Purchased for JUST £52,000 before New Year | BRR | Project King Street

[@dilaraersoy3113]

Amazing 😍

[@ryaneastley]

😀

[@ayhank4331]

Is this in Neath?

[@ryaneastley]

Hey, No, this one is in the valleys to the east

[@Saturntabbytype2]

Convert the house into 5 rooms for Bedsits 400 a month

[@ryaneastley]

liking the idea, but that idea comes with many complications which I wont go into on 1 comment - so we tend to stick to standard BTL

[@Irfan_M_1]

This looks a cracking deal. Can I ask how much the sourcing and project management fees are please? SDLT and Legals are on top of the PP I assume? Thanks

[@ryaneastley]

Hey, legal fees around £1,200, SDLT £2,600, project management £1,500, sourcing £5,000. All prices are factored into the project to make sure the ROI is the actual ROI, particularly since they bought with cash.

[@Irfan_M_1]

Thank you. I’ll be looking to book in a call with you soon :-)

[@ryaneastley]

@@Irfan_M_1 Fantastic, link in the description when you need it mate.

[@ayhank4331]

What areas within South Wales would you recommend?

[@ryaneastley]

Hey, it totally depends what sort of goal you have what what type of investment you are looking for. For BRR projects - the valleys are great. For flips, further south is great.

[@ayhank4331]

@ thanks Ryan. Im not familiar with Wales, are the valleys just the areas away from the bigger cities - or are there any particular areas for example.

[@ryaneastley]

@@ayhank4331 The valleys are around 20/30 minutes above Cardiff and Newport, so yeah they are just slightly away from them. We cover a 20 mile radius so there are many places we target for these projects. Hope that helps

[@theformula8993]

Do you source properties only in South Wales any other areas.

[@ryaneastley]

Hey, we just operate in South Wales. We find it the best way to provide value with just being in 1 niched location.

[@placiduccio]

City??

[@ryaneastley]

town in South Wales

[@cameelb8113]

£52.000 purchased price + £40.000 renovation cost = £??.??? How much could be sold for if decide to flip? Ps.40.000 seems pricey just finished 4/5 bed full refurbishment £39.000😊????

[@ryaneastley]

Typically full refurbs for us are between £32K - £36K but because of the new roof it’s going to be £40K including management and contingency - good point though The GDV is expected to be £125,000 we believe. They intend to hold it, but if they wished to sell I would say around the £120,000 mark Hope that answers your question

[@cameelb8113]

@ryaneastley thank you for reply,and food luck with the project 🤞🤙👌💪

[@ryaneastley]

@@cameelb8113 No problem and good luck with things! :)

[@Johnwild6152]

Question, why do you insist on cash buyers in particular? Why not go to traditional route of buy to let mortgage, this will allow people who don’t have much capital to buy multiple properties at once For example, if you brought 100k house all in cash, whereas with the same cash you could buy 4 properties with buy to let mortgage

[@ryaneastley]

Great question! If you are buying a run down property, like the one in the video and like the ones we typically work with, you dont ever buy those with a straight mortgage if you intend to refinance soon after to pull your money back out. Mortgages are designed for long term lending. For these projects, we use their bridging finance to purchase, or cash. Bridging finance is there is someone doesnt have the full amount of cash available to purchase, but it can be expensive so we have to factor that into costs. Cash is always best if possible as it means you can avoid paying any lenders fees at all until refinance. Bridging finance is amazing though and its what I use on all of my own portfolio purchases.

[@christophersommer6304]

Messaged you on LinkedIn. Please can I get a response. Great video! Thanks

[@ryaneastley]

Thank you, reply shortly mate