It’s been a fantastic start to the year after a challenging 2020 and we’ve got stuck right into 2 new projects which we purchased within days of each other. Both purchases were financed via proceeds from the sale of the two semi-detached bungalow and equity released from the refinance of a previous property we’d purchased cash.
The two new purchases, which we’ll refer to as Projects BHG and CHA are both located in the capital city of Edinburgh, Scotland, and even though they’re in a very rough state now, they will in no time be transformed into high quality homes over the next 4-6 weeks when all the refurbishment works is completed. Plan is to bring Project BHG, a 2 bed flat to the market for sale and retain Project CHA as a BTL (Buy To Let) to generate cashflow.
Project CHA is a very exciting one as we’ll be converting it from a one bed flat into a two bed flat, significantly adding value to the property and enhancing the living accommodation. We had applied for a building warrant with the Council just before Christmas (even though we’d not completed the purchase!) in order to get ahead of the curve and be in a position to kick off the works as soon as we picked up the keys. Our strategy paid off as we secured the approval for the conversion just at the turn of the new year.
As at time of writing, a new offer has been accepted on a wee cottage 20 mins away from Edinburgh. We’d gone to view the property a few weeks ago and our offer had been previously rejected as it was considered “too low.” But last week, we received an email from the estate agent that the vendor was now happy to accept the offer if we were still interested in the property (they’d reduced the price on the market that day by £22k and naturally had been inundated with viewing requests!). We promptly instructed our solicitors to send in the formal offer straightaway which has been officially accepted.
We are also delighted at numerous opportunities to share our experience and lessons from our journey with family and friends who have been motivated to get into property investment themselves. Wherever possible, we’ve helped to identify potential properties that could meet their requirements and introduced them to members of our team (solicitors and brokers) to provide support if required, during the purchase process.
Its been a great start to the year and we’re very hopeful this will be our best year yet. Watch our for more updates on the current projects or head over to our portfolio page to view past projects.
We’d love to hear from you so if you have any questions, please don’t hesitate to get in touch.
