Projects Update - February 2025
Hello and welcome to the latest update on my projects!
I can’t quite believe it but it’s almost time to put winter behind us as we move in to March.
It’s an exciting time for my projects too as they edge closer to completion so read on to see what I’ve been up to…
Lovely new lawn at Project King.
Over at Project King (my conversion to three flats in Oxton) the end is very much in sight. We’ve been held up over the past few months by utilities companies. This really is the most challenging part of a conversion project like this - no matter how much you prepare in advance, you can guarantee the utilities companies will hold up completion by delaying the splitting of meters etc.
I’m pleased to say we now have all the supplies split and the new gas main is in. I am less pleased to say Scottish Power have installed the electricity meters incorrectly, meaning all three flats’ electricity supplies are currently charged to my account, rather than to what will be tenants’ accounts! This is due to be rectified in the next week then the flats will be ready to hit the market - exciting times!
We’ve also recently completed the garden works (photo above) and the driveway will be completed in the next week or so, now that the gas main is in place. These are the works that can seem insignificant at times but will really put the finishing touches on the project so I’m looking forward to getting them completed.
Earlier this week, I started the refinance process to get all three flats on separate mortgages. Once completed this will mean I can pull some capital out to deploy in new projects. It’s such a critical part of the process so it’s always a bit nerve-racking. However, I’m confident I’ll get the valuations I’m asking for as the finish of the flats is excellent.
All being well, I’ll have the final photos of the completed flats by my next project update blog. If you can’t wait until then be sure to follow me on instagram as I’ll be sharing them there soon too.
New water supplies at Project Alex.
Turning to Project Alex, there’s been some really positive progress since my last update.
The photo above shows where the brand-new incoming water supply is split and redirected to nine separate supplies - one landlord supply and eight supplies for each of the new flats. It might seem boring (and I suppose it is!) but I was so pleased to get this signed off recently after several inspections and (frankly, pedantic!) alteration requests from the water company. As with Project King, it’s the utilities companies that have held us up from completing Project Alex as they seemingly take months to do anything.
Next week, we are booked in to have the electricity connected and the new meters fitted. Bearing in mind we’ve been waiting for this to happen since last August you’ll forgive me for feeling like a kid on Christmas Eve!
Meanwhile, the carpet fitters have started in three of the flats with the remaining five flats to follow in the coming weeks. All being well, the flats should be ready to hit the rental market at the end of March which will be a really exciting time.
I’m really pleased with how the flats have turned out so I’ll try and get some good photos ready for my next project update for you all to see!
As you might have seen from some of my recent updates, I’ve been working on my business plan to the end of 2028.
I’ve spent a lot of time on this as I want the next few years to be as focussed and intentional as possible. That’s what I believe will allow me to grow the business as efficiently and effectively as possible and I can’t wait to get started on the next phase.
Initially, my focus is going to be on the developments arm of the business. That means acquiring properties with the sole aim of refurbishing and selling them on as quickly and efficiently as possible. I’m not interested in long-term income (from rent or capital appreciation) - just on creating short-term appreciation through development works and selling on to new home owners.
First on the agenda is bungalows. I am looking for run-down bungalows like the one in the photo above. Some of you will know that Lois and I refurbished a bungalow in Formby as our first joint ‘PPR’ project (one we lived in). We loved that transformation and I’m really looking forward to doing some similar projects for the business.
I’ve looked at a couple of good prospects over the last few months but I haven’t yet committed to anything. I’m keen to finish off Project King and Project Alex unless something particularly special comes along!
If you know of any bungalows near you that could do with a bit of love please let me know. If I go on to purchase there might even be something in it for you!
That’s all for this edition. I’ll be back next month with some market updates. In the meantime, have a great month and here’s hoping for some early spring weather!
Thanks for reading,
John