You may have seen our strap-line “If it stinks of wee – think of me!” before and had a good chuckle! But it sums up the smaller projects where we can add significant value. Ideally we need to buy for under £160/180k with a £40k or more margin.
The more work that a property needs doing to it, the more likely it is that we will be able to add enough value to make ourselves a profit and a profit for you too when we come back to sell the newly refurbished property through youagency. If in doubt, run it by us!
A frequent problem with leasehold flats is that the lease term has run down to under 70 years and it’s difficult for people to get a mortgage. And they’re difficult to sell.
We’re happy to take on short-lease projects and to undertake the lease extension whilst we do any necessary refurb. Obviously in these cases they don’t have to be in terrible repair – maybe just in need of redecoration. Or perhaps a new kitchen and bathroom as well.
Whether the property is simply tired and needs a new kitchen, bathroom and generally updating. Maybe it needs new windows, rewiring, new boiler through to those disaster properties where leaking roofs have led to problems of damp and decay.
Even ‘scary’ stuff like underpinning or Japanese Knotweed. We’re interested!
Potential to Split
We like large houses or commercial buildings where there might be the potential to split into two, three or more flats or micro-flats. Some houses lend themselves to being split vertically into two smaller houses.
We’re happy to buy subject to getting planning permission. Of course buying prices for land without planing have to be realistic.
We’re always interested in properties with large gardens where maybe we can apply for planning permission to build another property alongside. Or demolish that property to build a “footballers wives” mansion on the plot.
As with splitting properties though we don’t pay as though the property already has planning when it hasn’t! That said, we’re always prepared to look at a buying subject to obtaining planning on an option or delayed completion basis.
Whether there’s room for one more property or forty, we’re interested!
Demolish and Build
Sometimes a property just isn’t worth refurbishing – especially in areas where there’s a call for more dwellings such as purpose built flats.
We like these projects and can take on the task of obtaining planing permission whilst taking an option or buying subject to planning being granted.
Sell Through You
We make a point, wherever we can, of selling back the refurbished property through the agency that brought us the deal in the first place.
We believe that you should share in our success for finding us the project(s).
Access To Funds
We are members of a large network of property investors with access to large amounts for the right projects.
Depending on the size of the project and whether the property is mortgageable we might buy on a buy to let mortgage, on a commercial loan from major banks, with private investment funds or with cash. It all depends on the project.
What is does mean is that if the project fits our criteria, funding it is not a problem.
In our team are successful architects with a good track record of gaining planning permission and a planning consultant that many local authorities have grown to fear.
Because she finds every mistake they’ve made where planning should or could be granted and regularly wins planning appeals.
The developer behind Turtle Properties has a degree in engineering and a masters degree in business administration (MBA). He has run his own businesses for some 25 years.
Phil has been an avid renovator of property having bought his first ‘doer-upper’ as a student – progressing to project managing major projects. For example an underground extension to a five story Brighton house to make a new kitchen and dining room at basement level requiring underpinning and the installation of a lot of supporting steel.
What we need
To help us quickly assess a project we need its full postal address and your estimate of what the project will sell for when done up to a good standard.
That’s the sold price for a relatively fast sale, not the ‘marketing price’! We need pure simple facts. You need to be able to sell in 4-5 weeks from project completion.