The Property Gap

The Property Gap The Property Gap is a business focused on property development and investment in the West Midlands a

Arlo Preston. 3 years old 🥳🎊😍😍💙
11/02/2024

Arlo Preston. 3 years old 🥳🎊😍😍💙

2023 Property GOALS (meant to post this in November!)Just wanted to share some success in amongst all the crazy goings o...
29/12/2023

2023 Property GOALS (meant to post this in November!)

Just wanted to share some success in amongst all the crazy goings on in our lives this year.

We set very different goals for 2023... centred around welcoming our newborn twin boys into the world, arriving 4 weeks early in Jan23...already being parents to Arlo who was 1 at the time.

It would've been easy with 3 under 2, to park property progress for 2023.

We did a vision and goal board late december 2022,albeit very different this time to 2020,21's.

Moving to a family home after 4+ years looking and failed chains was priority 1, cashing in via PPR and finding something to add value to but liveable for the younguns.

We said we would aim to buy just 1 additional property in our existing investment areas, Coventry, Walsall, Newcastle under Lyme or Stoke on Trent. Ideally a HMO due to challenging yields on B2L (current goal=cashflow)

We secured both investment and family home in June and completed in September/October.

Our portfolio addition..A creative deal on a tired HMO, exchanged with delayed completion, leveraging the landlords fixed rate of 4.1% for another 2 years. We made some rapid changes with our super letting agent and got it fully occupied for this student year to bump up the cash flow and ROI.

Our family home. A beautiful 270sq Mtr property with little to do. Over 60 sq mtr of hidden void space sits behind the stairs and garages downstairs we can convert into a guest bedroom, ensuite and gym/games room when time and finances permit.

Oh and aswell as a new job for Adam and the safe arrival of our twins Oscar and Oliver...its safe to say its been an bumper year.

We have needed every bit of strength to get through the first 6 months of raising the 3 boys, but we are so so proud to have hit most big goals we set. Some smaller ones we havent closed out but this year will only serve us in years to come when things...hopefully, hopefully may get easier!

Reflecting on this year makes us so proud. It's not being our most active year in property... but planning, setting and delivering on the things most important to us gives us the satisfaction and strength to leap into 2024 with confidence🫶👊

Project Hanson | Part 2 - and that's a wrap 🎬📽Snagging, Dressing, photographing and filming part 2 of Project Hanson tod...
23/02/2022

Project Hanson | Part 2 - and that's a wrap 🎬📽

Snagging, Dressing, photographing and filming part 2 of Project Hanson today. The light at the end of the tunnel is in sight 🌟
Loads of fun with some of our power team, and love seeing everything coming together.
Stay tuned to see Part 2 of Project Hanson on Prosperity Network 's Deal Diaries!

Big shout out to Interiors With ALF for bringing the energy and the fun 🙌🏻

06/02/2022

Our mixed use commerical to residential conversion is nearing conclusion.

4minute video tour taken a week ago showing where we are up to.

Challenges with this one include

1- part wall challenge
2- trades letting the project down plumbing in particular
3- building control additional demands

Despite this we are just in budget and on track for securing full occupancy in a high demand market.

When done this will have 6 rooms over 10.2 sq mtr and 6 ensuites, with a great outdoor space.

This is the last project in our pipeline so we want to finish this one in style.

Lots of snaps and finishing off before dressing and furniture goes in.

Stay tuned for a few more posts as we close this one out!

And it's Project Marg that's first to the finish line out of our HMO projects. So pleased this is FINALLY done 🥳🎊🎉💥🍾🥂 Ou...
30/01/2022

And it's Project Marg that's first to the finish line out of our HMO projects. So pleased this is FINALLY done 🥳🎊🎉💥🍾🥂

Our first back to brick HMO project is complete, and wow we've learnt some things along the way.

Loving how this one has turned out, and hoping the students that will be renting this do too.

I still cant believe this tiny 2bed terrace is now a 3 floor, 5bed all ensuite HMO! 🤯 Amazing how extending into the loft and a bit of Tetris skills with staircases, ensuites and room configuration can transform a property.

This one was meant to be ready for late September 2021 which was ambitious, and while there's been a 4month delay and used up our contingency budget of 7% pretty much bang on we are super pleased with the end result.

Let us know if you think this would attract students and feedback on the colour and finish is welcomed.

Team GAP 🙌🏻

20/12/2021

Project Marg video update💥

Great to pop in after a few weeks away to see the progress at Project Marg.

So much of the hard work has been done now....everything else is a visible improvement and step towards final completion, we anticipate to be mid Janaury. 🤞.

Plenty of progress and commentary within the 4 minute video, have a watch and drop us some feedback or let us know what you think.

With the property completing out of students cycle we will dynamically rent it to a different market short term.

Big push for the build team now to get the kitchen and living space progressed and property into completion stage🤞

12/12/2021

Project Parker junior is finished 💥❤

This is the 2nd project this year we have managed personally. We thought it would be easier than it's been, and planned to do a carbon copy of the first flat refurb, but with a little more knowledge comes different decisions and of course no 2 properties are the same!.....

