BRRR strategy from afar

[ArjunB]

Hi all,

Realistically, would it be possible to be renovating a property in, say, Liverpool, whilst living in London? I know that sounds ridiculous at first, but with direct trains & weekends earmarked for Liverpool trips for the foreseeable future, could I make it work?

I realise that it would take longer, since I wouldn't be able to attend the property during the week & as a consequence my financing costs will probably be higher, but if that's something I'm prepared to accept, then could I make it work?

Looking forward to your responses!

Arjun

[alexb-d]

Ask yourself "What would Rich Dad say" - How could you make it work? not if it could work.

Factor in your time, associated costs such as travel/food/accommodation (if any) and any further finance associated fees and if it still stacks up then i say go for it.

also look at seeing if a contractor works out cheaper to do it all for you when you have factored in the above.

Alex

 

 

 

[ArjunB]

5 minutes ago, alexb-d said:

Ask yourself "What would Rich Dad say" - How could you make it work? not if it could work.

Factor in your time, associated costs such as travel/food/accommodation (if any) and any further finance associated fees and if it still stacks up then i say go for it.

also look at seeing if a contractor works out cheaper to do it all for you when you have factored in the above.

Alex

 

 

 

cheers Alex!

I was planning on using a contractor anyway, simply because it would reduce my mental stress as well as probably getting the project finished sooner (reducing my financing costs).

I should have phrased my question as 'how feasible would BRRR be from afar using a contractor?' - any further comments?

Have a merry Christmas!

Arjun

[alexb-d]

There is a podcast that is dedicated to remote development. Cant find it but search for it.

[loosal]

alexb-d searched google but no luck finding the podcast can you shed more light?

[ArjunB]

On 12/24/2020 at 3:07 PM, alexb-d said:

There is a podcast that is dedicated to remote development. Cant find it but search for it.

oh right! I didn't realise, will have a dig for it.

Cheers Alex!

[dipak05]

Hi Arjun,

I invest in Liverpool and have great contacts for Project Management (with own building contractors) and Property Managers. These contacts are all Liverpool born and bread and very experienced in property investments in Liverpool. 

Contact me if you need more details.

Dipak.

[alexb-d]

Here is a link to the relevant podcast

 

https://propertyhub.net/podcast/remote-investing-what-you-need-to-know/

 

Thanks

[phill_b]

On 12/26/2020 at 8:35 PM, dipak05 said:

Hi Arjun,

I invest in Liverpool and have great contacts for Project Management (with own building contractors) and Property Managers. These contacts are all Liverpool born and bread and very experienced in property investments in Liverpool. 

Contact me if you need more details.

Dipak.

Hi Dipak, 

Could you share your contacts of recommended contractors in Liverpool with me please?

Thank you.

[michael_heyes]

i have helped investors with their own BRRR projects in Liverpool have a look at the info on my website where i document each project www.yourmaninliverpool.co.uk 

good luck! 

Michael 

[Darren McNeill]

The biggest challenge with distance investing is finding people you can TRUST.  You wont be in a position to drive up and do things, so you need to get someone on the ground who can basically do everything for you.  I have had a few clients go off and try to do things away from their home using trades local to their property etc and they have found it hard work. If you can find someone who can do all 3 elements (sourcing/renovation/management) then this will make the whole process easier.

Darren

 

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