Meet Dave, an electrical contractor from Yorkshire, who, like many others, dreamed of entering the property market but lacked the necessary support and funding to make his dreams a reality.
That’s when he discovered Sourced. With expert guidance, ongoing property training, and access to funding, he’s now got two projects on the go set to make him a 6-figure profit.
Here’s a look at how he achieved this success by utilising our exclusive in-house lending platform…
Project 1: Full House Refurbishment
Dave discovered the Far View project, a detached 4-bedroom property, about 14 months ago and managed to negotiate a good price. He is now transforming the property by completing a full refurbishment, converting it into a 6-bedroom home and adding two more bathrooms.
Financials:
- Loan Amount: £460,000
- Purchase Price: £265,000
- Build Cost: £186,000 + Contingency
- GDV: £700,000
This project will make Dave an impressive six-figure profit.
Project 2: Dragon Parade Development
Purchased in November, this property originally comprised of three apartments. Dave’s undergoing a transformation to turn it into an 8-bedroom HMO (House in Multiple Occupation), including developing the basement.
Financials:
- Loan Amount: £575,000
- Build Cost: £250,000
- Expected GDV: £860,000
- The project aims for a monthly gross income of approximately £6,500, with a net of around £3,000.
Keen to follow in Dave’s footsteps? Get in touch to learn more about our unique franchise opportunity.