On the same day as our R2SA completed, the purchase of our first property was also completed.
Efter mentorskapet var vår strategi att “flippa” (köpa/renovera/sälja) i 2 år för att sedan börja göra större projekt. Efter 2 år skulle vi göra större projekt samtidigt som vi flippar för att öka kapital och köper hus för att behålla i våran BTL portfolio. (Buy To Let)
While we were waiting for the deal in Scotland to go through, we had access to more capital through new investors. We could, therefore, buy a better property when purchase did not go through in Scotland.
We meet a sourcing agent at 10X. We were introduced by a friend who had bought 4 properties in the last month from them.
Under våran utbildning har vi fått höra att södra Wales är ett bra område för att flippa i, detta eftersom det finns ett överflöd av gamla fastigheter i behov av renovering. Majoriteten av köpare vill ha ett hus som de slipper renovera.
When we got home from 10X we had a Skype call with the sourcers and they had found a deal for us. We did our research on the area and the real estate market in that area just as we been thought. An example of something we are looking at is if it is an area where the majority rents or buys their home.
This property was special, it did not need any renovation as the property investor had already renovated. He wanted to sell the property considerably higher than what we bought it for. The reason we got it for that price was that his bridge was about to expire and he didn’t want to pay the large fees that come if you go over time. He was therefore motivated to sell at a low price.
Efter undersökningen så tackade vi ja till huset eftersom huset var köpt via en auktion blev vi tvungna att lägga en deposition på 10 % och betala resten inom 28 dagar.
The pulse went from 0-100 directly after we signed.
We had to go and verify our passport and address (proof of address) then show 6 months of bank statements.
After we had done all this, it was just sign the contract.
Samtidigt höll vi på med att fixa vår R2SA så det var mycket stress de här veckorna!
The property is valued at £ 30,000 more than what we bought it for without doing anything. Now it is up for sale, If the property is not sold within 6 months, we will then put a mortgage on the house and pull out all of the money that was invested and can then repay our investors.
5x Win-Win situation:
- Vi löste fastighetsinvesterens problem med lånet
- Sourcers made money
- Vi fick ett hus under marknadsvärdet
- En familj får ett nytt HEM!
- Last but not least, our investors get good RETURN ON THEIR MONEY!
– Nana