaner was then in on Friday getting the property prepped for my listing images.... another radiator leaking in the rear bedroom.... carpet absolutely pissed wet through! This is already after a leaking central heating pipe has been repaired. I have done enough houses now to know that some arse has been messing with this on purpose. There was someone living there before we bought so the radiators and pipes must have been damaged intentionally. Slightly frustrating as it has put us back a week and also cost my client a few extra ££ that hadn't been planned. As always we will fix it all and get it on the market this week, but just frustratingClient Lettings:Management 9 - Holmes Lane - This has to be one of our best rentals yet. We had the property listed on Wednesday, and within 24 hours I had found a tenant and received over 20+ enquiries!! Absolutely amazing! This is from a £51k purchase that has just been decorated.... another £450PCM property. It really does emphasise that if you put quality on the market the demand is absolutely huge.Management 6 - Argyle Street - A new tenant has been found (2nd viewing) and currently going through referencing.
Our Sourced Client Purchases:There are a fair few of these at the moment, I will only create an actual link for them once we have the keys:Cowgill Street - £52,000 purchase that should achieve £495PCMClayton Street - £47,000 purchase that should achieve £475PCM requiring a full renovationMelita Street - £58,500 purchase that should achieve £525PCM requiring renovation.Blackburn Road - £55,000 purchase that should achieve £500PCM requiring renovationFarholme Lane (1) - £50,000 purchase with a sitting tenant paying £375PCMHarley Street - £50,000 purchase that should achieve £425PCMElswick Street - £82,000 purchase that should achieve £575PCMBrown Street - £36k auction purchase that should achieve £450PCMDevonshire Street - £82,000 purchase that should achieve £575PCMAlma Street (1) - £50,000 purchase that should achieve £450PCMStanley Street - £58k purchase that should achieve £475PCMHope you have enjoyed this weeks update,Darren
Weekly Update24/06/19 - 30/06/19You can find all of the individual projects HERE.Good morning. Its now 08:24 and for the first time I am sat in my garden in the morning sun, and it is already hot!! Love a bit of a heatwave... This is where I have a bit of an admission as well... I have been really lazy this week and I don't think I have done a full days work at all!! I think the last 10 months have really caught up with me, and my holiday to France seems to have killed me off, as after coming back I have been really short on energy. Strange how a "holiday" has completely killed me! This week I knew the weather was set to improve so worked Monday, then Tuesday just did the morning and headed home... from this point I have worked bits from home, and really spent most of the week getting my garden ready for the summer!! I finished off a fence that I started, fitted some new gates (I have had to section my garden off as the Mrs bought the dog and it poo's on my artificial grass!!!), painted the new fence and gates, cleaned the patio, painted the patio flags (Highly recommended, makes them look new), removed old bits of furniture and a broken table..... then basically the good weather hit yesterday and after photographing a clients property for listing I then sat in the garden and had family time. The point of being in property is to get the work/life balance that everyone talks about, and the reality is that I have been working so hard to build the business that this has been so far from the case its like a dot in the distance. The upcoming good weather must have given me the motivation to slow things down, as I have just gone and done it!! I am sure next week I will be back on it, as I have a tonne of viewings to try and get booked in and a number of clients now who want something at this exact moment in time, so I do have a few bits to get done.... what I must admit is that this morning I do feel much better. Less stressed, possibly more energy, maybe a bit happier? I am now really trying to focus on keeping my weekends as work free as possible. I do have my journal to update (couple of hours), and if we have a rental on the market the likelihood is that I will have tenant viewings, but this I can live with.Instagram ProfileFacebook ProfileAll links are to my Instagram feed so you can see the updates there. Feel free to add me and follow me and also say Hi if you want What Have We Been Up To?We have had another client purchase accepted this week. A 48.5k offer accepted on a property that was listed at £59,950. The property was over priced and I had done some digging to establish that the current owners had bought last year at auction for a cracking price, so I knew there was a decent amount of distance in what they had paid and what it was on at. The EA had informed be around 2 months ago that they would likely now accept an offer of £52k. As this was 2 months ago I was expecting then to