348: IPI Washway Project Update

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Today I am delighted to be joined by Will, the latest member of the IPI Team as we look at one of our latest projects IPI Washway, a HMO conversion. One of his roles is as our in-house project manager, looking after things like the budgets, the programmes and the schedules and being the link between the contractors and me. With Will having very little property experience, we talk about debunking some of the myths around working on your first project, auction properties and Article 4. Every month, we’ll be joined by Will to hear about the progress on this project and to hear how he’s successfully delivering the project. We hope this series proves that, with the right support behind you, it is possible for inexperienced investors to deliver great projects. Today, we’re talking about what’s happened to get us to the stage we’re at with it now.

Listen to this episode below:

 

Here’s what we discussed this time:

5:35 – Will gives an intro into his background after graduating from University last year. He discusses the Kickstarter scheme and how it made him approach Mike and Victoria. Mike credits Will for introducing them to Kickstarter – the tenacity impressed him too.

7:42 – Mike discusses the incentive of the scheme and how it all works.

9:45 – They discuss having the keys for the last four weeks and their plans for a 7-bedroom HMO. It’s a typical commercial to HMO conversion for Inside Property Investing.

10:15 – Will talks about working with his property developing uncle on-site.

11:32 – Mike and Will discuss the nature of sourcing and how this works. They talk about how helpful it is that Will knows the areas that Inside Property Investing are investing in so well. Will talks about how he has been going about sourcing and what avenues he’s gone down.

15:30 – They talk about White Box Training.

16:20 – HMO conversion IPI Washway was a few weeks away from auction when they found it. Will talks through the perks of its location in Sale and the value for money that existed within the property. They discuss the speed of the market at the moment and the importance of snapping up deals if you feel they are worth it.

24:45 – Mike discusses the nature of securing the deal pre-auction and before anyone else actually got to see it. He talks about the ins and outs of his decision to go about the sourcing in this way.

27:48 – Will talks about people’s misconceptions with auction properties.

28:10 – In terms of the numbers, Mike talks about turning it around quickly and the importance of his HMO conversion deal analyser. Will talks about learning how to analyse deals and the process that goes into this.

32:37 – Mike discusses the importance of contingencies but how to make sure they don’t stand in your way of finding any deals. He crunches the exact numbers on IPI Washway.

37:24 – They talk about the Article 4 area and the preconceptions that come with this.

41:37 – Will talks about the plans for the property and going through the process on this. Mike jokes that this podcast has become the HMO mythbuster! Will discusses the details of the planning application.

46:41 – The discuss the discovery of the loft space within the property and how this changed their direction slightly.

49:09 – Will goes over the next steps for IPI Washway and how it’s all going to pan out from here.

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Join us on one of our upcoming Virtual Open Days for a guided tour of 3 very different properties to give you a better understanding of different investment strategies, how we make investment decisions and how we run our development projects.

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