TGPC Deal 144
Deal 144 Connaught Road
This flat was a fast Buy to Sell Property development, with only £5,110 spent on the refurb. The real skill here was sourcing the deal below the market value, and spotting the potential to spruce it up and put it back on the market. We often do this with flats by buying the whole block, in effect you can think of it as buying wholesale and selling retail, almost like a shop.
In this case, we sourced the block and then split up the flats into their individual leaseholds to be sold off successfully.
As usual in property, there were some speedbumps! When has a property project ever gone totally to plan – I think the answer to that is either never, or very occasionally!
Once the property was ready for sale, two interesting things happened. The first was that seeing a vacant property, the neighbourhood decided to use the garden to tip all thieir big rubbish; think unwanted sofas and the like. We had to act fast to prevent this building up. The second was that there was an attempted break in to the property. Amazingly the police foiled the break in and nothing was stolen. However the french doors to the garden were damaged and the police called out an emergency (and extremely expensive) locksmith. So an extra bill. Suck it up, buttercup is what I said to myself.
A great Buy to Sell Project, bought £91,800, sold for £134,000, with a refurb of only £5,100. Worth having a moment or two on.
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