Friday 23 March 2018

The end of one deal means the start of many Joint Ventures in Clapham! Or Deptford....

Well it's done! This was probably the easiest deal I have ever done. You will remember reading about this one for sure, but now that it's all completed, done and dusted I'd like to give you a bit of a summary.

A client came to me asking for my expertise. He wanted to acquire a property and use it as a vehicle for wealth. He wasn't ready to become a landlord yet, he wanted to "grow his cash pot" - his words. Amazing coincidence was that a day before I had let a deal go because it did not fit my criteria - everyone knows I love a good rental property!

This particular property needed to get sold ASAP and presented a prime opportunity for a quick refurb and resell, a Buy-to-Sell (BTS).

Terms were agreed between the investor and I and I would charge a fee for the project management and the sourcing of the investment, it came through my network of contacts of course!

I priced up the deal and the property was purchased. Alas we did encounter some problems during the refurb. The spec that I wanted would be considerably dearer than the builder had anticipated because of some unforeseen electrical works and a few other things. The investor, quite rightly so, didn't want to spend more money but downgrade the spec. Despite me indicating that the spec would need to be high to sell in this market for top dollar, he didn't want to take the risk of overspending and underachieving. Despite underspending being a surefure recipe for underachieving I felt I had to take this on - my good name was on the line! I opted to spend the money out of my own pocket, agreeing that I would keep the difference if the flat achieved over "x" on resale. The investor was very happy with that. It gave him a guaranteed return, and gave me an incentive to ensure the best possible result with no impact on his overall return. A win-win!

So without further ado here are some before and after shots of the property. If you click on the link below you'll be taken to the full video that I made to showcase this lovely refurbishment. 6 months from start to end, what a result!

Want to know more? Drop on down to the Clapham Property Meet next week, we're having a bit of a social gathering and I'm putting some food on to celebrate, see you there👉👉!

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