Showing posts with label concerns. Show all posts
Showing posts with label concerns. Show all posts

Saturday, 23 January 2021

KEEPING COSTS DOWN DURING A HOUSE RENOVATION




January is traditionally a time when people decide to blitz or redecorate their house - me included, I’ve been doing a few bits and pieces on my own house this month!

Earlier this week a friend asked me for any tips on renovations for her new house, to keep the budget down.

Caught me a little off guard; bizarrely it’s not something I’m asked often!

But I do have some tips for keeping costs down during refurbishment project, what with being a tight Yorkshire lass and that - and here are a couple, just to assist you with your own houses! 👍


KEEPING COSTS DOWN DURING A HOUSE RENOVATION

Make a full list of everything you want to do, and be specific about every job required in every room.

Work out your budget for doing this.

What can be done now, what will have to wait?

What’s the priority?


 

Get any ‘big / all over the house’ jobs done first, eg electrics, plumbing, plastering. Get quotes for any skilled works you need doing (and ALWAYS qualified people for gas and electric work!)


If you’re living in the house it whilst you do it up, save your sanity and decide which are the priority areas you’ll do first. Don’t try and do more than two areas at once whilst living there, unless you can handle a lot of stress, mess and chaos… because on the other hand, living in chaos usually motivates you to do the decorating work in the evenings to get it finished!

Project manage yourself, rather than hire an ‘all in one’ refurbishment company, who usually charge a premium for this service. Source individual trades and contractors yourself. 

Recommendations of tradespeople are best, from friends that have actually used their services. Read reviews if you’re unsure, see their work, or pictures of it, then invite them around to quote. Be specific in telling them exactly what you want.

👍

And don’t just accept the first and only quote, as some tradesmen sadly still like to try it on and take advantage of people and give them ridiculous overinflated prices because they think they can get away with it…and you can rant and rave and complain at me all you like saying that doesn’t happen - but I can assure you it does!

So get a couple of quotes, and don’t book anyone you get a bad gut feeling about, or anyone who annoys you whilst quoting.

For example, patronising, arrogant, unhelpful misogynists who call me ‘love’ and don’t listen are a big no-no for me. You don’t have to book anyone that you don’t like.

Plenty more tradesmen in the sea, we don’t need to employ wretches!

👍

Also be aware that the cheapest is not always the greatest.

My electrician is not the cheapest in the area, but that’s ok, because he’s the best! It is ok to pay for quality.

After you’ve had any skilled trades in to do work you’re not skilled or qualified for, work out the DIY and decorating things you can do yourself. 

Obviously doing things yourself is much cheaper in terms of cost, if you can afford the time. YouTube and the internet can be a great help in showing you how to do specific tasks. 

But be aware of your own limitations and safety; no silly, dangerous risks, and use adequate personal protective equipment. If ever in doubt, get a professional in!


Decide what items you want that have to be brand new, non-negotiables – for the rest, a lot of good stuff can be found second-hand on Facebook marketplace.

Be wary when buying anything electrical, but things like furniture, mirrors, decor etc can all be considered - and a lot of time, these things are in good condition and sometimes unopened new surplus items.

For instance, there’s masses and masses of internal doors available locally for collection cheaply or free currently, because landlords are having to replace certain ones for fire doors. Doesn’t mean the old ones are no good, they’re just surplus to that person’s requirements!

👍

Shop around for products, don’t be scared to use ‘trade’ firms like Selco, Screwfix, Howdens; they’re often not that choosy if you’re ‘trade’ or not.

If you find a particular product you like, get Googling the named product for a better price!

For instance, I’m contemplating a wallpaper myself called ‘Superfresco Glamorous Tweed Charcoal’ at the minute - I’m huffing and puffing because it’s £18 a roll in Wilkos - but a quick Google shows me it’s £12.99 a roll at The Range!

So if I go for it, that’s where I’ll go for it!

And yes, it might only be a fiver difference a roll, but I’ll need 3 - 4 rolls – and I’d rather spend that extra £20 on a steak at Miller & Carter!

Decent undercoat is the future on poor or new woodwork before glossing - gloss is dearer, and sits better once on an undercoat paint.

Ditto white matt paint on walls before your expensive colour. It helps your paint hue get the correct colour on the tin. If walls are a bit rough, but not so bad that they need a full plaster, consider a textured wallpaper, then paint a colour on.

Remember we talked about shopping around for the same product?

Paint varies vastly from store to store, even the exact same brand/type, so keep your eyes peeled! Also look out for offers, deals, coupons and such like.

And just gerronwi’it, don’t put it off and off once you’ve got the stuff, as well as being an annoyance, you run the risk of your materials going off or spoiling.

I once put off wallpapering my bay window wall for aaaages after it had been damp-coursed. Then when finally got round to it, I was very annoyed with myself for putting off for so long a small finishing task that literally took me an hour to do.

You’ll never finish if you don’t start...just gerronwi’it!

So there’s a couple of tips to get you started… and don’t forget to take ‘before and after’ photographs so you can see the transformation, and give yourself a pat on the back for your hard work.

