{"id":106,"date":"2020-10-01T13:56:51","date_gmt":"2020-10-01T13:56:51","guid":{"rendered":"https:\/\/adammccord.co.uk\/?p=106"},"modified":"2020-10-01T13:56:51","modified_gmt":"2020-10-01T13:56:51","slug":"maximum-potential","status":"publish","type":"post","link":"https:\/\/adammccord.co.uk\/index.php\/2020\/10\/01\/maximum-potential\/","title":{"rendered":"Maximum potential"},"content":{"rendered":"If you can create additional rooms out of the same physical asset, it means you can get more rent<br \/>from those additional rooms; it\u2019s simple maths. We did that, and my dad said, \u201cOh my God, I\u2019m<br \/>in a hell of a lot better position. You\u2019ve managed to make you and I the equivalent of what my<br \/>annuity was going to be paying on a monthly basis with just one house.\u201d My dad always used to<br \/>say, \u201cAll big problems are broken up into small problems. Just take little bits, and then you won\u2019t<br \/>have a problem.\u201d So, I applied the same methodology. I said,\u201d I wasn\u2019t planning on making you<br \/>a multi-millionaire by buying one house and turning it into HMO. But what we can do is this,<br \/>that, and the other to enable us to buy another property.\u201d<br \/>So we bought another property, and turned that into a five-bedroom house. Then, we bought<br \/>another property, and turned that into another five-bedroom house. For us, it was not only about<br \/>maximizing the amount of profit, it was about giving people a good quality of living<br \/>accommodation as well. We refurbished and renovated every single house so that it was all new:<br \/>there were no Artex walls, dodgy electrics, old boilers, or anything like that.<br \/>Over the next couple of years, we bought more houses together. In addition, I also brokered a<br \/>couple of more property deals for my dad, and he bought two apartments. One of them had<br \/>previously been sold four years before for \u00a3150,000, and I\u2019d managed to negotiate it down to<br \/>\u00a382,000 \u2013 a massive deal. That gave me my first taste of being a deal sourcer and negotiator in<br \/>property as well. Then, he said, \u201cI don\u2019t want to put all my eggs in one basket. We\u2019ve got quite a<br \/>few HMOs together, I\u2019ve now got some flats, but what I really want is to have is just a standard<br \/>single-family house and rent it out for a reliable income. I don\u2019t want the hassle or the<br \/>headaches.\u201d<br \/><br \/>At the time, Rachael and I had been discussing moving in together, but I was a bit nervous about<br \/>buying a house together because we hadn\u2019t been together very long. As soon as my dad asked me<br \/>to find him a house and a family that would be suitable, I said, \u201cI\u2019ve already got a perfect family.<br \/>But you might need to spend some money on renovations.\u201d<br \/>To all intents and purposes, we\u2019ve managed to move into a house that was absolutely perfect for<br \/>us, done to our own spec. Obviously, I was concerned that we were we making this place our<br \/>home. So we agreed to do a lease option on it, where I have the option and opportunity to buy it<br \/>at a discounted rate if I want to.<br \/>I\u2019ve done a bit of deal sourcing and I also do training nowadays and I have some mentees. We<br \/>host training groups every couple of months, as well talking about all the pros and the cons of<br \/>doing HMOs or other types of strategies. My speciality is HMOs, so that\u2019s the one that I focus<br \/>on.<br \/>Typically, we do find that a lot of people who come to the courses are new to doing HMOs or<br \/>property investments in general. I always tell people the good things and the not-so-good things<br \/>about doing what I do. I do find a lot of property gurus are very one-sided on things. I always<br \/>believe in being honest and ethical, and to be forewarned is to be fore-armed.","protected":false},"excerpt":{"rendered":"<p>If you can create additional rooms out of the same physical asset, it means you can get more rentfrom those additional rooms; it\u2019s simple maths. We did that, and my dad said, \u201cOh my God, I\u2019min a hell of a lot better position. You\u2019ve managed to make you and I the equivalent of what myannuity&hellip;<\/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-106","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/adammccord.co.uk\/index.php\/wp-json\/wp\/v2\/posts\/106","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=106"}],"version-history":[{"count":1,"href":"https:\/\/adammccord.co.uk\/index.php\/wp-json\/wp\/v2\/posts\/106\/revisions"}],"predecessor-version":[{"id":107,"href":"https:\/\/adammccord.co.uk\/index.php\/wp-json\/wp\/v2\/posts\/106\/revisions\/107"}],"wp:attachment":[{"href":"https:\/\/adammccord.co.uk\/index.php\/wp-json\/wp\/v2\/media?parent=106"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/adammccord.co.uk\/index.php\/wp-json\/wp\/v2\/categories?post=106"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/adammccord.co.uk\/index.php\/wp-json\/wp\/v2\/tags?post=106"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}