Projects
It is important that any coach or mentor has actual, tangible experience in the subject that they are providing guidance on. I have scaled my property portfolio from starting with smaller terraced properties and progressing right through to undertaking larger all en-suite HMO developments and refurbishing blocks of flats.
Property investing is not easy. Despite what many people try to suggest, it is not a get-rich-quick scheme. It takes dedication, perseverance and knowledge. Getting guidance from someone who has been there and done it before can short-cut your learning and protect you from making costly mistakes. To demonstrate my expertise, some examples of projects that I have undertaken are showcased below.
8 bed, 8 en-suite Grade II Listed Building
This project involved the conversion of a 10 bed, 2 bathroom HMO into an 8 bed, 8 en-suite HMO. To complicate matters, it had been used as an HMO without an HMO Licence and Listed Building Consent, so by the end of the project aside from the physical renovation of the building, the project necessitated obtaining Listed Building Consent, Building Regulations, Fire Authority Approval and a new HMO Licence. Oh, and the project took place during Covid!
Figures:
Purchase Price : £315,000
SDLT : 5,750
Refurbishment : £103,000
Total Costs : £423,750
Value on Re-finance : £525,000
Mortgage on Re-finance (80% LTV) : £420,000
Money Left in the Deal : £3,750
Annual Rental on Completion of Works : £49,317 per annum
Annual Rental Now : £55,845 per annum
Cashflow : £1,310 per month
8 bed, 6 en-suite Student HMO Property
This project involved the conversion of a 10 bed, 2 bathroom HMO into an 8 bed, 6 en-suite HMO also with 2 separate bathrooms. The original HMO had many smaller rooms, with some of the beautiful bay windowed rooms divided into two. The plan was to reconfigure the property, in order to make 8 larger rooms, with the majority having en-suite bathrooms. In addition, it necessitated converting the redundant basement into a large en-suite bedroom. The project necessitated obtaining Building Regulations, Planning Permission for new windows, Fire Authority Approval and a new HMO Licence.
Figures:
Purchase Price : £320,000
SDLT : 15,600
Refurbishment : £90,730
Total Costs : £426,330
Value on Re-finance : £475,000
Mortgage on Re-finance (80% LTV) : £403,750
Money Left in the Deal : £22,580
Annual Rental on Completion of Works : £49,317 per annum
Annual Rental Now : £55,794 per annum
Cashflow : £1,676 per month
8 bed, 6 en-suite Student HMO Property
This project relates to the adjoining property to the one featured above. It involved the conversion of a 10 bed, 2 bathroom HMO into an 8 bed, 6 en-suite HMO also with 1 separate bathroom & 1 WC. The original HMO had many smaller rooms, with some of the beautiful bay windowed rooms divided into two. The plan was to reconfigure the property, in order to make 8 larger rooms, with the majority having en-suite bathrooms. In addition, it necessitated converting the redundant basement into a large en-suite bedroom. The project necessitated obtaining Building Regulations, Planning Permission for new windows, Fire Authority Approval and a new HMO Licence.
Figures:
Purchase Price : £310,000
SDLT : 14,800
Refurbishment : £95,670
Total Costs : £420,470
Value on Re-finance : £500,000
Mortgage on Re-finance (80% LTV) : £400,000
Money Left in the Deal : £20,470
Annual Rental on Completion of Works : £49,317 per annum
Annual Rental Now : £55,794 per annum
Cashflow : £1,560 per month
3 x 1 Bed Flats in Nottingham
This project involved the refurbishment of 3 x 1 bed flats in Nottingham. Almost everything needed to be done to the Block of Flats. My team and I tackled all 3 flats initially to get them stripped out and for the first fix plumbing, electrical and fire alarm works to be completed. Then the entire building was re-plastered. From there, we were then able to fit the kitchens, bathrooms and other items before starting decoration. We focused on completing the ground floor flat plus the communal areas initially, so that it could be rented and the project to start receiving revenue. We then finishing the other flats as soon as possible after that. Aside from the usual, gas, electric and fire alarm certificates, the project also required the obtaining of Building Regulations and Selective Licences.
Figures:
Purchase Price : £160,000
SDLT : 5,519
Refurbishment : £43,800
Total Costs : £209,319
Value on Re-finance : £210,000
Mortgage on Re-finance (80% LTV) : £172,000
Money Left in the Deal : £37,319
Annual Rental on Completion of Works : £18,300 per annum
Annual Rental Now : £27,900 per annum
Cashflow : £1,378 per month