accept around £50k. My client who has bought this actually came to do the viewing himself (a 3 hour journey) as I was out with some other clients. He took on the negotiating himself and then managed to get the property at an even lower price!! Absolutely cracking result! The property is worth £60k once completed and will return him £495PCM, and tbh it doesn't need a massive amount of work, the work that has been completed was just not to a great standard. This really does show how if you do your homework and research a property well you can pick up a bargain.We also have an offer on the table still for a block of 3 apartments. The vendor has 1 more week on the market (He only wanted it listing for 1 month) and so far he has not had a higher offer. He is happy with what we have tabled so its just a waiting game now.. hopefully by next week I will have an answer and my client can get moving.With my own projects I am due to complete on 1 rental next week, and another rental in 2 weeks. My big project is not far off completion. Replies to enquiries have come in on Friday so next week my solicitor will be cracking on with that, so possibly just a couple of weeks until I can talk about this in detail.My Personal BTS and BTL Business:You Can View All Of My Projects HERERenovation PropertiesProject 17 - Mill Street almost done. We just need the vinyl in the kitchen and then this property will be listed for rent. The furniture was moved in last week and the vinyl should be in at the start of next week.Project 19 - Russell Street is not too far off. The house is finally drying out after we added new vent covers on the gable end. The scaffold has been put up, so on Monday the gable end is being cleaned, the render repaired and then painted. This should solve the water ingress problems. The warm weather will help us to dry the house out. The dehumidifiers are currently working overtime in the small bedroom so that we can dry the wall out for the plastering work. Once this room is sorted then they will be moved onto the stairs to dry out the hallway (Gable end).Project 20 - Newchurch Road (3) has been gutted... literally! This week the wall in between the bedrooms has been removed, the walls in the kitchen removed and lots of plaster, carpets and wood stripped. It has been a good week of cost saving as well. I spoke with the architect and have managed to keep an internal wall that he had planned to remove in the basement to open up the kitchen and living room. This was not actually needed and was more cosmetic, so I am now keeping the rooms as they are. This wall that was to be removed was a THICK stone structural wall, so the amount of work needed to remove it, plus the steel and all of the labour would have cost a bloody fortune. I have also requested the windows to be kept white rather than anthracite. Again this is a purely cosmetic reason by the architect. What it would have meany is that all of the exiting UPVC windows (which are fine) would have need replacing or spraying, which is a cost that isn't required. Now I only need to new front windows, 2 doors and 3 rear windows... so a saving of maybe 3k?My Personal LettingsAcre Mill, Garnett Street and Hope Street all have remortgage applications being processed.Properties Being SoldProject 14 - Inkerman Street (2) now has the legal side started. Aiming to complete in the next 3 weeks.Project 15 - Wasp Avenue is ready now. I think we probably have around 2 weeks for this one to complete.Project 18 - Edleston Street had the date of July 1st set for completion. Incompetence from the buyers solicitor has meant that the local searches are not back in yet? Should complete this week.Projects In The Purchase ProcessProject 12a - Newchurch Road (2) - Informed yesterday that this is 2 weeks away!Project 21 - David Street - Should complete this upcoming week. I will receive £90 per week for a 45k purchase with no works required!The Lettings & Sourcing AgencyYou can view the Lettings Agency Journal HERE.You can view all of the individual client projects HERESourcing Service:We have had an offer accepted on a property this week (Mentioned in the opening paragraphs). This is on the same street as another that we manage where we are achieving £495PCM. Great demand and this house has lovely views as well so should rent quite easily. I do also have 4 other clients who want something now. This is a combination of cash buyers and mortgage buyers. I also have 1 client who has a strict £100k purchase price, no more, no less.... Interesting one to source for as I am trying to get them a 3 bedroom property that needs zero work doing to it but also has good comparables so that I know he is getting a good deal. Client Renovations:Management 8 - Garnett Street - DONE!! Listing images taken yesterday and going on the rental market today! Phew!!Client Lettings:Management 9 - Holmes Lane - The tenant that we had found last week failed on the affordability side. The property was re-advertised on Monday and a tenant found by Tuesday, again the