Listen to this episode below:
“Carly & Kirstin are sisters who attribute their property success to their ability to network, build great relationships, and choose the right people to work with.
Their focus on their rental portfolio is 2 fold – to build a profitable business whilst also providing accommodation for people facing homelessness. They work with local housing charities who either refer tenants to them, or lease their properties directly.
They got started back in 2013 when they joined Simon Zutshi’s mastermind programme, and with no money and very little experience have been able to build an HMO portfolio worth over £2.3million, and are now also working on flips and development projects in Brighton.”
The Good Property Company: Find out how Susannah Cole was able to buy £30million of property for only £20million at her Investor Open Days.
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When they first decided to get involved in property, Carly and Kirsten naturally gravatated towards LHA tenants. They have a passion for helping vulnerable people whilst still running a profitable business. They predominantly work with charities to provide social accommodation in Brighton for homeless and vulnerable people.
They bought an empty property from a tired landlord and got a great deal due to his motivation to exit the market. It was purchased as a typical 3 bedroom terraced house, which they transformed into a 6 room HMO by doing a loft extension, a rear extension and adding en-suites to every room. After the works were completed it was revalued at £475,000 allowing them to pull out all of their cash, and it provides a net income after all costs of £23,000 per year.
During their biggest success, they relied on their builder to serve a party wall notice to the landlord owner of the property next door. It wasn’t long before they received a letter from the neighbour’s solicitor saying the notice had been served incorrectly. The neighbour appointed a surveyor, which Carly & Kirsten had to pay for, and after around £7,000 of total costs, they realised it was best to rely on experts in future from the start, particularly where other parties are involved.
What’s Your Favourite Book?
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The Power of Now: A Guide to Spiritual Enlightenment – Eckhart Tolle
Carly & Kirstin’s Links & Resources
Email Carly & Kirstin – Got a question or looking for some advice? Get in touch with Carly & Kirstin here.