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Phil thanks for the comments you had a positive confidence giving affect on us buying the George we really appreciate it and Birmingham great for us for a PT meet Vand N was great with us like to meet up again chew the fat .
I think there are risks more so at the moment but we dont want to look back having taken no steps towards our goal .
Council tax is possibly a challenge I did my numbers and saw we would be still in net profit even if that happened which seems unlikely ya never know but important we dont let the gov stop us ..im naturally competitive .
At Kimcoh Doncaster we manage and own over 450 rooms we decided to start managing rooms to help support our own owned portfolios splitting the risks I like angles but I cant predict the future .
Tonya..its a great question we have a FREE open day on Saturday 26th July we will be showing around the Greorge going over numbers etc and how we found raised thge money profile is important either locally or on line social media . Being ablke to show a track record project really does help and I agree that building an appropriate balanced team way forward at the start it feels like traeding water keep going .
Our original funder charged 1% per month bridged it but quick we put up £50k I thenm used another funder who took a % of the deal it varies so much I have funders who I pay as little as 8% per annum but they get full access to the deal they learn as they earn usually with first charge sometimes with contract agreed to loan direct with no charge it depends on the deal and the needs . There are many p[eople who have money who have no idea how to make money from property or anything else for that matter .
Be aware of the new PS13 law clarify what you need to do to mitgate the risks .
Weve used a ltd company a Special purchase vehicle spv we have some with shareholders agreements again depends on the deal .
My advice is get a investment model that is buy 3 sell 2 keep one ( thanks Lisa Orme ) our model includes selling theres a tax on it but the freedom of being able to purchase quickly at low cost ( no investor money to pay ) is essential at some point and is our model .
We like splitting the risk with mix of asset class eg HMO/HMO student/build and sell..we just bought 10 plot site and have a 35000 sq feet shops 8000 sq feet ground nd 25 flats above ....its not easy you really need to get into your own head and decide if you are able to cope with the challenges ....a SMART invesetor will be the one who realises that investment plan a is better suited to them than plan b I believe thats essential too many people are being sold the dream when they have ZERO chance of success no people profiling going off just we can charge £37k per VIP course and its FULL..that isnt the point that doesnt in my book justify charging it . Im not saying its not worth it to some Im sure it is but most it isnt . We see people come to us all the time thginking they know Doncaster HMOs the numbers etc and what it entails and find out from us theyve been sold a dream . Im a fan of education just responsible education .
Tonya the George did not have planning but we had discussions with planning who told us they wanted it closed as too much footbal trouble there so ask they will tell you . Ultimately there are risks RISK IS WHERE THE REWARD that most wont go just mitigate that risk de risk it as much as possible .
The George Lincoln as now opened our eyes to other similar projects .
Kim Stones Ryan Carruthers 07979690484 office 01302 562788 We manage deal find Doncaster and Lincoln HMOs call us first before you buy call Chelsea Stones Vicky Meakin
I just listened to the interview. Well done to all the folks involved (in front and behind the camera).
The business does not have to be complicated. The numbers just need to make sense even when things might go a bit off the rails. The point Kim makes about having different ways to triage or mitigate is spot on. Being open to selling what you need to sell so the reach the other side of the project is the key. It was great to hear Kim share that.
I host the London Real Estate Meet on the 2nd Tuesday of every month since 2005. If you have never been before, email me for the 'new visitor' link.
Also happy to chat on the phone. Pay It Forward; my way of giving back through sharing. Click on the link: PropertyFortress.com/Ask-John to book a time. I will call you at the time you selected. Nothing to buy. Just be prepared with your questions so we can use the 20 minutes wisely.
Thanks for your positive comments John. Much appreciated.
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
Thank you for the positive comments John, great to hear those!
I am just posting the edited report as it goes into a lot more detail about the project and the financing of it: