Approach to Making a Good Deal in Manchester Property
This blog post is somewhat of an introspection. For almost 4 months we tried to put together a scheme in which we could convert an office building into flats. Actually 26 flats. From this endeavor which to this point has not happened yet…I have learned many things.
- As with our Professional HMOs and Social Housing HMOs we always have multiple offers going on
- We took our time negotiating this conversion project.
- We did not fall in love with this conversion project
- We were not desperate
- We worked out all the numbers ahead of time…and did not budge as this would enhance our risk
- Our financing was in place
- We did not try to squeeze the vendor
- We sketched out entire plan from start to finish ( exit)
- We planned for all eventualities and made a fund for them
- We were willing to take chances
- We had thick skin
- We did not take it personally…
- We were not willing to overpay
The main thing I learned was even that this project had a GDV of approx 1.6 million…in the future have multiple offers going on continuously. This is exactly where we are ….we have 3 build from the ground up…plus looking at one larger conversion project.
Thoughts?
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