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Tag Archives: Invest 1

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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Blodwen st construction ends

We have finished construction of our first flip project and it is now on the market. We have selected an agent, and it is now listed on Zoopla.

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Blodwen Street property with Kitchen written on it

Our search for a kitchen supplier and also the way we work with materials has found a home with LNPG and Magnet Trade that we will work with for all future

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Blodwen St construction starts

Join us on our journey as we start the renovation and construction of Blodwen Street. The aim is to do a quick reno then rent or flip it on.

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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…

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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…

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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…

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Swansea Rd Property with before written across it

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

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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10/23