Refurbishing Properties in the Path of Progress
In January of this year we purchased a block of 8 flats. The area was rather rough and my wife ( who is the boss) did not want to even get out of the car or into the property. The reality is we have had homeless and drug users breaking into the property. One Friday late afternoon got an urgent call that there were people on the roof trying to break in. Called the police and was a process. Only the following week, more drama and alot of needles.
However in order to be successful in property you have to see past this and have a view of the future. We purchased for years in Salford which was at the time very rough. We would buy properties and convert into Social HMOs. There were even no go areas. However properties we purchased in 2014ish have doubled in price plus cash flowed. We sold one in particular to a gent from Saudi Arabia ( Actually he bought many from us) for 100,000. He kept it for 3 years collected approx 36,000 and sold on for 132k. He actually did better than us.
We have been buying in an area in the Northwest which has a wonderful reputation. When I speak to people about the properties we have been buying they make faces. These are the same faces that we saw in Salford and now there are investors from Hong Kong to Saudi Arabia are looking to buy now at the inflated prices.
This property block we bought was rather rough. Some of the flats looked like a bomb went off. However today as you will see in the video, others have been buying and the area is turning around. We have rented most of the flats.
The key to property is vision, low leverage and alot of problem solving
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