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Tag Archives: cash flow

Craig Coaching 21 day challenge icon

Craig has launched a life coaching business and talks about the experience of doing 21 day challenges to get started towards a goal here.

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Blodwen St Finding an Agent

Agent didn’t live up to their promise, so we are getting a new agent at the end of the short leash we gave the old agent. Strategy and Update.

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Gwedoline Street Construction Starts

Started construction on Gwendonline Street, some interesting issues raised like damp and dry rot, we knew – but the treatment is hectic.

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Walter Rd photo with mid construction written across it

We’ve received a mid-construction report from the Project Manager on this one, which is great!  As you can see from the photos below, there’s been some real progress with frames built, and the walls and floors are really looking different from the state we left it in. Work completed so far: Rip out Frame works Electricals started Work to go: Build bathrooms Water main upgrade Electrical meter upgrade Installation of sprinklers Install kitchen Plastering Paint and decorate There is quite a bit of work to go really, but it should move swiftly from here on (we hope!).  All the framework is there so more contractors can be working on the construction at one time.   Sadly we are still waiting for the schedule of works and the agreed milestones from the PM so we can follow along. We thought we would take this opportunity to share our learnings from this project,…

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Gwendoline St with "finding a builder" written on it

Today we met with 2 builders on site to get some quotes and ideas about the development. Walking around the property with the builders, we discovered the ease in which this property could be turned into a HMO at a relatively low cost as many walls are brick, and therefore the fire exit is protected.  The biggest issue may be the window escape routes. We will have to check with building control if it is necessary to change all the windows which are UPVC already, but not fire exit standard. Bad news was this little beauty we found growing out of 3 spots, 2 downstairs and 1 upstairs. One of the builders said “this is not good, fix it straight away” and another said “no urgency” so we are seeking another opinion.  Our research took us to a couple of places, including a DIY treatment site suggested the best way…

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Piles of £1 coins with monopoly houses on top

We are using 2 of our properties to secure a 64% LTV bridging loan with a commercial lender called Together Finance.  We want to start relationships with the bridge loan companies and banks, and prove our capital adequacy and credit worthiness.  So for now, we will pay the large interest rate (detailed below) and set up fees to get this reputation in place. {back to public} The deal is taking longer than we would like due to a few things. Company borrower: Firstly if the borrower is a company as opposed to an individual, your legal costs could more than double.  Lesson in this is to borrow in your own name if you can. Unfortunately in our case, changing the borrower to us as individuals caused confusion as the lender’s solicitor did not reissue all the documents, and expected our solicitor to figure out which documents from the original set…

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Wow. Today we spent most of the day dealing with a Chinese Visa application. The cost of travelling as a family, with 3 different surnames and not having all your paperwork on hand. It would have helped if the documents required page had of listed all the documents that you actually do require…. eg if you have a minor, you need their birth certificate. So that was the first problem, as we are travelling we didn’t have that, and we didn’t plan on being China when we left Oz. Went off, with some major problem solving to do in 35d heat plus high humidity. We worked out over some lunch that Ethan’s school might have a copy, and luckily we were right. We then headed back to the visa office, and submitted all the paperwork, and all seemed in order, with instructions to come back the next day to collect.…

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We had some interested parties in the last 3 units of this JV, however we had to make a decision on how to proceed today. We had to give them deadline to get in by 9am UTC time, as we had a deadline to meet ourselves. A bit of pressure applied, which can help for some people to make a decision, and to give us some certainty with the current deal. Unfortunately we didn’t hear from them by that time, which is a no, so we moved forward with the alternative, which makes the returns much better for the initial investors, so great all round. These potential JV partners could now be in the queue to get into the next opportunity that we create.  

Our project manager Geraint Jones is confident that the builder he found has the right level of professionalism and team to do this larger project. A little more expensive to deliver, however the job should be done faster, when time is money, this is super important. The numbers:

Gwedoline St Property with Before written on it

Here are some photos of the state in which we received the property before we started work on it.