251 - Deal Of The Year - £0.75m Equity, None Of Your Own Money & No Money Left In
In this Deals, Deals, Deals Podcast Series, we go Behind the Scenes on some of the UK’s most Creative, Lucrative and Award-Winning Deals 🤩 In this episode, I am joined by Chris Chadwick and Richie Miller who have been awarded the Property Entrepreneur Deal of the Year by their peers twice now and we go through their latest deal which they have just completed on. Chris and Richie have been part of Property Entrepreneur together for 4 years and have gone from strength to strength. They now focus on doing larger deals using none of their own funds, mentoring on how to do that and also their Self Storage business. This deal is a great mix of a motivated seller, who Chris had built a long term relationship with by managing 16 of their flats which needed updating, a unit which was leased to We Buy Any Car which they renewed, a MOT centre at the rear with planning potential and a used detached building which has a planning gain. They also had an investor, who was lending them the equity required for the bridging, pull out just before completion and then managed to negotiate vendor financing as well as finding a bridging company that would lend on the valuation as opposed to the purchase price. Here are the numbers: Valuation: £1.7m Purchase Price: £1.35m Vendor finance: £450k at 11% paid monthly from the rent Refurb £250k + £50k for the detached building Costs and rolled up interest: £200k Gross Development Value: £2.6m £5k pm / £60k pa cashflow after refinance and no money left in. Chris and Richie will be hosting open days at the site in Sheffield on 24/10 and 21/11. Want to contact Mark or his guests? www.thepropertybrokerage.co.uk mark@thepropertybrokerage.co.uk Chris Chadwick Chris@ettiford.com Richie Miller Richie@gerisa-group.com www.linkedin.com/in/richie-miller Want to learn more? Want to know the ONLY 5 PROBLEMS you need to overcome to become a High Net Worth Property Entrepreneur making 6 and 7 figure annual profits? Click here now to download our FREE PDF report Daniel Hill's brand new, first-ever published book Karma Credits: The Universal Law of Wealth, Health and Happiness can be purchased on Amazon. Click here now to purchase a copy. If you’ve not already joined the 10.9k Property Entrepreneurs for FREE in the Property Entrepreneur Facebook Group, click here to join now: The Property Entrepreneurs Community If you're listening to this podcast but have not yet subscribed, click the subscribe button to listen to what Daniel and other industry leading guests have to say on a weekly basis on all things business, investment property and lifestyle: The Official Property Entrepreneur Podcast Keep up to date with Daniel’s unique and proven Blueprints by subscribing to The Blueprint YouTube Channel now Follow Daniel on Social: Instagram: @propertyentrepreneur_ Facebook: @PropertyEntrepreneurOfficial LinkedIn: @propertyentrepreneur