Bringing on a joint venture partner is a lot of work. It is really rewarding and incredibly satisfying to build a new relationship with a relative stranger to the point of money exchanging hands. The trust that you are taking on is a big responsibility, and we appreciate the trust that our investors have put into us to make a good return for them, but also to communicate and deliver, which we are doing.
We are in the middle of the Invest 1 Venture, having purchased 2 of the properties, with a 3rd in the pipeline for this group, so overall it is late in the game to join this group. Earlier investors will be compensated according to their time invested with returns being time adjusted.
Project update: We are awaiting a flood report on Gwendoline Street to determine if we can convert the rooms on the ground floor into bedrooms on the ground floor, and whether it still makes sense to get a HMO license if not. We are still working on getting a bridging loan to make up the budget for this, and leverage the investor cash for the long term in the HMO. The 3rd property is bouncing back and forth between 3 solicitors. This is a frustrating part of investing in the UK - the solicitors don’t seem to act quickly on these matters, presumably due to relatively low fees and high workloads to make ends meet. Maybe.