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I have recently been extending my comfort zone by listening to many motivational speakers which has had the effect of focusing and expanding my property ambitions.
With this in mind, I wondered what ambitions other Tribe members have and what factors have been instrumental in setting these goals.
On a personal note, my greatest property ambition can be summarized in the statement
I want to build houses!
For me, this would be a massive achievement for which I would be immensely proud.
What is stopping me from achieving my new lifetime goal?
The only thing which can stop me from achieving this is myself!
My ambition is to provide good quality homes where tenants can feel safe and secure and put down roots.Hopefully I am achieving that as currently have no voids across our portfolio. From a personal perspective, I would love to design and build a coastal property to live in. I love the sea!I would also like to refurb a coastal cottage and create a high quality holiday let. Currently looking at a flat on a Scottish island, for a purchase price of £20K!!
Each to their own with that scottish island plan, I wouldnt go near it.
I lived there and ran my own small business on the Isle of Skye for four years and the fairest reflection I can give is to say they are a bunch of inbreds who hate the "English" with a vengeance. Obviously not every last individual but the majority by far.
They wont deal when its fair, only when stitching you up, they would choose to stand still themselves rather than see you move forwards.
Ive just sold a plot on Skye in a stunning setting with a valley, a mountain, a volcanic island and the sound of rassay all in the panoramic view from the front of the proposed house.
I originally had the whole croft and intended to build my home for life but what good is paradise if its inhabited by haters.
Of particular concern are the local tradesmen, you are their captive, so go with a well stuffed bank account because you will surely need it.
Also take plenty to read because waiting is something you will become good at, they could show the spanish a thing or two when it comes to manana.
And then theres the god squad, check out a small township called Staffin, there are no pubs but 10 separate churches, divided apparently by ministers who cant keep their hands off each others wives.
Be very careful, scottish hospitality sounds like ker ching and haste ye back is a euphamism for shaft you again.
May I take this opportunity of thanking you so very much for your part in founding this wonderful forum which is instrumental in helping so many of us to progress in our property journey.
Your ambitions seem perfectly realistic and achievable and will also be of greatly appreciated by your tenants and tourists.
I bet when you have brought these ambitions to fruition you will soon be looking out for some new ones!
That`s correct Noel . You are your best asset but also your own worst enemy
One day your`e superman next day a few wobblies creep in
Break it up into bite size chunks maybe so its manageable and you dont get overwhelmed
Day 1 - Sit down over a cup of tea and jot a few things down
Day 2 - Fire off a few e mails and make a few calls
Day 3 - Tour round some sites and chat to builders / planners / architects
Day 4 - Sketch out that business plan
Day 5 - Talk to the money people
Day 6 - Pull it all together
Day 7 - Take a day off then start on your dream 8 am Monday morning
Day 365 - Lay the first brick on one house
Day 3650 - Build that block of flats
Day 7300 = Build that estate
Jonathan Clarke. http://www.buytoletmk.com
Thank's Jonathan for your very intuitive and sage analysis of my psychological makeup; your optimism is infectious.
I have recently been describing myself as a recovering social phobe.
Breaking out of my comfort zone now is fast becoming the norm for me which I am finding both exhilarating and productive.
I skipped to day 3650 a couple of months ago when the house I was trying to convert to a block of 4 flats was turned down by the planners.
There were 25 objections from local people pointing out that it was predominantly an area of detached family houses and they didn't want any flats in their back yard.
Undeterred and 4.5 k out of pocket from the architects fees and planning charges I am eager to find plots around Bournemouth where I can stretch my novice developer's muscles!
I may leave the estate building on day 7300 to the big boys as I will be 86 by then but on second thoughts you never really know how you will feel so far in the future.
In my 20`s most elders I met used to infer that there was an unwritten rule that you had to slow down between 60 and 100
So when I hit 40 I decided one day to build my portfolio awaiting for this inevitable event to happen
Then at 60 I could rest on my laurels for the next 40 years and just potter about wearing a T shirt saying - Do not disturb
But they lied - Because a true entrepreneur never sleeps. The body may slow but the mind refuses to pack up and retire
This I discover is good - Because it means I will never get bored
In fact the mind just keeps on expanding constantly drawing on its own life experiences to feed its energy ball
So run with your break out from the comfort zone and allow your mind to indulge in what you truly want
Sounds you are well on your way to doing that.
Bournemouth is a lovely spot and will always attract and hold its values
I was inspired by a 90 year old I met about 25 years ago. His zest for life was amazing
He built radios from scratch and his living room was awash with random parts from car boot sales
He talked enthusiastically of plans to do this and plans to do that.
Completely absorbed in his hobby . He was as free as a bird
My property ambition is to build my own soundproof cave where i can hear myself think
The world is often far too busy - Peace and Quiet is a rare joy
Quality thinking in my cave will then produce quality ideas
By the way - nothing wrong with being a social phobe
People can be annoying
Get the balance right though. So maybe 50% of the time just you and 50% with others
But save one 24hr slot per week when its just 100% you - Bliss
This book may be of interest to you
Quiet - by Susan Cain
The Power of Introverts in a World that cant stop talking
I must rest now
Its great you want to Build Houses - best advice other than what Jonathan Clarke says. Is to start small !
Forget all the rara mantra about aiming high, etc.. When it comes to construction you never want to overstretch and you always want to be building on your knowledge from smaller to larger.
There is also some evening courses on Project Management - it is a great foundation to give you the confidence and knowledge to get going on building.Plus its a nice qualification to have when lenders ask you what Experience you have.
Catch 22 with construction finance, is often you need experience before a lender will lend.
Looking for the Best BTL Mortgage? Call the Specialist Team at Bespoke Finance. The above is not financial advice, its me rambling - just passing time on a coffee break.
Thanks for the link to the course.
That is something I would like to consider studying in the future.
I would imagine it would look great on the CV to have completed a course like that one!
Year 1 into my property journey
Thank you very much for your advice.
My received knowledge and strategy is to use the plot owners equity to enable me to borrow 100% development finance and only pay for the plot when the house has been sold.
In this way I only have to pay for the planning fees without the burden of supplying the full plot price at the outset.
This would enable me to engage in simultaneous multiple projects instead of having to wait a couple of years for profits to be released.
By doing multiples I would not necessarily need to maximise my returns so could afford to be generous and pay the full market price for the plots so presenting a win win situation.
Noel - sounds unrealistic. Have you talked to a Financial Advisor about your plans?
Looking at what you say "only pay for the plot when the house has been sold" means that you do not own the land/plot.
There is nothing for those Offering Development Finance to secure there funds on as security. That is a no-go, lenders pay in stages and the first stage is owning the land you are going to be using there funds to build a property on. They will want to put a restriction on the title to ensure there funds are secure.
To be clear - having a purchase option on the land is not enough security for the development lender.
There is a way around it - that is funding the development in cash. (or more likely releasing equity in other properties you may own).