September 2024
A bit of a reset!
September gave us some teething issues with the new tenants and some maintenance issues at our project #002.
We had planned however to take a bit of a step back this month and focus on doing some additional training and working towards putting systems in place to streamline everything moving forward.
Maintenance and teething issues!
At Foxhall we were experiencing some teething issues and some snagging issues from the builders. Items such as drain covers and a few other bits were missed upon completion, so we had these attended to. We also experienced a drain blockage a few weeks after the tenants had moved in. The person who cleared the drains explained that there was some wet wipes in the system that might have caused this, however we believe that the small tanks on the toilets may also be a contributing factor, and moving forward we will aim to install larger cisterns in our properties to prevent this from happing again.
We couldn’t be happier however with the tenants. They have expressed a great interest in looking after the garden, and have even asked if it would be alright in the future to install a large shed at the rear of the garden with a concrete base! What other property strategy has tenants improving your house!
Moving over to our other BTL property in Capel St Mary the tenant had reported that the heating still wasn’t to his liking. We have experienced a lot of issues with this heating due to the plumber previously putting the system on a 1 loop system rather than a flow and return.
The boiler was fairly old, and the pump a bit knackered, however as we intend on keeping this property long term it made sense for us to install a new boiler with a 10 year + warranty.
Unfortunately this didn’t fully solve our issue as radiator in the tenants bedroom still suffers from being on a single loop system. We have since decided to allow for a new plumber to attend and pull up the carpets and do some pipework to get everything working as it should be. With any luck the tenants heating will be back to working as it should be and the house will be perfect for them over the colder period of the year.
Company step back and reset!
After the completion of our final project we wanted tot take some time to assess everything and see if what we are doing is ultimately working, and going to be something we want to continue doing moving forward.
Ultimately we decided that we intend to focus more on flipping moving forward, with the potential to carry out multiple BRRR’s if the numbers are are there.
We also decided that we are going to broaden our search area. We felt quite limited with where we were looking and ultimately this is what has lead to us having our current gap. By expanding our search area it opens up a whole range of new properties and agents to work with, along with making further connections, and hopefully bringing onboard some new investors.
We are really excited to get the ball rolling again and find some new properties to renovate and will keep you posted with our future endeavours. Our main target is to have 1 - 2 properties agreed and in legal by the end of 2024, ready to hit 2025 running.
Lots to come next month!