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Glenn’s Week

pic1Monday morning was very eventful. On Friday I had been offered 4 commercial properties at just under 500k and I needed to provide proof of funds for the whole amount to solicitors. I spoke with a surveyor who is well known to me and had previously valued this portfolio for the bank. He confirmed value to be around 800-900k.

I am rescuing this portfolio from the bank and have agreed to sell it back to the current owner at a pre agreed price plus costs within an agreed timeframe.

pic2In the afternoon I went to see a specialist property barrister about some ideas I have and then I attended the Berkshire Property meet to catch up with many friends and clients.

Monday I completed on a sale of a property I purchased several years ago and decided to sell

Sold price was £340,000 and I had originally paid £212,500 as I was raising some funds for another project.

I also completed on the cash purchase of a property I have purchased with Richard Greenland who is on my partnership programme. Purchase price was £95k and the end value if we refurbished would be around £220k. However we have entered the property into an auction and expect it to sell at around £130-£140k.

pic3Tuesday morning I ran my mentoring webinar for the investors who are on my yearly mentoring programme and for the developers on my Partnership Programme. Over 20 people viewed the property we completed on yesterday and we had to rush the keys to them to facilitate the viewing.

I spent much of Tuesday afternoon on the phone dealing with the Commercial Portfolio purchase in between viewings of potential HMO’s.

pic4I have several clients who have asked me to Source 5 and 6 rental room properties for them to Run as HMO’s as they do not have the time to do it for themselves. I charge a £500 commitment fee and a further £2500 per property on completion. For an additional £1000 I oversee the required refurb and HMO requirements plus we manage the property moving forward. Typical purchase prices are around £120k to £180k with cash flows of around £350 per room per month.

Wednesday I went to meet the architect at a property I have just put on the market for £295,000 less part of the side garden which I have kept and will build two three bedroom semi’s on. I paid £190k for this property.

pic5I put in an offer of £160k on a property that came on the market that day at £170 the agent called us first. Unfortunately an asking price offer was received the next day. Property needed 15k spent on it and would sell at around 205k to 210k

Thursday I spent the morning on the phone and finally had agreement from the bank that were re-possessing the commercial portfolio to allow my offer to proceed. Unconditional exchange was insisted for Friday but with a value of over 300k more than price agreed I was happy. Next week I will then get contract drawn up for the current owner to buy them back as we had verbally agreed and shook hands. This will see me with a profit of 4 x 10k and giving back most of the gain. I should get all the cash back out of this deal in the next 4 to 6 weeks using a commercial loan.

Friday I put in an offer of £450k on a development project of 10 new builds and a conversion of an old hotel to 6 apartments. End profit potential is between £600k and £900k. Bank will lend around 50 to 70 % of purchase plus costs to the SPV I will create for this project and I have found a JV partner to fund the balance.

I spent most of the day with some of the people on my Partnership Programme and I have agreed offers for them to put forward on 3 new deals.

I finished the week with some more good news. I had an “almost asking price offer” on a property that I recently put on the market. I put it on at £310k and have a £300k offer from a very proceed able buyer. I paid £176k for the property

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