I hope you’ve all had a great week so far. Here’s the eleventh blog of 2022!
Our week has been very eventful to say the least. After NINE months, we finally completed on our Wigan project. We originally had an investor on board to do a Joint Venture and planned for this property to be a 7 bed all en-suite HMO. In the 11th hour, our investor decided to pull out of the deal and left us in the dark.
By this point, we had already exchanged contracts for our investor, meaning if we backed out of the deal, we risked losing over £10,000. Rule number one in property is NEVER LOSE MONEY, and rule number two is NEVER FORGET RULE NUMBER ONE. With that being said, we requested a 4 week extension on completing. This was originally rejected by vendor’s solicitor – but Mo didn’t accept this and hunted down the vendor. Mo knocked on his Dad’s door and explained man to man on what had gone on. Fortunately, the vendor immediately agreed to give us this extra time.
We used those 4 weeks to religiously phone bash to gain the funds required to complete. We were unable to raise the funds, and as a result, Mo took the decision to sell his motorhome. It was a case of taking one step back to move two steps forward. Once the four weeks had been and gone, the vendor needed an extra two week extension for redemption figures. Talk about a nightmare! Some of you will be aware that Mo decided to give up smoking at the start of 2022, however because of the stress of this deal it forced him to re-take up the habit once again. Now the deal is complete, he has stopped once again!
As you can see, after the 6 week combined extension, we completed on our Wigan project last Friday. As I mentioned above, the original plan was to make it a 7 bed all en-suite HMO. We knew there were many exit strategies with this property, and because the investor decided to pull out, we went back to the drawing board and we are now going to reconfigure the property and create a beautiful 4/5 bedroom family home! We are looking to start the refurbishment of the property as soon as possible – which is going to be a 3-6 month process.
We would just like to thank everyone who made this deal possible – which includes George Stanford and his amazing team at VIBE, everybody at Allied Solicitors, the vendor for being generous enough to allow us additional time and being very understanding, and everybody who continues to support us – it truly doesn’t go unnoticed!
This is exactly why we do what we do. We do everything in our power to take the stress away from property investing for all of our clients and, as it says in our logo, Action Invest: Property Investing Made Easy.
We will be documenting the entire project’s journey on our YouTube channel. The first video of the series went live yesterday, and you can access the video below. Please subscribe to our YouTube channel – there is a lot of content coming your way on there!
Our Biggest Learning Experiences This Week:
The biggest learning experiences we’ve had this week is if you keep going – results will always come! Like I mentioned above, we have spent nine months going back and forth with this deal and we have achieved a massive result of getting this property over the line. Its easy to become disheartened when you’re not seeing any success, but persevering through the hard times will ultimately lead you to the best times!
Homes for Ukraine refugee scheme launches in UK – BBC News
The government has launched its Homes for Ukraine site for those wanting to host a refugee, with 100,000 signing up within the first day.
Housing and Communities Secretary Michael Gove said the UK had a history of “supporting the most vulnerable during their darkest hours”.
He said there would be no limit to how many Ukrainians could enter the UK under the visa sponsorship scheme.
Each household housing a refugee will be offered £350 a month, tax-free.
They will not be expected to provide food and living expenses but can choose to offer this.
More info at:
Mo’s Top Tip:
Mortgage providers remove 500 products from the market – or have they?
During the week we read an interesting article regarding mortgage lenders removing over 500 products from the market, which ultimately means that rates will increase.
Mo was very intrigued by this so decided to ask our mortgage advisor whether this was the case. We were told that there are over 4,800 mortgage products on the market, and an additional 500 have been taken off the market to be tweaked and altered, before being reinstated back onto the market.
The fact is that yes, 500 products have been removed – however not for the reasons that have been insinuated. Mortgage lenders are just changing their products and that always happens.
DO NOT LET THE NEWS SCARE YOU! PROPERTY IS A LONG GAME AND NOT A “GET RICH QUICK” SCHEME!
If you’re interested in sending regular deals to us to send out on our Deal Alerts, please message “co-deal sourcing” to 07737525850. We look forward to working with you.
Here at Action Invest, we offer a bespoke sourcing package to all of our investors. If you prefer us to go out and find a deal that suits your requirements and needs, we are more than happy to do so. Please contact Mo on 07737525850 at your earliest convenience to discuss your next investment!
We have had a few enquiries regarding our mentoring program and we are delighted to announce that we are still taking on new mentees! Mo is eager to speak to you to help you reach your desired goals – contact him on 07737525850!
Check Your Junk Box
We’ve been getting told people aren’t seeing our deals emails every week because it’s going into their junk box. Make sure to check your junk box to see if our emails are going in there. If they are, add us to your ‘Safe Contacts’ list so you won’t miss out any more.
Thanks for reading! We’ll see you soon!