“Make me a millionaire” 18 th Month Update My Blog:
Background 18 Months ago - I won Glenn’s make a millionaire competition – Life changing opportunity – I am determined to give it my best shot ! Was living in London – paying £1200 rent + expenses – Working for someone else – Thinking about property as a route to financial freedom Now Living in Bristol – living rent free (HMO) – Working for myself – Working on my property business – Taking charge of my future
What’s changed Property is now my full time business Excellent team – Mentor, specialist tax accountant, bookkeeper, solicitors, builders, mortgage brokers, networking – masterminds etc Systemise- free up time to focus on growing the business Its all about marketing - do all of it all of the time Toolkit - BMV, Flip, lease option, lease option flip, sandwich option, EDC, sandwich EDC, part now part later, short sale, repossession stop, any combination of the above
Achieved 12 Properties £ portfolio in 12 month’s £2500 / month Net income £ Equity £150K in JV finance raised 100K Profit in next 3 flips – Average of 33K per flip profit Raise 100K and title split – BOGOF
Glenwood – The numbers Purchase price £90K Refurb £20K Other costs £5K Sold £148K Profit £33K
BMV - Roy King In progress Purchase price: 135K Refurb: 1K Value: K Profit: 40K Split with JV partner
BMV Grove Leaze Exchanged 11/05/2012 Purchase price: 103K Refurb: 15K Should sell: 150K Estimated Profit: 30K Split with JV partner
Exchange with delayed completion Current Value £120K Purchase price £132,5K Term 10 Years Refurb costs 2K Exchange costs 2K Mortgage £166 / month Rent £695 Profit £529
Thank-you !