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Hi everybody,

I thought I’d write this to introduce myself and also to provide me with a little bit of motivation, as I expect this community will be great at holding me accountable for my goals.

I’m currently in the middle of a live-in refurbishment with my wife and 2yo daughter. We’ve been hit by some tough times over the past three years since we moved in, so nothing has really gone to plan. I’ve been doing most of the work myself-I’m a civil engineering project manager by day and a DIY dad by day-off/evening/occasional weekend. It’s been hard balancing work, dadding, husbanding and DIYing.

To date I’ve rewired the flat (had a sparky connect/test and sign everything off), had the external walls insulated, extended the kitchen units to accommodate a dishwasher that I plumbed in (relationship depended on it), stripped out, insulated, plasterboarded and redecorated my daughter’s bedroom, redecorated the dining room, stripped out and rebuilt a nightmare of a shower room (never doing a bathroom again!), had a wood burner installed and have future plans to extend, through the only way possible, with a purpose built garden office room.

Admittedly, we bought the house with a naïve perception of how much work it would take to bring the house to where we wanted it to be, but the learning I’ve experienced on this project has helped me understand my strengths and weaknesses, which I now aim to put in to practise with property investments. Our saving grace with our is that we bought well below market value, so everything we do is adding value.

We currently live just south of Edinburgh, so I’m interested in investing in the Lothians and into the Scottish Borders. My family home is in Sheffield so I’m using local knowledge and contacts to explore there and the surrounding areas. I also have my eye on Nottingham, Newcastle and my mum’s home town in the North West.

Due to the shock death of my dad in 2018 we have a reasonable sum to invest from his estate, with the view to building a business that will support his (currently) four grandchildren as they grow up. More immediately though I aim to provide an income for my mum so that she can afford to retire to where they always planned to, but without tying up all the inheritance by purchasing with cash. The second benefit of a retirement income for my mum will be the ability to release equity from the family home by refinancing and renting out. It’s currently owned outright by my mum, so seems sensible to leverage it to increase income and allow its value to increase over the next period of growth.

My plan is to take a BRR strategy utilising my project management and scope definition skills to provide clear requirements for a builder/contractor. Using this with cash purchases, I aim to be able to buy BMV, add value and then release a 10% ROI back to my mum (who will be the main investor).

Where I stand right now is research, spreadsheets, research and more research. I have a goal of purchasing the first property in the first quarter of the year with another to follow in the third. I’m basing this on the minimum 6 month period for refinancing, however with buying in cash and refurbishing I expect this period to be shorter, however need to recruit a mortgage broker to discuss this with first.

It’s been great reading about everyone’s journey’s and experiences on here, so will keep this updated with my progress. Please feel free to get in touch with advice, questions, critique of my strategy, or just to say hi.

Thanks for reading this far!

Dan

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