first viewing. Lovely girl who's referencing is already completed and is set to move in on Tuesday! Brilliant result.Management 6 - Argyle Street - Referencing now passed, just organising a move in date.Project 18 - Edleston Street - Clients due to move in this upcoming week after having to give a months notice.Our Sourced Client Purchases:There are a fair few of these at the moment, I will only create an actual link for them once we have the keys:Cowgill Street - £52,000 purchase that should achieve £495PCMClayton Street - £47,000 purchase that should achieve £475PCM requiring a full renovationMelita Street - £58,500 purchase that should achieve £525PCM requiring renovation.Blackburn Road - £55,000 purchase that should achieve £500PCM requiring renovationFarholme Lane (1) - £50,000 purchase with a sitting tenant paying £375PCMHarley Street - £50,000 purchase that should achieve £425PCMElswick Street - £82,000 purchase that should achieve £575PCMBrown Street - £36k auction purchase that should achieve £450PCMDevonshire Street - £82,000 purchase that should achieve £575PCMAlma Street (1) - £50,000 purchase that should achieve £450PCMStanley Street - £58k purchase that should achieve £475PCMIndustrial Street - £48.5k purchase that should achieve £495PCMHope you have enjoyed this weeks update,Darren
Weekly Update01/07/19 - 07/07/19You can find all of the individual projects HERE.Good morning. Its now 08:45 and I have been up for 2 hours already... paying invoices!! NICE!! That's a few £k spent this morning.... its a bloody expensive hobby this property lark. Been a fairly quiet week this week, although I have personally been quite busy. I can never really remember what I have done in a week.... suppose its just being busy as everything merges each week into just one big mess... lol...Instagram ProfileFacebook ProfileAll links are to my Instagram feed so you can see the updates there. Feel free to add me and follow me and also say Hi if you want What Have We Been Up To?I completed on the sale of Edleston on Friday, and on the same morning the tenants moved into the same house! The sale was a welcome relief as the cash flow was starting to get low and this injection should now get me through the renovation of our Newchurch conversion. I have 2 more sales that complete this month so they again will then help get my big project underway. This upcoming week I am going to start pressuring my solicitor to get this one completed so I can start to talk about it!I also completed on my 7th personal rental property this week. David Street was purchased for £45k cash and is worth approx £60k. In 6 months I will remortgage it and extract my money. It had an existing tenant who has been in the property a number of years, so rather than changing anything I have just left them to it. They are on universal credits as a top up and are also working, so I get a payment of £91 per week. This equates to £394PCM which is a cracking return. The revaluation at £60k will mean that the cash cost of the property is just £8,900 and it gives me an ROI of 39% after mortgage payments and buildings insurance.Flicking through the diary we have also had a tenant move into Holmes Lane on Tuesday and we are about to offer on a property on behalf of a client (2 apartments in one unit). This is something that we are starting to look into a little more (apartment units) as they are brilliant at pushing that ROI higher but without the hassle of something like a HMO. I am booked in to view another for the same client and we also have an offer on the table for a 3rd one as well. I have also been doing some sourcing work for my cash buyers, finding properties <£50k that most LL's can't purchase where we can add value and then remortgage to extract the cash. I have placed one offer and have 2 more properties to view.My Personal BTS and BTL Business:You Can View All Of My Projects HERERenovation PropertiesProject 17 - Mill Street vinyl goes in on Wednesday with the plumber due there on Thursday to fit the new plumbing and swap over the bathroom taps for something that looks slightly nicer! The cleaner has been in and completed the bathroom and the bedrooms are almost set up. I should be able to have this on the rental market by Friday.Project 19 - Russell Street this bloody house.... the refurb has ended up double my initial estimate due to the amount of water issues that we have found. I have worked on this one with a client (he owns it) and I have paid for the renovation and then we are splitting the profit past a certain point... I am now down to get £2k out of this if I am lucky! I suppose not everything can be as smooth sailing as you want.Project 20 - Newchurch Road (3) now has very little plaster on the walls on the first floor. I met my plasterer on Tuesday afternoon and we went through the entire property as to what prep is required. Basically every wall needs to go back to brick! I treated matt to a hammer drill that is also a chisel, so that has made the job a 100x easier as he was doing it