5d • General discussion
Introduction
Good afternoon everyone I would like to thank Rob for adding me to this community and give a little introduction to myself.
Basically I co own Grays homes with my brother we mainly do basic BTLs and flips our first big deal was a commercial to residential in which the numbers where strong at 150k total investment and a 320k end value. Although the process was long taking around 18 months start to finish and because of this I would never do it again I now mainly focus on BRRR strategy meaning I can pull my money out within about 4-6 weeks of the purchase with the plan to build up a nice portfolio and start to sell them off as tenants move out to then pay down the debt as with flips you traditionally have to wait 6 months before you can sell on the open market (I know there is options to do it before but mainly speaking it takes 6 months before you can sell if the buyer is using a mortgage from a high street lender) I find most of my deals on the open market and from some relationships with estate agents to show what I am doing I’ve broken down my last deal below numbers may be out a little as I am not on my laptop just now and don’t have the exact refurb cost but it’s there or there abouts
It was a 2 bed cottage flat in knightswood
P.P 96k
ADS roughly 8k
Legals I believe it was about 2 for buying and refinance
Refurb 8k
I then got it revalued at £155k (Bit of a down value as there’s many clear comps for £170k)
Refinanced 155 @ 75LTV= 116 meaning it was all money out plus 2k in real terms but I believe I left about 4k in this deal so obviously missing something in my numbers
Mortgage cost Is 427 and rent is 950 so cash flowing just over 500 I self manage all my rentals so just void times and maintenance that reduces my cash flow
This was a long post but I thought I’d introduce who I am and what I am doing if anyone feels I can add any benefit or any questions please just ask would be good to connect
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Introduction
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