#12 Costing Your Refurbishment

Welcome to another episode of the Property Sourcing Profits podcast. In today’s episode, David responds to popular demand and brings you the skills and knowledge you’ll need to know when costing up your refurbishment. Hear the tips, tricks and vital information, you need in order to serve your investors better. Learn how to simply calculate costs, compartmentalise a property room by room and be prepared when it comes to sourcing deals.  If you are new to property sourcing and need to know how to work out the price of refurbishment costs, this episode is for you. KEY TAKEAWAYS ‘Take a builder with you, get them to help cost up’ This is not a real-world solution as a deal packager you will be viewing 20-30 properties before securing a deal. You need to develop the skill in calculating the refurbishment costs for yourself and for your investor. The more houses you view, the more experienced you will become, the key to this is patience and practice Keep a viewing spreadsheet, this helps you to stay organised and understand what is required to bring the house up to a good, clean, safe and dry (lettable) standard. All of your refurbishment costs will affect what you offer on the property. Be sure not to rush this process, take your time and get the numbers right. Always add in a contingency sum, usually about 10%. BEST MOMENTS “You will never get anywhere if you are too hasty” “The deal your packaging doesn't need to be completed to the standard of a Serviced Accommodation” “Practice carrying out inspections on your friends and families houses, as a result, you will be so much better prepared when it comes to going out and sourcing deals.” “Consider how much each job will cost and contact local tradesman to do the job, these will be cheaper than national firms” VALUABLE RESOURCES Progressive Property Facebook Community Create a viewing spreadsheet Snapinspect - Free 30 day trial ABOUT THE HOST David is a property expert with over 25 years’ experience and his own portfolio of 26 units. His current rent roll is in excess of £10k per month. He is also a partner in a Deal Sourcing and Packaging business in the North West of England and has sourced over 250 properties for investors since 2004. In recent years he has, by necessity, had to develop an expertise in LHA strategies. This area is increasingly becoming a niche for him and he enjoys empowering other landlords by sharing the knowledge he has gained. The ultimate purpose when sourcing properties in this sector for investors is to minimise risk while maximising profit. He has had to find answers to the challenges of Tenant Find, Management, ensuring rents are paid and the transition to Universal Credit. These are strategies he uses in his own business and also on behalf of investors. His investor clients regularly achieve annual gross yields of over 20% with high occupancy rates and voids resolved, sometimes within hours. CONTACT METHOD   David’s LinkedIn David’s Facebook