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Tag Archives: Invest 2

Walter Rd construction ends

The project is starting to really take shape as we reach the end of construction phase and move into the next stages of finding tenants and refinancing.

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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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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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some old rubber stamps in a pile

One of the reasons we started work on Walter Rd was to get the renovation started in order to change the use of this property from office to a HMO, and therefore remove the higher commercial council tax rate. To do this you submit a form of course, a VO7012. Craig calls the Valuations Office to request a copy by email. They said they will try, but definitely by post – we got the form by post only.  On receiving the form, we searched for it online (which we probably should have done from the start), and found the exact form on the gov.uk website, downloaded it, filled it in electronically and emailed it to them (which is allowed method of submission – whaddya know). On the form is a field for email address – “if you want us to communicate to you by email, put your email here” –…

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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:

We decided to take on some demolition work to “get our hands dirty and feet wet”, as Jeffrey Lee would say. This will also reduce the build cost a little as we can dispose of large bulky waste for free at the local recycling centre, as Ma & Pa’s can but commercial operations cannot.  😀 We managed to save approximately 3 skips full of rubbish, and we also separated it all into various types of waste.  The aim is to reduce our footprint from the waste perspective and increase the profit margin before accounting for our time. We have ripped out 3 of 4 walls that needed to be removed, all the carpet bar one room, wall paper, removed all the doors, and got rid of all the rubbish that was left on the property.

before on top of picture of walter rd property

Here are some photos of the state in which we received the property before we started work on it.  There are some interesting items that we might be able to sell, some other items that will go to the tip.  A lot of rubbish though.  

picture of Walter Rd with Completion written on it

We got the email from our solicitor today that we’ve completed*on Walter Road, which is great news! *For non-UK readers, completion here means we have paid the full purchase price and the Title will now be registered in our name.

Walter Road was not within our original plan for Invest 1 in the first 6 months, but we decided to take it on because we had a keen investor who was interested in a bigger project, so we created Invest 2.

Paperwork is underway and solicitors are figuring out what they require, doing searches etc. Exchange will probably happen within 4 weeks. We met with a local student let specialist who confirmed that the higher end student market would enjoy this location, along with the young professionals. If we can get planning approval for the rooms to be ensuite rooms, we see a higher yield possibility. Got paperwork on the planning today, will update in next post.

10/13