Project One Is Testing Us
I'm not joking.
This actually happened.
We turned up to site this week to find around £3,000 worth of tools had been stolen.
Whoever did it climbed the scaffold, got in through the dormer window, went down three flights of stairs into the cellar, then carried everything back through the house and down the scaffold.
I'm still trying to work out how they managed to carry a chop saw down the scaffold ladders.
Safe to say this project has thrown everything at us.
It was another unexpected cost, but thankfully there's still plenty of profit in the project, so we replaced the tools and cracked on.
The Lesson?
Things will always go wrong in property.
You can do all the planning in the world, but you can't account for everything.
I definitely didn't have £3,000 worth of tools getting stolen in the budget.
That's why buying well is so important.
Make sure there's enough margin in the deal for the worst case scenario, don't massage the numbers just to make a deal work, and don't rely on the property market going up to make your profit.
If the deal only works when everything goes perfectly, it probably isn't a very good deal.
Project One
Despite the drama, we've still made good progress this week.
The bathroom is around 90% complete, the en suite is 75% there and the kitchen is about 75% finished.
We're definitely into the final stretch now and it's starting to look like a house again.
A few finishing touches left and then we can get this one ready for market for the end of August / Mid September.
Project Two
I left the plumber on site Tuesday with a clear plan for the week and cracked on with sorting the robbery at Project One.
He told me he'd have everything finished by Friday.
Friday came around... and he'd done absolutely nothing.
Not ideal.
With multiple projects running at once, I can't physically be on every site all day, so the lesson this week is making sure we've got tighter check ins and accountability across the team.
We've got the first fix plumbing, heating and electrics lined up for next week, and I'll be making sure this one gets back on track.
Project Three & Whats Next
While we're pushing Projects One and Two towards the finish line, we're already looking at what's next.
We've got an offer out on Project Three and another two viewings booked in the pipeline.
We're also raising the final £22,000 needed to fully fund Project Two through to completion.
Once that's secured, Project Two is fully funded and we can turn our attention towards securing the next one.
If you're interested in investing with us and want to understand how it works, just reply to this email and I'll send over some more information.
Come And Here Our Story
I'm speaking at Property & Poppadoms on the 19th August.
I'll be sharing a bit more about our journey in property, how we got started, what we've learned along the way and what we're building with Asset Collective.
If you've been following the journey and want to hear more about what goes on behind the scenes, come along and say hello.
Hopefully I'll see a few of you there!
Did You Know?
Leaving your money in the bank right now is likely earning you less than inflation, meaning your cash is actually losing value over time.
Till next time,