by hand. I have booked the plasterer in for the start of Sept. This gives me 2 months to strip the property back, get the new stud work in, new stairs, electrics, plumbing etc. The shop fittings have now all gone. Tried giving them away for free but no-one wanted them so unfortunately they have been smashed up and will be driven to the tip or burned. Also had the front of the building painted. This was just to freshen it up whilst we have work underway. Doesn't look like much of a shop now and is a huge improvement for the street. This upcoming week will involve skips and lots of manual graft. I am also going to get in some people for quotes for the concreting in the cellar and damp proofing, and hope to get that side of it under way as soon as possible.My Personal LettingsAcre Mill, Garnett Street and Hope Street all have remortgage applications being processed. We are only just in the assessment stage now. The lender gave us a huge list of additional requirements, and now they have all been collated and sent off to be reviewed. Hopefully will get a decision start of this week and then the dreaded valuations can be completed!Properties Being SoldProject 14 - Inkerman Street (2) searches have been started. Aiming for completion pre 20th July.Project 15 - Wasp Avenue still waiting on the buyers buyer! lol... As long as this completes this month I will be happy.Project 18 - Edleston Street is now completed with cash in the bank! Hooray!!!Projects In The Purchase ProcessProject 12a - Newchurch Road (2) - Seller is due in to their solicitor on Monday to sign up the relevant paperwork. I went to view the property again on Tuesday to find the sellers have put in new carpets and vinyl!!! Amazing result!! This is possibly going to turn into a right bargain property!Project 21 - David Street - Completed and first weeks rent has already been paid!The Lettings & Sourcing AgencyYou can view the Lettings Agency Journal HERE.You can view all of the individual client projects HERESourcing Service:Found a property that consists of 2 apartments this week for one of my very busy clients. We are putting an offer in on Monday for it. I also have a viewing booked in for another property this week which is 4 apartments in the same building. We are finding that these are great value and are really pushing the ROI to a much higher level. I also have 2 cash purchases for clients that are booked in. These are under 50k PP so can't be bought by most LL's. The plan is to renovate and then revalue at a higher price. I have also placed an offer directly to a vendor (who's EA deal is due to expire in 2 weeks). This is a lower offer than what he has previously had but the EA is charging him £6k in fees, so it might work out. Not heard back from him, but will see what happens.Client Renovations:None!! - I think this is the first time in as long as I can remember that I have not got a clients property being worked on. We do get the keys to another property Monday morning (Cowgill), but I think that is just decorating......Client Lettings:Management 9 - Holmes Lane - The tenant moved in on Tuesday, so another property ticked off.Management 6 - Argyle Street - Move in date set for this upcoming Friday. We just need to get the furniture out now and finish off a few last jobs before the tenants move in.Project 18 - Edleston Street - The tenants moved in on Friday, the same day that the sale completed!Management 8 - Garnett Street - Let after the first viewing!! Referencing is currently underway and I am expecting the key handover to be next Friday/Weekend. We have achieved £450PCM in an area where other properties are struggling to get anywhere near that. Quality is the best way forward!! Great tenants and good returns.Our Sourced Client Purchases:There are a fair few of these at the moment, I will only create an actual link for them once we have the keys:Cowgill Street - £52,000 purchase that should achieve £495PCMClayton Street - £47,000 purchase that should achieve £475PCM requiring a full renovationMelita Street - £58,500 purchase that should achieve £525PCM requiring renovation.Blackburn Road - £55,000 purchase that should achieve £500PCM requiring renovationFarholme Lane (1) - £50,000 purchase with a sitting tenant paying £375PCMHarley Street - £50,000 purchase that should achieve £425PCMElswick Street - £82,000 purchase that should achieve £575PCMBrown Street - £36k auction purchase that should achieve £450PCMDevonshire Street - £82,000 purchase that should achieve £575PCMAlma Street (1) - £50,000 purchase that should achieve £450PCMStanley Street - £58k purchase that should achieve £475PCMIndustrial Street - £48.5k purchase that should achieve £495PCMHope you have enjoyed this weeks update,Darren
I always love coming on this thread and reading how far you’ve got in your property journey and what your next steps are! It’s inspiring to see what you’re doing and how you keep on going to achieve what you want.
Transparency notice: OneandOnlyPro is a commercial partner of Property Tribes.
