Today, Victoria and I are breaking down everything we’ve been working on over the past few months since our last update, as well as what we’ve got in the pipeline for the future (including an escape plan to get back to the boat, as well). We’ve got a lot of exciting projects on the go that we break down the status and lessons learnt on, and I really hope you enjoy it.
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Listen to this episode below:
Here’s what we discussed this time:
3:25 – Mike and Victoria welcome you to the update and discuss how they’ve managed to do a podcast every single week so far in 2021. They haven’t, however, managed a monthly update so are checking in since their last one in January.
5:54 – Mike discusses the importance of valuing your own time.
7:09 – Personal update about getting back to their boat. Victoria talks through the limitations and complications of Brexit and Schengen. They talk through how they are in the process of applying for a non-lucrative Spanish visa.
10:12 – In terms of an update on the summer plans for their floating home, Mike talks about how they don’t really have a plan and are allowing a little more of a sense of adventure this summer on the boat. They are excited to get back and return to sunny weather. As always, they’ll be growing the business more from out there.
11:05 – They discuss how they are putting in slightly longer-term plans. They are thinking about what their target is for the business 10 years from now. They reflect back to their five-year goal they set a few years ago. It was roughly £15,000 per month additional income by the end of those five years, which was about £3000 additional per year. Mike talks through how it’s made him think about what’s possible.
12:52 – They have come to the vision of having 500 units owned or managed in the portfolio over the course of the next 10 years. It’s possible – but it won’t necessarily be easy. They will all be managed in house but some will be acquired by joint ventures. Mike talks through the ins and the outs of this.
15:30 – Victoria discusses some of the projects that they’ve got in the pipeline. She starts with IPI Brewery and talks through that project. They talk through the problems they’ve come across and the heritage aspect of the property.
19:35 – They move onto IPI Carpark which will be their first new-build. Mike talks through the scheme in detail and the issues they have come across with boundary disputes, as an example. The problems are finally behind them.
20:56 – Mike discusses restructuring the finance on the project.
23:10 – Victoria talks through their flip project that they have done with their builder, Si. They discuss how they may have tried to sell it too soon. They discuss how they trialled Landlord Furniture Company’s new staging offer.
26:13 – They move onto talking about the refinancing of IPI Cross, a 6-bed HMO in an article 4 area. They discuss the valuation they got for that.
27:55 – Victoria discusses sourcing and how keen they were to get some projects in the pipeline before heading back to the boat – they’ve managed to get three lined up. IPI Preston is one of them, in a new area of investing for them. Victoria tells us about their plans for it.
31:46 – The second new project is an auction purchase that they bought pre-auction, IPI Washway. It’s another commercial to HMO conversion in the same article 4 area that they completed the last one in.
35:41 – Their third new project is going through conveyancing, which is another commercial purchase. They will be creating four terraced houses. The plan is most likely to flip them. Mike discusses the numbers.
39:02 – They are still trying to secure a few more before leaving and have offers in on a few projects.
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