TGPC Deal 172
Deal 172 Hedwick St
This deal was a sourced deal we sold to one of our Investors. He then decided to run it as a Joint Venture with Tiffany, as her first Joint Venture. This was done with Tiff (who is one of the TGPC originals, working with TGPC for years before branching out back to London!) not as being a TGPC employee, but her first property venture stepping out in her own right. Tiff learnt a lot about working with JV partners, and the bumps as well as the successes on this project!
The property was initially agreed as a pre-auction purchase, and the price had to go up last minute as another offer came in. So the purchase price was £180k. In our Deal Report, we estimated the value at £235k, (after refurb) but we were delighted to see that the property actually sold for £256,750, a full £21,750 more than we estimated in our Deal Report we sent to the Investor Group.
The Investor and his JV partner (Tiff) did a good job on the refurb, taking solid advice from the estate agents, who suggested the buyers in the area would respond well to stripped floor boards and period fireplaces, which worked well.
There are speedbumps in property, and no one is exempt from these! This was one of those deals, where despite the deal selling for £21,750 more than our report suggested, there was some friction, which was a real shame. And breathe…
You will find that if you work with people, there is a rainbow range of human traits and if you work with enough folks, you may experience them all!
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