My parents weren\u2019t in a position at the time to lend me any money: I wasn\u2019t born with a silver spoon in my mouth and I haven\u2019t got a trust fund I can just call upon. What I decided to do was take the income that I\u2019d received from my properties and speak to my accountant and do a tax
return. He said, \u201cYou know, on paper, this is how much extra in addition to your wages that you\u2019ve earned.\u201d
I then went to my mortgage company with that information, and I said, \u201cIs there any chance, now I\u2019m earning a lot more money, that you could maybe give me some money from the equity of my house?\u201d And pretty much to the penny, they gave me the exact amount of money I needed to do the renovations on this other house. So I was able to do the refurb.<\/p>\n\n\n\n
I thought, \u201cSeriously now, Adam, this needs to stop. You only got this because it was such an amazing deal.\u201d Then, randomly, a couple of months later, two houses down my same road came up for sale and I thought, \u201cOh, they\u2019re cheaper than I bought my houses for. Crap! This housing
market malarkey is for real. In a sense, I\u2019ve lost \u00a320,000 or \u00a330,000 on each of those houses I\u2019ve bought because of how the property market\u2019s gone. God! But if I could turn back the hands of time, would I still have bought them?\u201d And the answer was, \u201cYes.\u201d
They were \u00a330,000 cheaper than I\u2019d paid for my house, and they were diagonally opposite. I had a look at both of them, and thought, \u201cThey\u2019re alright, but they need quite a lot of work doing to
them.\u201d I decided to put in an offer on one of them. It was up for \u00a3145,000, and I put in a cheeky offer for \u00a3135,000. It was all going through swimmingly, and then I had radio silence from the
estate agents.
Even that early in my career, I knew was not a good sign. As it turned out, the seller ended up having to pull out for personal reasons.
In the meantime, he\u2019d been talking to the estate agent and found out that I wanted to convert the property into a HMO. He decided to take it off the market and turn it into a HMO himself.
I thought, \u201cOh my God, this is direct competition, and it\u2019s down my own road. This is the worst thing that could have happened.\u201d Anyway, I saw the renovation happening, and nobody moved in. A couple more months went by, and still nothing happened.
Then, I got a knock on my door
at eight o\u2019clock on a Sunday morning. The guy said, \u201cYou don\u2019t know me, but you were looking at buying my house four months ago. I\u2019ve now renovated it. Are you still interested in buying it?
I\u2019ve put new flooring in, I\u2019ve put on new doors, I\u2019ve done this, I\u2019ve done that.\u201d I thought, \u201cWow, brilliant. I\u2019m definitely not going to get away with my \u00a3135,000 offer because he\u2019s spent quite a bit of money.\u201d I asked how much he was looking for and he said, \u201cHow about \u00a3125,000?\u201d I\u2019ve
never turned around and shaken somebody\u2019s hand so quickly! I told him, \u201cIt\u2019s a deal.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
My parents weren\u2019t in a position at the time to lend me any money: I wasn\u2019t born with a silver spoon in my mouth and I haven\u2019t got a trust fund I can just call upon. What I decided to do was take the income that I\u2019d received from my properties and speak to my…<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-102","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/adammccord.co.uk\/index.php\/wp-json\/wp\/v2\/posts\/102","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/adammccord.co.uk\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/adammccord.co.uk\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/adammccord.co.uk\/index.php\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/adammccord.co.uk\/index.php\/wp-json\/wp\/v2\/comments?post=102"}],"version-history":[{"count":2,"href":"https:\/\/adammccord.co.uk\/index.php\/wp-json\/wp\/v2\/posts\/102\/revisions"}],"predecessor-version":[{"id":116,"href":"https:\/\/adammccord.co.uk\/index.php\/wp-json\/wp\/v2\/posts\/102\/revisions\/116"}],"wp:attachment":[{"href":"https:\/\/adammccord.co.uk\/index.php\/wp-json\/wp\/v2\/media?parent=102"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/adammccord.co.uk\/index.php\/wp-json\/wp\/v2\/categories?post=102"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/adammccord.co.uk\/index.php\/wp-json\/wp\/v2\/tags?post=102"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}