Category: Manni’s Blog
#Streamline #Rationalise #Adapt!
Over the next few weeks our top three business activities for my Property investment arm is to focus on the following:-
1. Streamlining:
HMOs are very profitable but also very costly to run. Maintain, cleaning, Wear & tear is where your bottom line can be compromised.
We will be looking to find these & ensure we are over not over spending, & incurring unnecessary costs.
2. Rationalize:
We will look at selling possible one of the leasehold properties in the portfolio & re-invest in another freehold property for HMO conversion.
3. Adapting:
We have recently incorporated our portfolio so will be looking at how to approach banks & funding institutions as a corporate entity (not an amateur anymore!) with a view to maximize our ability to co-fund development & commercial deals.
– What are your TOP 3 Focus points in your Property Investment business? Writing them down gives your clarity of thought & guides your ideas & actions.
Come & Meet other active investors & share what others are focusing on.
BOOK NOW for the Last J6 Property Meet in 2017: bit.ly/2iet2tH
Looking forward to seeing you then.
Agenda for J6 14 Nov!
Your last chance to book your place at the J6 Property Meet tomorrow 14 Nov from 7-9 pm at The Copthorne Hotel Slough-Windsor.
It will be an action packed agenda & a buzzing room full of committed & active Property investors, developers, professionals & business owners. Read more “Agenda for J6 14 Nov!” →
Another buzzing evening @ J6!
The J6 Property Meet on Tuesday 14th November was an absolute success, a FULL HOUSE with 50+ investors in the room.
We had inspirational speakers with valuable tips to spot opportunities for planning, development & commercial properties. Read more “Another buzzing evening @ J6!” →
#SaveTheDate!
Below is a glimpse of a typical week in my Property business:-
Please also #SaveTheDate Tuesday 9th January 2018 for the next J6 Property Meet. Read more “#SaveTheDate!” →
#funds #money #investmentPot!
What is the one thing that’s holding you back in Property?
Is it lack of funds or access to it?
At the January J6 Property Meet we have secured another excellent speaker Tim Matcham. He will be sharing how to raise funds from private investors, banks, funds & commercial loans. Read more “#funds #money #investmentPot!” →
what are your #LessonsLearned #2017!
Before you can move on to your goals for 2018 it’s a good time of the year to reflect on what’s gone well, what you could have done better this year.
For the majority of 2017, I have focused on getting my Reading new build development to start. At a high level my top three challenges have been as follows:
a) Reducing the S106 contributions. (nationally under 10 units affordable housing contributions are NOT required).
b) Getting a good building contractor who also had the paperwork required by banks.
c) Redeeming the mortgage and securing development funding.
See a glimpse of my Reading development.
We have secured planning permission to build eight new apartments by knocking the bungalow.
My top 7 TIPS for consideration when you get into Property Development.
- Due diligence; Do your own research on funding options available in the market, vetting builders, comparing quotes from professionals, don’t be complacent. I was given an offer letter from Lender A, only to be told a few months later they have pulled out as the project costs went up.
- Don’t be in a rush to start the Development; it is a long-term game. It can take 1-3 years from start to finish; getting planning permission can take 6 months – 1 year, securing funding another 6-8 months and then the build.
- All costs are front-loaded, you will be paying out lump sums in planning & professional fees for drawings, surveys, counsel fees; all upfront. The rewards are realized when you sell/ rent the units. Property Development is NOT for the faint-hearted.
- The devil is in the detail. This could be in relation to reading the fine print on the loan terms from the bank, quotes from property professionals or detailed costing from the contractor. Please read the detail to know what you are getting yourself into.
- Don’t give up too easily. If we had not been in a rush to start the Reading development, our (unlawful) S106 contributions to the council could potentially be reduced to zero.
- Don’t be Penny wise, pound foolish. I wanted to save £3k initially by not appointing the architect firm to project manage the competitive tendering process from builders. Eventually, this costs me a lot of time & money down the line.
- Always ASK the question – don’t pretend to understand it all even if you risk sounding ‘dumb’. Embrace all the new learnings rather than focusing on the challenges & what you don’t know or understand.
Anyway, hope you find these useful. It would be good to stay connected as I will be starting a video blog of the development progress from January 2018. If you want to keep posted, please link up with me on LinkedIn, FB, Instagram or Twitter – details below.
#Goals #Plan #affirmations!
Firstly a very Happy New year to you & your family. Hope you feel rested & refreshed from the break over Christmas.
The J6 Property Team & the Chopra Property Group wish you all the success & happiness in 2018. Read more “#Goals #Plan #affirmations!” →