All Forum Posts by: Warren Bright

@Stephen Chittenden excellent bit of advice there, so thank you for your contribution. 

The building is definitely not run down - it was build in 1981, so just fairly old. This means that all the apartments, unless they have been renovated, have had the same look since their inception - and this I am wanting to upgrade.

I also want to do a bit extra cause there is a possibility of me staying there when I move out of home, and I wouldn't mind living in a decent place.

Thanks @Steven V.

 Thank you! My nerves are quite something.

Hi everyone!

After years of saving and the last few months of looking at different properties to purchase, I have amazingly had my first offer accepted on a deceased, 1 bedroom apartment estate. 

This is my first step in building my property empire, and I am so incredibly excited to get things underway and share it with the BP community. Owning property has been a dream of mine since a young age, and I am looking forward to the journey ahead!

The flat is in appalling condition as the current tenant (who is also the deceased mothers son) is unemployed / a druggie and has not respected or given an ounce of TLC towards the property. 

After years of watching Grand Designs and practically every renovation show I feel comfortable in my vision of how the property will look, and the steps that need to be taken in order to achieve that look.

My niche market that I have decided upon is  "Affordable Luxury". This means finding an apartment in a general area and going above and beyond to make the tenant feel like they are better off than those in the surrounding flats / houses. I don't have a problem spending a bit extra on nice porcelain tiles and stylish looking finishes if I know it means I will attract more of a 'higher classed' tenant, and giving me a higher rental return.

My renovation will take a month and I plan on:

1. -Gutting out the flat, removing the carpets and parquet flooring
2.  Knocking down the wall between the kitchen and the lounge
3.  Installing new kitchen cabinets with a stunning island, AND A BUTLER SINK! (It's a personal favourite)
4.  Removing the bath, tiles and horrible colours in the bathroom
5.  Removing some BIC's from the bedroom (there are too many cupboards)
6.  Tile throughout the bedroom, kitchen and lounge with large porcelain tiles
7.  Add a shower and modernise the bathroom with wood-look floor tiles and beautiful wall tiles.
8. Completely repaint the flat

I invite you to join me on this journey. I will be posting photos and videos as I go along, as I know how much everyone loves to watch the visual transformation of a project ( I know I do ).

The first step is to wait for transfer date and hope that the druggie tenant decides to move out and not cause any problems. Wish me luck!

 How many loans are you allowed to qualify for in the States?

 Are you planning to purchase your first property sometime? :)

I'm assuming here that perhaps one or two of your rentals turn into vacant spots and you don't have that monthly rental coming in. You are then going to have ti support it out of your own pocket.

Hey everyone!

One of the most crucial steps in acquiring property is getting the finance to be able to purchase. However in order to build a portfolio you are most certainly going to need more than one loan.

So, my twofold question is: How many loans do you currently have?

and

If you had to lose your day job, would you be able to support all the loans that you have?

I am interested to hear what you have to say, and if you have any extra stories / situations to add, I would love to hear them too.

 Brilliant job!

What an exciting step owning your first property! Wishing you all the best, with many more to come!

What a helpful tool, thanks @Brandon Turner