Latest 6 Bed HMO Conversion BRRR Property Investment in Liverpool

Samuel Leeds

Latest 6 Bed HMO Conversion BRRR Property Investment in Liverpool

Chris Jaffa controls 13 Hmos while gaining knowledge from the academy as most of his properties are sourced and packaged.

In this article, I talk to Chris in hope of understanding his journey and success as one of my students. 

I hope he inspires somebody that reads through the knowledge and experiences he’s been through.

Was it bought cheap?

We’re going to do the work on it as its end value is going to be either pull out almost all our money or leaving very little in and then break it out for a fortune by generating over two thousand pounds a month.

We did a dummy add-on spare room as we contacted a few Hmos who were up and running in the area just to check what’s going on and the feedback that came back from them was that it’s difficult in certain aspects especially where we’re located as it’s so close to the town Centre.

We managed to manipulate the floor space enough to get every room as an ensuite and I feel like in 2020, especially in an area that’s a little bit comprised of the working class, you kind of want ensuites because otherwise, you’re going to attract the wrong kind of tenants as times have changed.

It doesn’t cost that much but then, we’re going to push the value right up which is a great thing.

What’s the cost of the total Refurb?

When we packaged the deal, we anticipated it to be valued at 40,000 pounds at the moment. However looking back on what we’ve done and how we’re calculating things, I would expect this to finish around the 42-43,000 pounds which is not bad.

We find listening to the tenants helps as I’m maximizing on it where they’ve just got bedrooms and nowhere to socialize. Things are changing and they don’t want that anymore because they prefer to have somewhere with super-fast Wi-Fi.

I’ve honestly known people that buy a house based on the floor plans as they’re turning them into Hmos but the estate has said the rooms are slightly bigger than they are and suddenly, they can’t get a license and they’re left stuck.

Property investing is simple however, it’s quite complex from the start to the finish because when you factor in all the figures to make it stuck, the end value to make sure that you’ve got the exit sorted out your comparables, your due diligence, managing the builders, and the whole build itself, the success will be measured by how much you put in.

How did you find this deal?

We found it on right move and it was in such a bad state as they needed a quick sale straight away.

I was thinking, well, they must be motivated to sell it and so, I thought we’ll find out what’s going on with it as we did the necessary due diligence and then spoke to them.

We almost lost it at the 11th hour because with the auction, they wanted to go to Austin but whilst, we were carrying out all the surveys for the investor as they were still proceeding with that and if we could get it done in time, then we could have it and it was half an hour before the auction started.

We got it and sometimes, people need to act quickly and as a property investor or an entrepreneur, speed is important.

Every deal that’s been worth doing that I’ve done, I almost lost it at one point and I never bought a lot of deals because someone else beat me to it.

I’m a busy man as I started doing events and systemized everything, I got a property manager and a lessons manager in place which allowed me to step away from that and look into doing something else such as set up the deal sourcing business as we’ve slowly built an investor list with this and now we’re working with a handful of investors whom we are trying to build portfolios with.

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