Listen to this episode below:
This pair of property investors started White Box Property Solutions in 2014 when they had only one buy to let property each. They have grown this massively since then to the stage where they now have a portfolio of 26 properties through their build to let strategy.
Prior to that, Andi came from a construction background while Lloyds experience was in sales for an LED lighting company, a mortgage broker, and a major new homes developer.
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Investing Strategies
The main focus for Lloyd and Andi is their build to let, using Andi’s construction background to build properties that they add to their long term rental portfolio. This takes up 70% of their time, with the remaining 30% being split between HMO investing (20%) and their development training business (10%).
Biggest Success
Lloyd and Andi discuss the deal they started with which was a plot of land purchased at auction for £157,000. It had lapsed planning which gave them confidence they would get planning again, and was in a great location in Northampton.
The land was bought with a bridging loan before being refinanced with joint venture finance, and the development has been paid for by investment raised through Funding Circle, so they have none of their own money tied up in the deal.
They have built 8 town houses on the site, giving a total investment of £700,000 and the final GDV is £1,200,000.
Biggest Difficulty
One of their HMO deals was in Kettering, and happened to be a few doors down from a council building control officer.
When the officer discovered what they were planning on doing next to his house, he got all the neighbours together to protest the development. Rather than get into a long battle with the community, they decided to sell the property to the neighbours and move on to the next one.
It just so happens that the next one they bought was next to a council planning officer…
What’s Your Favourite Book?
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The Compound Effect
Steve Jobs: The Exclusive Biography
Lloyd Girardi and Andi Cooke’s Links & Resources
Northampton Progressive Property Network – The newest property meeting to arrive in Northampton is hosted by Lloyd & Andi on the 3rd Tuesday of every month
Whiteboxps.com – Main website for White Box Property Solutions
Facebook.com/whiteboxps – White Box Property Solutions Facebook Page
Email Lloyd and Andi – Got a question or looking for some advice? Get in touch with them here.