Below is my February property update / newsletter:
I’m continuing to work with Susannah Cole from The Good Property Company in Bristol, and also Trish McGirr from Come On Homes in the north of England, who are both experts in their fields with experience of nearly 500 property deals between them.
My main activities for February have been:
1) Refinance my existing portfolio – Of the 3 remortgages I have been doing, 2 have come back with firm offers at the (I thought optimistic) valuations I’d submitted, without any deductions; they will release £75k in additional cash.
I’m waiting to hear on the 3rd valuation (a HMO) hopefully this week, which I’m very optimistically am hoping will give another £80k cash, but I suspect as Meat Loaf said, it’ll be a case of: “2 out of 3 ain’t bad”. But my target of raising another £100k cash should be easily achieved.
2) Purchase another single let – The purchase of a single let in Warrington I mentioned last month is going ahead and is in the conveyancing process at the moment. The figures roughly are: 2 bed end of terrace in Warrington for £85k + a £10k refurb to split the 2nd bedroom to make a 3rd bedroom, will make it worth £115k+ so has £20k equity from the start, plus it’s got a tenant already in situ, giving a yield of over 8% from day 1.
There’s currently a small issue with a restriction on the title from a former housing association, which is delaying things, but it should get sorted this month.
3) Raising Private Finance – I’ve launched 2 investment clubs this month: my Silver Brick Partners club (fixed interest, fixed term loans) and my Gold Brick Partners club (joint venture profit split on deals).
I’m pleased to say I have secured investments for each of my 2 clubs, with move investors in the pipeline.
It goes without saying, that if you know anyone who is either fed up with getting a terrible rate of interest on their savings, or has always wanted to invest in property but didn’t know quite how to start, then please ask them to call me, or pass on their details to me.
4) Property Sourcing – A key activity this month has been investing time in building relationships with property sourcers in order to leverage my time. I realise that this means this month has been a bit slow on the property sourcing front, but it should pay dividends over the coming year, as I’ve now got 8 sourcers who are looking for that next great property deal for me.
5) Lease Options - I’ve actively progressing lease options as a strategy, and currently have 3 deals going through, 4 more where I’m in negotiations with the vendors, and another lead that’s just dropped in. 1 deal has fallen out of bed, but that’s the way it goes.
It’s been another busy but exciting month, time is the biggest issue at the moment as there’s so much to do, and never enough time, I wouldn’t change it for the world though.