You may remember last week I talked to you about FEAR…and why facing and overcoming your fears can completely change your life. I’ve been there, I know how it feels to be scared but believe me, it’s so worth it when you break free from the fear. Overcoming my fears changed my life and I know it can do the same for you!
As promised on last weeks blog, I’m going to share with you my latest deal and I have to say that I’m so excited about sharing this development with you.
We are converting an old, unloved, unused office space into 70 luxury apartments.
This beautiful building has been empty for over a year and what a shame to leave a charming building in an amazingly central location empty. Especially when there’s such a demand for homes in this area.
As this building was used as offices, it’s known as a commercial building. In order to convert the building into apartments we knew we would have to apply for planning but we were confident that it would be passed and we would be able to create a gorgeous home for so many people.
So how did we find the property?
We found the commercial building by looking online but on smaller agents websites not on one of the main search engines for properties. As I am from the North of England, I wanted my next deal to be pretty close to home (well my home when I’m not in Barbados!)
The property was such amazing value for money so as soon as I found it we started on my due diligence. This is such an important step in any property deal!
What is due diligence?
This is what will keep you safe and secure in any of your property deals.
We looked at the other properties that had sold in the area, rentals of apartments, need for apartments in that area and reviewed the standard of accommodation being provided. We also got a feel for the demographic of that area by visiting (another reason why I love working on properties close to home). We also spoke to agents in the area, looked online and then once we viewed the property and secured it we spent a few hours walking round the area, popping into estate agents and asking their thoughts on the current market. We also looked at apartments that were currently on offer. No matter what strategy you decide to implement, I can’t stress the importance of doing thorough due diligence.
As soon as I viewed the property, armed with all of the evidence I had collected as part of my due diligence, I knew this was the development that I wanted to work on!
As with so many commercial buildings, the vendors were keen to sell and for someone to take it off their hands. I have found this to be the case in so many situations. Due to factory closures, work being outsourced or simply working smarter, there are so many of these buildings that are scattered around the UK and the vendor simply doesn’t know what to do with them… but I do!
You may have heard me refer me to my ‘dream team’ in other blogs, e-mails and articles but this is where they come into your property deal and play such an important part. The planners, builders etc. have their role and my job is to pull all of the information together to make sure the project runs smoothly and on time. I often say that I feel like the conductor of an orchestra by pulling everything together to create a beautiful end product.
This project will take about 12 months to complete so if you follow me on Facebook keep an eye out for my posts as I will be sharing with you as the project is developing.
I had to share my lastest deal with you, so you can see that anything is possible! When I first started my property journey I used the ‘Buy to Rent’ and ‘Buy to Sell’ model to take me to financial freedom. These projects and larger developments felt like the right step for me take and I absolutely love working on them. I love seeing how an old, unloved building can be transformed into loving homes.
Next week I’ll be sharing one of my very first developments with you! It’ll certainly be a blast from the past! But I think it’s important to see that it doesn’t matter where you start… you just need to start now!
If you’re interested in property but feel like it’s out of your reach or if you’re a landlord and feel a bit stuck, why not come along to my next live day in Birmingham? During this day I will be giving away some of the strategies and key mindset shifts that have enabled me to grow and develop through property. Simply click on the link below for more information:
I absolutely love hearing from you so please feel free to leave me a comment below this blog or on my Facebook and tell me what strategies you are working on or what you would love to get out of property.
Live the Life you love,