How to Buy, Refurbish & Refinance With Speed and Efficiency

#211

This week, we show you how to buy, refurbish and refinance with speed and efficiency.   

Kirsty and Gary from Ormad Properties have been buying mostly two or three bed terraced houses in and around Leeds. 

They both had a property each when they first met and soon bought a third one together in 2014. 

But in 2020, they decided to scale their portfolio which now contains 23 properties, 20 of which are single lets and three Serviced Accommodation. 

Their business model relies on volume. 

They aim at turning projects around  in around 8 to 10 weeks in order to recycle as much of their funds as possible. 

During the episode, we discuss:

o   Importance of time and efficiency in property investment.

o   Their focus on low risk, volume, and quick project turnaround.

o   Importance of having a plan before property acquisition.

o   Lining up tradespeople and efficient scheduling.

o   Building relationships with tradespeople.

o   Importance of reliable and communicative trades over cost.

o   Importance of understanding property photos beyond decor.

o   Using Google Street View as a tool for checking property and area details.

o   Assessing property condition from photos 

o   Internal Property Inspection Tips

o   Key factors to inspect internally, particularly structural and utility aspects.

o   Signs of necessary repairs, especially electrical and plumbing.

o   Modernizing kitchens and bathrooms as part of a cost-effective renovation.

o   The balance between speed and quality in project completion.

o   Utilizing past project data to inform budget and timeline for new projects.

o   Advantages of buying properties at auctions for speed.

o   Strategic approach to bidding at auctions.

o   Pre-auction and post-auction buying techniques.

o   Discussion on the refinancing process and common delays.

o   Importance of starting refinancing before project completion.

o   Decision factors for choosing lenders and mortgage brokers.

o   The criteria Kirsty and Gary use to determine a good deal.

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Keywords

Buy refurbish refinance, BRR projects, Property investment, Remote investors, UK property, Single lets, Serviced accommodation, Property portfolio, Refinance process, Project management, Bridging finance, Auction properties, Trade team, Renovation efficiency, Property valuation, Tenant agreements, Mortgage broker, Crime rates, Google Street View, Property photos, Renovation costs, Project timeline, Rental income, Tenant screening, Property surveys, EICR certification, Pla