Flat Conversion Project Warehouse to Residential Real Estate UK
We conveyed last week on an abandoned warehouse in Manchester and we are going to convert it into residential flats. The neighborhood is working class yet we are going to upscale the kitchens and bathrooms. We engaged an architect to do the CAD drawings in order that we can try to presell the project. We feel the project will take 3 months. However we know there will be all kinds of issues, such as electricity and water. We already made our money on this deal because we bought the warehouse completely undervalued. I have a colleague who is addicted to his computer and can find properties that virtually no one else can. He can sit for 4-5 hours and stare and search for properties. This is what makes up a team. Another colleague is a problem solver. Every issue…he seems to find a solution. My job and families job is to find the money. We are using this warehouse project as yet another example to show potential JV partners the quality, speed and most importantly the profitability of our projects. In all projects we finish them in several months….tenant them and then sell them on. We keep the profits and roll them into properties that we keep that are on social housing programs with guaranteed rent. This way we compound our money and not leveraged.
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