Also follow various DIY / project / refurbishment groups for more tips and ideas, as well as inspiration… my favourite at the minute is a Facebook group called ‘DIY on a Budget’.

 

Good luck, and happy renovating! 👍

Kellyann x x x

---------------------------------------------


Kellyann is a property investment strategist from Leeds. 

In her work she creates wealth for private investors through refurbishing properties. 

Visit her website for more details:

https://kellyannmartin.co.uk/investment/


Saturday, 19 September 2020

Things I Wish I’d Learnt Earlier About Property Investment

 Things I Wish I’d Learnt Earlier About Property Investment

 

Nobody can get anywhere in life without making a few mistakes along the way; that’s part of the journey!

But if I had known these things earlier in my property investment career, then life would have been a lot easier!

  

We’ll start with the biggie: I should have starting investing in property earlier!!

 

Here I am, aged 23, straight out of teacher training college and in my first English teaching post; a nearby high school - look how fresh-faced, youthful and energetic I look!! 🤣

 


As soon as I started working and earning full-time, I set about buying the flat I lived in.

I was delighted to discover that the monthly mortgage was much cheaper than the rent I’d been paying!

I still own this flat now, it’s rented out to a lovely couple. 😊

 


So anyway, I’d bought my first property... but then I did nothing else for 10 years!!! 😤

And for the last 6 of those years I was the landlord by then... so why didn’t I see the opportunity and profit made, and buy more property?!?

WHY WHY WHY?!?!

 Hey ho, never mind eh? 😖

 We all know that the best time to plant a tree is ten years ago.

 The second best time is NOW.

 So get cracking people - don’t waste ten years like I did!! 😱

 

Next item: I wish I’d have realised earlier that other people will lend you money to invest with to create a win-win scenario!

 You might have read yesterday how after buying my own residential property, I did nothing further with property investment for another ten years.

But then I randomly decided to buy another house, and put down the full 25% deposit... and then left it there!!

I had not yet learned about property education, or the magic wonders of the Buy-Refurbish-Refinance model.

And I certainly didn’t know that other people would help you buy property, by investing money loans into projects for a great return.

What a great model to have learnt!

Although here’s my first house I bought specifically as an investment, still with that 25% deposit trapped in there... 😩

Sometimes you just don’t know what you don’t know!

 


Onto the next insight...

Four years ago I took the plunge and made the commitment to myself that for my new career, I was going to be a full-time property investor.

I purchased some property training courses, and learnt oh so many wonderful things...

... but then I got distracted by all these wonderful models and strategies: houses of multiple occupancy, no money down deals, lease options, commercial conversions, development, deal sourcing etc etc...

In short, I developed Shiny Penny Syndrome, and chased several different things at once! 😱

 

Now don’t get me wrong, I’m not saying these other models are no good; that’s not the case - I have many fellow property friends who are doing a great job of making their chosen model work.

I just realised that after studying all these things, refurbishing little Buy-to-Let houses for local families is what I really wanted to do.

And yes, I know I have a HMO and am involved in a development deal - but little cheap cheerful houses in Leeds is where my heart lies! 🏚😍

So what I’m saying is, make a general overview study of the property models, and then decide what it is you actually want to invest in, and stick to it!

Learn it inside out; commit time, effort, energy and education to your chosen model...

Don’t be chasing anything and everything, here, there and everywhere, shiny penny style!

Because as the old proverb goes: man who chases two rabbits catches none!

  


Last item of things I wish I’d learnt earlier about property investment!

And yes, I know there’s a dozen or more other things I could have picked to talk about, but we’re going with this one...

 

I wish I’d not been so shy as to offer people investment opportunities!

 



You see, I had (and sometimes still have, even now if I’m honest!) a real complex when talking about money. 🤫

Growing up, I never borrowed anything off anyone. I never had a credit card until recently. Everything I wanted, I worked hard for, earned money for it and paid for it myself. And if I didn’t have the money to afford something then I simply couldn’t have it. 🤷🏻 

So when suddenly I realised I’d have to attract investment from other people, panic struck! 😅

And what would happen was this bizarre scenario, where people would like me and my work, and they would openly say to my face that they would lend me money for investment... and I would go bright red, become embarrassed and awkward, and dance about cringing and fidgeting... in short, do anything to avoid having that conversation about them lending me money - it was crazy! 😮

I had to work really hard to switch my mindset, and to realise that you are helping investors grow their wealth - you are doing them a favour by working together in an opportunity to make more money for them!

I am always flattered and delighted when people offer to lend me money - because it’s a massive compliment to know that they know, like and trust you.

And that’s a great feeling. 🤩

So as long as you are not a wretch who lets people down or rips people off, then you’ve nothing to worry about.

But even now, I still have to persevere when pitching for investment.

You could say I’m a continuous work in progress!

But as with everything, practice makes perfect!

