Skip to toolbar

Tag Archives: Gwendoline St

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.

Read more

Gwendoline St building with Planning written over it

We are thrilled we received word from the Neath Port Talbot council today, they approved our planning application to change the property from C3 residential to C4 House of Multiple Occupants for up to four people. Yay! There was a proviso of no accommodations on the ground floor, as per the flood consequences report, which is unfortunate, as we have a room on the ground floor that we considered asking to make an extra bedroom. However, we will look at options for this in the future now.  Landlord storage, or use by us as an office, other options are out there too, we will see, being creative with space is the fun of this game. We have one quote from a builder to build to the spec that we want and waiting for another.  The quote was pretty light on detail, although it does say we can ask for more…

Read more

Walter Rd prop with "finding an agent"

We had the pleasure of meeting a letting agent who is achieving rents beyond our expectations for HMOs in Swansea and Port Talbot and we decided to make them a part of our team. Hearing about the agent being an investor himself, how he disagrees with many letting agents on their methods and bedside manners with landlords and tenants, was very encouraging, especially for Craig who has operated like this for some time, while managing his properties for the past 15 years. This agent treats his clients and tenants as JV partners and seems to go the extra mile to earn his fee. His methods include: setting up a WhatsApp group for a HMO, so they catch any issues first and all the tenants are on the same page; Managing the cleaning and bin rota; quarterly inspections; advertising for tenants using targeted marketing methods; targeting ads at specific industry workers; doing…

Read more

Gwendoline St with "finding a builder" written on it

Today we visited the work sites of two of the builders we are getting quotes from, to understand their work method, see them in their own environment, and understand likely costs of works based on their existing/ past jobs. We are still waiting for quotes, but based on the type of work we have seen we are quite certain about one of the builders being the one we work with.  In traditional blog style, I will change names to Bob and Paul. Bob came on site, and did an inspection, wrote a few notes, but didn’t give me a lot of confidence that his price was going to be completely fixed. He did not ask enough questions like “how would you like that done” etc so I am expecting to have at least a 10% overshoot on his quote. Paul on the other hand did a full work up of…

Read more

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…

Read more

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…

Read more

words "New Investor!" over a picture of gwendoline st with 2 inset properties

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…

Read more

sad day

It has been a disappointing day today.  One of our first to commit major investors has had to temporarily pull the plug as their funds are caught up in administrative and bureaucratic nightmares in the US. 🙁 As an unfortunate as this is, it also provides an opportunity for us to send this deal off to some of our potential JV partners, giving them an option for an investment level that suits their budget. We split the £40k investment into 4 x £10k dropping the minimum investment level from £20k to £10k to meet the needs of a couple of investors we know of, and also raise the funds quickly as this delay is hurting the overall position at the moment. We have essentially personally bridged their £40k and cannot continue on one of our own projects until this is sorted out, and our funds into the other project are…

Read more

decision

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.  

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.

10/14