Think Outside the Box
It’s a prime day to be really considering where you are with your property journeys, what are you buying next? How is it fitting in with your portfolio?
Are you thinking: ‘how on earth do other people do these absolutely incredible deals, meanwhile I can’t seem to make even the simplest buy-to-let work?’
Here’s the secret. The most successful investors aren’t prepared to give up on something they have a good gut feeling on. Instead they THINK OUTSIDE THE BOX.
If you can’t make something work on the first attempt, sleep on it, wipe the slate clean and start again.
One of my clients had a massive win over the last 24 hours. They had found a mansion block they wanted to buy and redevelop. But it had stumped them for weeks how to make a profit from the project, but their gut just wouldn’t let it lie.
The solution was found by going back to basics. Hitting the streets in the local area, looking at what else is going on. Searching the local planning websites to see what applications have been made and looking at the local councils minimum space and design requirements.
With this information, I advised my client to print out fresh floor plans and erase every wall that wasn’t structural and start again. The clean plans then allowed my client to draw out flats based on the research they had done, rather than what was there at the moment.
The result: an additional 3 good size flats which allowed them to shift their construction costs to worst case scenario £/sq ft and comfortably make enough profit that it was worth their while at asking price!! So now they have room to negotiate. But if the seller won’t, then hey it’s OK they can pick it up at asking and know that they’ve still got a deal.
Instead of seeing what’s there currently and giving up that it just won’t work, they THOUGHT OUTSIDE THE BOX. They went against their usual cookie cutter standard and opened themselves up to advice from elsewhere.
How you can do this too
You don’t need to stick to the vanilla buy to lets. If you see a deal and have a vision, then run at it. The most amazing thing about property is that it’s versatile and you can definitely make it work for you. Use your gut as an indicator that the building is worth it and then work it to your own standard.
You have landed in an incredible industry where your creativity is needed to really make the property market go round. Don’t be afraid to use it!
If you need help reigniting your creativity then ask us. We are here to help you succeed.
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