This week we’re pulling back the curtain on property deals that we’ve personally done recently.
They’re both slightly unusual by the standards of what we usually do, but we’ll also be publicly sharing more of our “routine” deals from now on – read on to find out more about that!
Rob B’s off-plan development in Manchester
- Office conversion in Sale, Manchester
- Developer pre-sold 50% of the development to RMP to fund the rest of the build
- £175,000 value, bought for £140,000 (20% BMV)
- Projected rent £750-800 per month
- Completes in early 2016
Rob D’s Hull flip
- 3-bed semi on a corner plot in a popular area of west Hull
- Bought after auction for £115,000
- Solved a structural problem and redecorated internally for a total refurb cost of £15,000
- Sold for £172,000 – almost exactly 6 months start to finish
- Total costs (including surprise damp revealed in buyer’s survey) £154,000
- Profit £18,000 (24% return on cash)
What these headline numbers don’t reveal are the important lessons we learnt along the way: listen to the episode to get the full story, hear our main takeaways and what we’d do differently next time!
Introducing…Property Hub Progress Journals
In this episode we announced the return of an extremely popular section of The Property Hub forum – progress journals.
This is where you can follow along with the journey of fellow members, and share your own – allowing you to benefit from accountability as well as timely and specific advice.
Click here to visit the forum and head for the Progress Journals section to find out more!
Free guide to landlord insurance
Supposedly “boring” topics get a surprisingly enthusiastic response when we cover them on the show – as Rob D found out recently when he put together an episode of The Property Geek Podcast about landlord insurance.
To answer all your questions about what insurance to buy, how to get the best price and how to make sure you’re properly covered if you need to make a claim, he’s put together a free guide: The Ultimate Guide To Landlord Insurance.
This week’s links
- Our free course on buying BMV
- Our free course on property flipping
- The Property Hub Magazine: if you enjoyed case studies like we shared in this episode, each issue of the magazine includes at least two – with photos and a full breakdown of all the numbers. And it’s only £5 per quarter!
- Episode 33 – How to win with off-plan property
Resource of the week
Sometimes, fraudsters can attempt shady things – like taking out a mortgage against your property, even though they don’t own it – and you won’t find out until it’s already turned into a huge problem.
Not anymore! The Land Registry has announced a free alerts service to tip you off as soon as any attempts are made to alter the register or make official searches. They’ll email you as soon as something happens, and you can quickly alert your solicitor if it’s not activity you were aware of.
It’s a 5-minute task to register and add your properties’ details, so go do it now!
(Thank you to Mark Morris (again!) for the recommendation.)
News this week
Moneyweek has discovered that there’s life outside London – predicting that the London bubble will burst because there’s so much better value on offer only an hour away by train.
This isn’t going to be news to regular podcast listeners, but if the media is finally catching up maybe this means that the rest of the country will start gaining ground against the capital.
Join the conversation
Do you enjoy hearing case studies like the ones we shared in this episode?
What’s your own progress journal going to be about?
We’d love to know, so join the discussion in The Property Hub!
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