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Hi, I'm currently trying to find a reputable property sourcing company that source; BMV residental properites that are profitable buy to sell refurbishment investments. Any help would be greatly appreciated. Thanks Dave
Critique My Joint Venture Investor Pack
Rob McCarthy posted a topic in Critique My DealHi everyone, My name is Rob and it would be great if you can offer some advice on my proposed joint venture. I have attached an investor pack that summarises the joint venture and at this point just provides a brief overview. What would be great is if you can critique the proposed offer using your experiences? e.g. does it sound interesting? plausible? Any advice would be greatly appreciated. Many thanks, Rob McCarthy
Hi everyone, I've just posted this story as a reply to Simon's post and thought actually, this is a good chance for me to say hi, introduce myself and tell you a little bit about where I am with property at the moment and my story so far..... I've spent the last couple of years researching, learning and getting ready to invest and when we came in to some inheritance this year I thought this was it....we can start. However, my other half had other ideas so we bought our own house. Back to square one. I had just £15k (as I had to put money in to the house purchase) so I knew the only way this was going to start was to get investors. In August a house came up at auction and I knew it was the perfect project. I just thought sod it, even if I don't go and bid, I wanted to go and see it to get an understanding of what a property that needed a refurb looked like and the potential issues that might arise. I went along with my builder (a trusted builder whom my father in law has used for years to renovate property), assessed the potential and knew it was the perfect house to start on. I went away and worked and reworked the figures based on what I had learnt over the two years and it all added up....all I needed was money. So that was that...I set about asking those I knew who had cash and guess what? They said yes! All of a sudden I now have £95k! I needed to top up with the bridging loan and I'm there but thought I can't sort that out until I have a property. All I now needed to do was win the house! So last Wednesday (this house had been on for months due to a cancelled auction), I went to a packed auction thinking there is no way I'll win as it was so busy with only three lots, however, I only went and won it!!!! It went to my middle figure so not the best case, not the worst case. So there I was last week with a property that I wasn't really expecting to have! I was in total shock. The last week has been a massive learning curve and I have learnt so much about financing, solicitors, auction properties, renovations, building regs, party wall agreements and it's only my first week. My head is now spinning for different reasons! I have already made a few mistakes, mainly not having things in place sooner such as solicitors and bridging however it's coming together. They say you don't really learn anything until you start doing and that is soooo right!!! Also, I've now had another person want to come in as I'm offering a better ROI than anything they can get elsewhere so I now have £155k including my own money! All raised in two weeks. Which means I can reduce my bridging. I met some of the neighbours at the auction who were there to see who'd won and they were lovely and invited me round to their houses to see what they had done. So last night I went to see a few of them and it was so helpful. There are a few options with how I can do the refurb that I hadn't considered before and I'm meeting the builder on site later to get things ready for when we get the keys in a few weeks time. If anyone has any advice about refurbs, budgets etc I'd love to hear it. I'm so excited about getting this going and having the first one under the belt and moving on to the next! Thanks for reading this far.....