The Surprises and Successes of Commercial Property Investing - with Chris and Andrew Of Brightstone Property
I talk to Chris and Andrew from Brightstone Spaces who discuss their journey in the property industry and their recent projects, sharing how they transitioned from residential property to commercial property, and highlighting the challenges and opportunities they encountered along the way. They delve into the details of two specific projects, including a shop and uppers conversion and a large office space in Falkirk, as well as the process of finding and securing these properties, the refurbishment work involved, and their plans for generating cash flow through serviced accommodation and office rentals. KEY TAKEAWAYS It's important to find stagnant or fresh properties in the market to maximise opportunities. Chris and Andrew, have been friends for over a decade but decided to go into business together during the pandemic. They initially focused on residential property but later shifted their attention to commercial property. Chris and Andrew successfully completed a flip project in the residential market, which gave them the confidence to continue in property investment. They then ventured into buy-to-let properties and serviced accommodation, which provided higher cash flow compared to traditional residential buy-to-lets. Funding for the commercial property project was initially planned through a bridge loan, but Chris and Andrew were fortunate to connect with potential angel investors who were interested in providing funding. This allowed them to secure the property and proceed with the refurbishment at a better rate. They highlight the power of networking and building relationships in the property investment industry. BEST MOMENTS "It felt like a lot of money, a lot of effort, and a lot of time." "We're talking about 2,200 basically is the number we've got in terms of cash flow." "It's like starting a new business." "We were very lucky that a couple reached out and said they were interested in being part of it." JOIN THE NETWORK If you want to learn more about investing in Commercial Property why not consider joining the CPI Network? A community of active investors who collaborate, share experiences and empower each other in their Commercial Property endeavours. Useful Links: CPI Website - https://commercialpropertyinvestor.co.uk/Our Sponsors - https://commercialpropertyinvestor.co.uk/podcast-sponsors/Property Investing, Commercial Real Estate, Strategies, CMO, Lease, Licence Agreement, Cashflow, Vacancy rates, Agents, Best Commercial property podcast, how to buy, Valuations, ROI, residential, assets, Flexspace, office space, How to get started: https://www.commercialpropertyinvestor.co.uk/