Refurbishing a Repossession Property IN ONE MONTH!

[@ProgressiveProperty]

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[@singletotakentv9583]

Hi I love the hands on and practical tips you give. Can you film a video providing advice on building a power team of your tradespeople and builders? I know of developers what have been messed around by tradespeople and builders and them not carrying out the work to standard and having to fork out extra money affecting property and take them to court. Thank you.

[@thegreasystrangler7012]

Great video can’t wait to see it completed

[@webbyjamel2702]

Budget of 7 k for all the works? Your builder reckons 1 month so average builder and labourer £1500 a week is 6k then your fitting new kitchens plastering removing asbestos roofs and replacing. Floor joists replaced , skips and clearance . Tiling full redecorate throughout . New carpets the list goes on . How is this all going to be done for 7k . Can I have your builders no because he must be working for peanuts.

[@DIPU1036]

£66K + £5K (SDLT + Legals etc) + MIN £12,000 refurb= Total £83,000 New Value (max) £95,000. Remortgage @ 75% LTV = £71250. £11750 Tied in. Conclusion: Kevin the Carrot is dangling a carrot!

[@kevinmcdonnellwealth]

£1500 a week for a builder? Oh my god that’s crazy money!! This is a house up north with individual trades and not one company doing all the works. Not changing bathroom, only plastering a couple walls/ceiling. Keeping kitchen floor, keeping most doors, skirting, no garden so minimal outside works. Builder has confirmed that all the floor joists do not need replacing, also now leaving Asbestos roof as not damaged, will be changing the front door though (decided since video) Not rewiring, replacing some radiators. Does the list go on? I dont think it does 🤷‍♂️ The £7k is a target budget for the builders, not a final price. Maybe the idea of the video is to show that you can go over on costs? What will we uncover when we starting ripping put etc? maybe when I said £7k I know it will be more? A lot of presumptions in your comment so why not wait for the final video as I asked in this one before jumping the gun. Also - when the guy said a month that includes having carpets fitted so not one months labour for builders. You seemed to miss the point where one guy said a week. Each individual tradesperson needs between a few hours to a few days.

[@kevinmcdonnellwealth]

@@DIPU1036 stamp duty and legals = £2,730 You can get an 80% LTV product. 80% of £95k (again estimated number so may be higher) = £76,000 Purchase price: £66,000 Stamp & fees: £2730 Refurb estimate: £7k Total: £75,730

[@DIPU1036]

@@kevinmcdonnellwealth Refurb estimate of £7K is not achievable. No Rics survey so no indemnity against ant claims. 80% LTV is wishful thinking. IF it is somehow obtained, which is very doubtful, the interest rate will eat into the cash flow seriously. Is your time not worth anything?

[@kevinmcdonnellwealth]

@@DIPU1036 Are you sure you’ve watched the video?? I clearly state in the video that the builder said £7-10k and ‘IF’ it came in at £7k what that would mean and I even restated ‘IF that happens’ I then said ‘let’s wait and see’ as it’s clearly a big IF - I never said £7k was the budget. All 3 videos in the series are ready and I know what the actual cost were, I also know what was agreed with the JV partner. What the budget was and what the contingency was but I would be crazy to share my budget with a builder especially when they say they can get it done for £7-10k.

[@eastonharris7847]

Good morning Progressive. I watched this video yesterday but wanted to ask more about your JV setup, if possible? Kevin states that all monies are that of a JV partner and upon re-finance will return their initial investment, but will then receive 50% of the profit. Is there a period of time that the JV partner will receive this (4-5 years), or will they continue to receive 50% for the duration of your ownership? I appreciate that if this is the case you achieve 50% of the income and the capital uplift moving forward for refinance or sale for the use of your time, I just wanted to clarify the structure for the deal. Thank you for your time in advance.

[@kevinmcdonnellwealth]

It’s a joint venture (not a private investor loan) so we own the property 50-50. Share of all profit, cash flow and equity. Any money left in after refinance is still owed to the JV partner so they get the cash flow until all money back out,

[@eastonharris7847]

@@kevinmcdonnellwealth thank you very much, of course. My mistake. On your podcast a while back, you were talking about JV’s and stated there was a document that a JV partner would need to sign to confirm they have the funds to complete a specific deal. Can you help with that would be please? Can’t seem to find the specific episode again. Thanks again for your reply.

[@kevinmcdonnellwealth]

@@eastonharris7847 not sure what episode that was in but the document to show proof of funds would be an update to date bank statement

[@not2588]

Hi Kevin, with the joint ventures are you joint venturing in where someone might pay £50,000 to buy the actual property you then do the refurb for £50,000 and then refinance the money so the person who bought the property and you pull all your money out and then you can go 50/50 on the cashflow from the property?

[@kevinmcdonnellwealth]

No they put in all the money to buy & refurb. I put in the time to find the property, manage the refurb and manage the tenants. We refinance after refurb and if any money is left In Then they get all the cash flow until all money back out. Once they have all their money back out we split the cash flow 50-50 and equity 50-50

[@not2588]

@@kevinmcdonnellwealth ah that sounds great, do you guys still offer this service?

[@DIPU1036]

@@kevinmcdonnellwealth With the great certainty of making a fortune via many other strategies, why would you do the lowly, relatively time-consuming task of managing a property for 10% of the rent? If you say it's because you have your own letting agency, it would be far less profitable than all the get rich strategies you teach. Not to mention cost and hassle new legal requirements introduced regularly.

[@kevinmcdonnellwealth]

@@DIPU1036 where have I mentioned managing the property for 10% of the rent?? No idea where you got that from? I own half this property in a JV so half the profit is mine (equity and cash flow) once the JV partner gets their funds back out. I run a letting agency as: 1. it’s cheaper to manage my portfolio in house than give to another agency to manage. 2. I believe in multiple streams of income and a letting agency is scalable. 3. The staff in the agency are paid from the income produced from management fees on other landlords properties (not JV properties) - that’s how agencies work - you rent houses out for other people and take a fee, the fee pays the staff 🤷‍♂️. This means I get my own properties managed for free saving me the fees I would otherwise pay other agents. This is a big saving. 4. I have greater control of my portfolio as it’s all in house and not in the hands of a 3rd party agency. 5. As it’s my own agency my staff do other do other jobs such as marketing for deals, sourcing deals, viewings, refurb management etc - this frees up a massive amount of time for me to work on the business and not in the business.

[@kevinmcdonnellwealth]

@@not2588 I only work with a few long term JV partners, also there are FCA regulations that require the JV partners to be qualified as high net worth individuals. The idea of this series of videos is to show you a refurb rather than to Show you how to JV, I will do a separate JV video at some point to help you with how to safety structure JVs so keep a look out for that

[@Chris-sx4qw]

great vid