Thanks for the kind words
Weekly Update08/07/19 - 14/07/19You can find all of the individual projects HERE.Good morning. Its now 08:12 and as always I have been up for a number of hours. I have woken up feeling quite ill today. I have had a chest infection that has been getting worse each day this week and today I would say its almost fully arrived. My energy levels have been low this week and it has been a bit of a slog. We have received the keys to a new property for one of our clients and we are expected to receive another 3 sets of keys for clients on Monday along with a completion of my own, so the start of the week is going to be very busy!!Instagram ProfileFacebook ProfileAll links are to my Instagram feed so you can see the updates there. Feel free to add me and follow me and also say Hi if you want What Have We Been Up To?This week we received the keys to one of our clients properties (Management 7). This was actually the first ever property that I charged a sourcing fee for, so you can see how long this sale has been going on!! The property is being redecorated and new carpets put in and the trades have been booked in for this. There is some old damp that needs rectifying and some issues with the flat roof, but on the whole this is a great little property at an amazing price. There is one on the same street on at OIEO £69k and we managed to get this for our client at £52k! The bonus is that it also has 2 gardens, FRONT and BACK!!! This is really rare so we are going to try and squeeze the rental income on this property.My Personal BTS and BTL Business:You Can View All Of My Projects HERERenovation PropertiesProject 17 - Mill Street - The vinyl is finally down and the house is finished. I haven't photographed it as in all honesty when I got there on Friday I simply couldn't be bothered. There was still some cleaning to be done and there were boxes and rubbish in the house so I just turned round and left. The cleaner is in this morning and I will send Matt round on Monday morning first thing to clear the place out. I have a busy day Monday collecting keys but I might be able to get the photos taken and get the listing completed at some point Mon or Tue.Project 19 - Russell Street - Plastering is completed! Plumber has been in so the sink is fitted and plumbed in, boiler serviced and replacement taps in the bathroom along with a new shower. We are just waiting on the plaster to dry and then the decorators can finish off as the gable end is now dry (finally!). The carpets for the spare room go in on Wednesday so all that is remaining are the splash backs in the kitchen and fitting the extractor fan... then this place is ready to go!Project 20 - Newchurch Road (3) - The old shop front is now plaster free, along with the main front bedrooms, half the rear bedroom and half the bathroom. The remaining rooms to do are the basement and the old kitchen. There is a HUGE amount of rubble to be shifted. We have filled 2 skips this week but I expect there to be at least another 4 or 5. These cost £210 each so you can see just how expensive it is just to strip a property back to brick. I have had the young lad on this job this week and unfortunately i have had to put my foot up his ar--. Lots of skiving, so he has been given his final warning that he needs to crack on or work elsewhere. I have someone new helping me this week. I advertised on Facebook for a labourer to do the above work on a fixed price. I had a few people get in touch, one plonker quoted 2.5k to do the work (Some people are on another planet). I have a lad for £50 a day now (£400) for the job to get it done. Its just simple old fashioned labouring. My lad will also be helping on Wed and Thurs so that's around 10 days of labouring there so it should all get completed. The rear garden was also fully cleared this week.. wow!! what a difference. For £400 my local tree surgeons removed everything from cut down existing trees, remove all the fallen trees and stumps and also cleared a tonne of wood that we had down there. This upcoming week the builder is in. List of works are new lintels in the 2 rear basement windows (both are cracked and have failed), new lintel above the shop window (made of bloody wood!!), new opening cut out for the staircase, and then finally we have to widen the stairway to the basement. The problem here is that the wall at the side of the stairs is approx 60cm thick... so this is going to be a nightmare of a job. I have my builder for 2 weeks so lets see what we can achieve.My Personal LettingsAcre Mill, Garnett Street and Hope Street all have remortgage applications STILL being processed. We are now on round 3 of documents that they have requested. This is a hard slog at the minute, but we are getting responses pretty quick. we did ask for 1 underwriter to deal with all 3 (as its the same lender) but guess what, 3 different chaps dealing with each mortgage application...... Bloody idiots.Properties Being SoldProject 14 - Inkerman Street (2) - 20th July not looking likely now for completion...... typical.Project 15 - Wasp Avenue - Waiting on the buyers buyers! The buyer needed to locate his deeds (now found) and also required an EPC as that had expired. Hopefully a few more bits and then this one can be completed.Projects In The Purchase ProcessProject 12a - Newchurch Road (2) - Completion due on Monday!The Lettings & Sourcing AgencyYou can view the Lettings Agency Journal HERE.You can view all of the individual client projects HERESourcing Service:Nothing new for this week. I have approx 5 clients looking for stock but I have just been so busy that I haven't been able to sit down and get this part completed. I viewed a block of 4 apartments for one of my clients on Thursday that we are looking to put an offer in on, and we also chased up an offer that was placed on a block of 3 apartments. I am due to receive the keys for 3 client properties on Monday; Clayton Street, Melita Street and Harley Street.Client Renovations:Management 7 - Cowgill - We finally received the keys this week!! This was the first property that I started charging a sourcing fee on, so you can see just how long it has taken to complete!!! This isn't a massive job. few bits of damp, some guttering to repair and then the rest is just decorating and carpeting. I have the trades booked in so it is just a case of waiting now.Client Lettings:Management 6 - Argyle Street - The tenants moved in on Saturday. There are a few outstanding jobs to finish that I found during the inventory report so Matt will be over there at some point this week to resolve.Management 8 - Garnett Street - Wow... quick referencing as the tenant is already in!!! Less than 2 weeks to get this one occupied.Our Sourced Client Purchases:There are a fair few of these at the moment, I will only create an actual link for them once we have the keys:Clayton Street - £47,000 purchase that should achieve £475PCM requiring a full renovationMelita Street - £58,500 purchase that should achieve £525PCM requiring renovation.Blackburn Road - £55,000 purchase that should achieve £500PCM requiring renovationFarholme Lane (1) - £50,000 purchase with a sitting tenant paying £375PCMHarley Street - £50,000 purchase that should achieve £425PCMElswick Street - £82,000 purchase that should achieve £575PCMBrown Street - £36k auction purchase that should achieve £450PCMDevonshire Street - £82,000 purchase that should achieve £575PCMAlma Street (1) - £50,000 purchase that should achieve £450PCMStanley Street - £58k purchase that should achieve £475PCMIndustrial Street - £48.5k purchase that should achieve £495PCMHope you have enjoyed this weeks update,Darren
Weekly Update15/07/19 - 21/07/19You can find all of the individual projects HERE.Good morning. Its now 07:57 and today's update will be in a couple of parts I think. I need to nip to screwfix and pick up some bits for some of the client properties, and also go to one of my rental renovations to mark-up where some new sockets are going. I am still bloody ill, not as bad as last week as I think I am finally getting to the tail end of it. I do have a bit more energy which is always useful when your working none-stop! lol. It was my 38th Birthday on Friday. I had planned to not work... but... as always shit happens and I ended up running around, dealing with builder issues, phone calls off clients and tenants needing things! The price we pay I suppose!!Instagram ProfileFacebook ProfileAll links are to my Instagram feed so you can see the updates there. Feel free to add me and follow me and also say Hi if you want What Have We Been Up To?We received the keys to 3 properties this week. One is my own that I am keeping in my lettings business. 2 were for clients. I also had a holding deposit put down (by the first person to view it) on one of my other personal rentals, so it has been a productive week!!! I think I might also be finally close to getting the keys for my big project, and I am also getting closer to the sale of 2 of my flips. One looks like the 5th August and hopefully the other wont be too far off that. These 2 sales will give me the cash buffer that i need so that I can finish off my shop conversion and start my new project.My Personal BTS and BTL Business:You Can View All Of My Projects HERERenovation PropertiesProject 17 - Mill Street - Completed and a tenant found!!! We are just going through referencing and I have put a move in date of the 29th as I am away for a few days at the back end of this week. I have managed to achieve £495PCM for the property and this was the very first person to view! Really pleased with this result as it is well above the area average and the house is also really nice!Project 19 - Russell Street - Almost everything is now done! I have just ordered the splash-backs for the kitchen and they will be fitted once they arrive, then its time to get this on the market. Project 20 - Newchurch Road (3) - The entire shop is now almost back to brick. I have a lad in there today pulling down the last ceilings and stripping the last walls. We have had big issues with the plinths above the basement windows which has turned into a huge job!!! It has taken 4 days just to do one of them, and there are 3 to do. My builder is only in for this upcoming week so I have another builder ready to take other as we have quite a lot more to do. Yesterday I had someone come round to price up digging up the basement and concreting. The new stairs have been measured and ordered so hopefully they will get delivered next week. I would like to have all of the exterior issues resolved in the next few weeks so that I can get the stud work in ready. The moment that