So on that note... if you have funds to invest, and would like to discuss putting your money to work on a future residential project for a return, do book in a call for a chat. 💷

The link is here to book a discussion call:

 

https://calendly.com/kellyannmartin/phone-call?month=2019-11

 

Or, if you’d like to follow my work a little more closely before you make a decision, then you are welcome to sign up to my investor list to receive the monthly update.

Here’s the link to sign up, which also has the added benefit of you receiving my guide on how to invest your savings safely

 

https://mailchi.mp/9c55b81c41b4/kellyannmartin

 

Other than that, thanks for reading, and you have a lovely day!





Saturday, 25 July 2020

Worries and Concerns of Private Investors




In this article I will be addressing common worries of investors: people who agree to invest in opportunities for a greater return on their capital, such as a property deal.

If you were an angel investor, what sorts of things would you be worried or concerned about when looking to invest in a deal?

Here are a couple of common worries and concerns:

Investor Concern: Money sat in the bank earning very little!

Today’s research shows the best interest rates right now... with the top earner being just 1.11% APR - ANNUAL PERCENTAGE YIELD!!!

That means if you have £20,000, your interest PER YEAR is only like to be around £222... yes it’s alright, but it’s nothing to get that excited about.

Especially when you take into account the current UK inflation rate... 😱

A better way to grow your wealth is to invest it.

Say for example, into a hands-free passive property deal, where your return on investment will be much higher than any current UK bank interest rates.

Property really does enable us to beat the banks! 💷 💷 💷



Investor Concern: No time or knowledge to invest funds

Whilst it’s important that you have an overview of how the investment process works, it’s not always necessary that you know everything about property: the area, the strategy, the tenant type, the project type, the refurbishment works, and the refinance process.

Add to that that you may not physically have time to research all the above - nor the inclination!

It is quite acceptable, and actually very common to be an armchair investor.

That means you are someone who invests passively, with as a hands-free option i.e. you don’t get directly involved in the project’s happenings day-to-day.

You just invest, then sit back and watch the big picture unfold, knowing the project is working to build your wealth.

So no, you don’t have to be a property expert in order to invest in property.

You just have to find someone who is!!



Investor Concern: How secure and safe is their money?

This is a common concern for people, because with the volatility of other investment methods, you want to be sure that you will get your money back.

Stocks and shares go up and down in value, and you may end up losing money.

Ditto with cryptocurrency and trading.

Banks are relatively safe with your funds (assuming they don’t go bust!), but your interest rate is poor.

Property is safe because it is a tangible asset, built of bricks and mortar. It really exists - so should the worst happen, such as the developer unexpectedly dying during the project (cheery!), at least the investor will still be able to sell off the property to recoup their funds.

Not only that, property consistently increases in value over time, meaning your money really is secure within a property deal.

Ever heard the term “safe as houses”?!

That applies to your property investment too!




Investor Concern: Not knowing who to trust with their money.

This is without a doubt the most important part of any investment.

Anyone can say anything to anybody in order to extort money from them - don’t let yourself be fooled and taken for granted by people who do not have the best of intentions for you.

If you are investing finance with someone for a property project, please ensure they are confident and competent at bringing to the project:

- knowledge
- skills
- education
- experience
- network
- power team
- problem solving
- focus
- time
- energy
- honesty
- integrity


If you’re not sure that they can provide all this, then walk away from the deal!

▪️▪️▪️▪️▪️▪️▪️▪️▪️▪️▪️▪️▪️▪️▪️▪️▪️▪️▪️▪️▪️▪️▪️▪️▪️▪️▪️▪️▪️▪️▪️▪️▪️▪️▪️▪️▪️▪️▪️▪️▪️▪️▪️▪️▪️▪️▪️▪️▪️▪️▪️▪️▪️▪️▪️▪️▪️▪️▪️▪️▪️▪️▪️▪️▪️▪️▪️▪️▪️▪️▪️▪️▪️▪️▪️▪️▪️▪️▪️▪️▪️▪️▪️▪️▪️▪️▪️▪️▪️▪️▪️▪️▪️▪️▪️▪️▪️▪️▪️▪️▪️▪️▪️▪️▪️▪️▪️▪️▪️▪️

𝗧𝗼 𝗶𝗻𝘃𝗲𝘀𝘁 𝘄𝗶𝘁𝗵 𝘀𝗼𝗺𝗲𝗼𝗻𝗲 𝘆𝗼𝘂 𝗰𝗮𝗻 𝘁𝗿𝘂𝘀𝘁 𝘄𝗶𝘁𝗵 𝘆𝗼𝘂𝗿 𝗺𝗼𝗻𝗲𝘆, 𝗴𝗲𝘁 𝗶𝗻 𝘁𝗼𝘂𝗰𝗵 𝘁𝗼 𝗳𝗶𝗻𝗱 𝗼𝘂𝘁 𝗵𝗼𝘄 𝗜 𝗰𝗮𝗻 𝗵𝗲𝗹𝗽 𝘆𝗼𝘂.





Kellyann Martin is a Property Investment Strategist based in Leeds.

For more details on working with Kellyann, visit the website