Today I went and visited our BRRR (Buy, Refurbish, Refinance and Rent) deal in Corby and now i’m a seasoned property investor, the condition really doesn’t phase me. Honestly the site is a mess, all the windows boarded up where the previous owners have smashed every single window. The kitchen was non existing when we made this purchase and generally the internals were all over the place. They had half smashed bedroom 3 and 4 together to make a big third bedroom with a hole between the two spaces. Basically nothing internally is going to be saved. There is some good news, structurally this is a sound property, 1960s build and not showing any signs of age, Phew.
I meet the guys from Legacy and discuss the budget for the build, they have said 25-30k but now they think we might go slightly over. They had turned the boiler on and water just leaked through just about every ceiling downstairs. The pipes have burst throughout the system as it has been left empty over the winter with nothing running and the freeze must have gotten to them. A good lesson for everyone and is why it’s so important to keep a bit of heat in a house and system even if empty. An awful lot of additional plumbing work has been added to the bill, I understand this and agree to the extra £800 – £1200 for the additional plumbing, this is added to my cost sheet.
Nothing about this size of project can be completely planned out and to be honest my personality loves a little bit of uncertainty. I find it keeps life fun! I turn to the builders and explain I’m going to do a quick youtube video. As normal the subcontractors want to watch some of my stuff and end up subscribing, that’s 578 subscribers now Terry has subscribed and joined the family! I go outside and get a great idea for a little instagram reel which I quickly film “https://www.instagram.com/parham_mark/reels/” which later on goes on to do really well on several facebook groups.
The filming goes well and it’s lovely catching up with the guys and i’m still very optimistic about this project and its end value. The figures are below:
Purchase Price: £116,000
Reno: £30,000 (it’s not going to be £25,000 unless we get some luck soon!)
Heading home i’m very lucky to be able to tie up some loose ends on other projects I have going on. Our property in Didcot that’s being revalued had some work that needed doing and now that’s done the revaluation can be booked. Honestly sometimes I wonder how I keep so many balls in the air without dropping any. Ultimately it’s because I’m allowed to focus, my lovely Wife has everything at home sorted so I can just plow forward business wise. Ironically its her that runs the investment company and just me that helps out buying, sourcing, strategising and delivering the vision. I’ve never been great at the admin side etc so its a perfect set up for our family! Anyway this is my first Blog post I’ll be doing these weekly so stay tuned for episode 2!