planning is passed I will then get my electrician and plumber in to get the first fix completed. I have also spoken with building control as I also need to know what fire-boarding etc is required so that my plasterer can accurately price up.Project 12a - Newchurch Road (4) - Keys in hand, decorating already completed and the kitchen has been removed!!! lol... not wasting time with this one. I had the decorators in on Tuesday and they blitzed the house in 3 days. My joiner went in yesterday and removed the kitchen and I ordered the new units. The electrician is going in today to move some sockets that I need to accommodate the new layout and I am hoping by this time next week the new kitchen is fitted and that I am almost ready for advertising! I am going to try my luck at £450PCM, which for a 1 bedroom property would be an amazing return. If you dont ask, you dont get!My Personal LettingsAcre Mill, Garnett Street and Hope Street all have valuations booked in!! 2 are this upcoming week and one the week after.... this all decides how much £££ I will need to put in to each one.Properties Being SoldProject 14 - Inkerman Street (2) - 20th July has passed, now been told 5th August.Project 15 - Wasp Avenue - Last message stated that we just needed indemnity insurance for the missing deeds and some enquiries...... Hopefully no more than 2 weeks now (although I do say that a lot! lol.Projects In The Purchase ProcessJust the one that I am not mentioning yet........ Oh, and one that I have been buying since March 2018... but probably not worth mentioning really is it?The Lettings & Sourcing AgencyYou can view the Lettings Agency Journal HERE.You can view all of the individual client projects HERESourcing Service:Nothing new for this week. I viewed a property for a client on Thursday but the owner is well off the mark in our valuations. Still waiting to hear back on 2 apartment blocks that we have offered on and on Monday I am out with a client looking at some 100k properties that they are interested in. I am away at the end of this week so I will have time then to sit down and get a major sourcing session completed. It has been difficult with the time constraints that I have had so a great opportunity to hopefully help some of my clients.Client Renovations:Management 7 - Cowgill - Decorators are in on Monday.Management 10 - Clayton Street - £47,000 purchase that should achieve £475PCM requiring a full renovation- Keys received this week. The new kitchen and bathroom suites have been ordered for the property and someone is scheduled to start the rip out on Wednesday.Management 12 - Melita Street - £56,000 purchase that should achieve £525PCM requiring renovation. - Keys received this week. Only a minor renovation required on this. We are completing some DPC works and then a bit of redecorating. The property is in great condition so we are going to have the carpets cleaned and just a few rooms redecorated, saving our client some money on the initial renovation costs. Management 14 - Harley Street - £50,000 purchase that should achieve £425PCM. - Keys received this week. New carpets will be going into the property along with a few rooms being redecorated. Only a minor renovation so this is simply down to getting the trades booked in.Client Lettings:Management 6 - Argyle Street - The tenants moved in a week ago. Unfortunately there have been a number of maintenance issues with this property. We have fixed everything that we have been informed of and yesterday were told that the seal on one of the bedroom windows has failed. The tenants are now trying to negotiate on the rental amount to lower it! We informed them when they moved in that this was a newly purchased house so there could be issues that we are not aware of. Normally there arent, this property however seems to have a few which is unfortunate. They complained about the oven not working (they hadn't switched it on at the wall). They complained about not being able to access the washing machine point (they needed a longer pipe). We sorted both of those issues despite them being down to their own stupidity. We the replaced a wall in the bedroom which had suffered from some previous damp (which had been fixed) and also painted a few historical damp stains... hardly anything major and all resolved within 2 days. Last night I received the text about the latest issue and that they dont think the property is worth £525PCM. I spoke with the LL and we simply told them that they can move out if they like and we will terminate their contract. I feel that if we lower the rent to appease them that this will set a slippery slope.Our Sourced Client Purchases:There are a fair few of these at the moment, I will only create an actual link for them once we have the keys:Blackburn Road - £55,000 purchase that should achieve £500PCM requiring renovationFarholme Lane (1) - £50,000 purchase with a sitting tenant paying £375PCMElswick Street - £82,000 purchase that should achieve £575PCMBrown Street - £36k auction purchase that should achieve £450PCMDevonshire Street - £82,000 purchase that should achieve £575PCMAlma Street (1) - £50,000 purchase that should achieve £450PCMStanley Street - £58k purchase that should achieve £475PCMIndustrial Street - £48.5k purchase that should achieve £495PCMHope you have enjoyed this weeks update,Darren