WITH OVER 20 applications since going live on Friday afternoon the rental demand is strong. We look forward once again to putting quality stock back into the rental market as professional landlords holding for the long term.

Here are our biggest learnings on this one...

1- Investigate long standing problems until you find a solution! We presumed water damage in our flat was from faulty washing machine installations...2 leaks later from the flat above when ours was 90% refurbed, enabled us to inspect the flat above. Poor plumbing had caused long term leaking and no one has discovered this. Dashing over sith my builder mid leaking proved worth it to get to the problem.

2- If in doubt rip it out! Wasted too much time trying to salvage walls to save on plastering.

3- Getting a plasterer and an electrician talking before a full rewire is worth it. Around 40 identical circular holes cut meant it was easy to patch up the holes for fishing wiring around the flat.

4- There is so much rubbish! Remove little but often! With abit of luck 1 big skip will clear the rest away!

5- Insurance! If your the assigned PM youl need additional insurance. Take it out to cover accidents on site.

The project took longer to complete, which impacts running costs quite alot, but came in under budget. Our final decision will be replacing the rear windows. We will mull this over in the weeks ahead.

If you have any questions please shout up and feel free to give us some feedback on our finished product 👍

Have a great day

Adam

⬇️⬆️⬇️⬆️...downs and ups.🇬🇧Happy Sunday all🏴󠁧󠁢󠁥󠁮󠁧󠁿PROJECT Parker Junior update!2nd leak from the flat above in the last ...
14/11/2021

⬇️⬆️⬇️⬆️...downs and ups.

🇬🇧Happy Sunday all🏴󠁧󠁢󠁥󠁮󠁧󠁿

PROJECT Parker Junior update!

2nd leak from the flat above in the last 6 months worries me and wrecked a day or 2 of progress and my time a few weeks back.

After some assurances and a check it was a faulty washer install we are all good and the decorators have done a top job.

2nd fix electrics incoming Monday, blinds after that and the rest of the kitchen bathroom and some minor joinery and window repairs and this beauty will be ready for carpets in 2 weeks and straight out for rental....oh and clearing out a garage full of 🗑 .

The last one was a first floor...this ones a ground floor so keen to see if we get a different tenant type and get some feedback on it👊.

It's all white🏳.....we play it well safe (neutral to support furniture incoming, enhance spaceetc)...would you liven up your property ahead of marketing it for tenants/rental ?

Have a great day😃

18/10/2021

Aside from a darn parking ticket🤬 it was a good site visit to our commercial to residential conversion in Staffordshire.

Great to see plenty of the joinery, and boarding work well underway now.

Useful to be on site and help the team make some in the moment decisions.

Meeting building control and the HMO officer has sharpened up things that need tweeking at a time when it's not costly and painful to rectify.✅

An example of this today was......when we submitted planning to the council to convert the property, we had down to make 1 big kitchen, with no real dining or lounge area....we felt that if we could sort of section the 2 it would create a greater co living space. All our rooms are spacious... over 10.2mtr so this removes a need for official lounge space✅.

The officer today felt concerned that reduced worktop and storage space increases likely chances of appliances being mis used, eg plates left on hobs etc.

As a result we need at least 4 more cupboards and 3mtrs of worktop.

We are reworking plans already here with minor changes to electrics.

Next steps :

↗️ repair timber when chimney stacks removed, insulate and board
↗️ quote and progress with render removal at front.
↗️ re configure and agree on kitchen design to meet HMO requirements
↗️ finish boarding.
↗️ finish drainage and get final building regs sign-off
↗️ finish upvc window asjustments
↗️ skim skim skim

Any questions, comments, as always shout or DM us.

Happy Monday all

💥Progress Marg 💥After a VERY tough couple of months and progress held up with covid challenges, and labour shortages in...
07/10/2021

💥Progress Marg 💥

After a VERY tough couple of months and progress held up with covid challenges, and labour shortages in the build team this 2-5bed conversion has spluttered along.

The past few weeks progress and challenges overcome include...

⛔woodworm discovered in floorboards and joists so removal of some and specialist company consulted to contain and kill it arranged.
⛔room dimensions thrashed out for first fix to optimise desks,wardrobes etc

Progress however...
✅waste pipes and plumbing first fix in
✅3 mtr extension roof complete, awaiting lantern.
✅electrics first fix done
✅boarding dine....FYI pink boards 60minute fire-resistant grey 30 minute to achieve HMO Regulation sign-off.

Due any day now..
✅upvc windows
✅woodworm treatment
✅plastering
✅finalise design scheme, furniture and dressing packages

Feel free to tag us or share any themes you think work well in the current HMO student market 👍🏅

Have a great Thursday all.

⛔Project Parker Junior flat refurbishment update ⛔2nd flat refurb of 2021 taking place here with lots of recent relevant...
05/10/2021

⛔Project Parker Junior flat refurbishment update ⛔

2nd flat refurb of 2021 taking place here with lots of recent relevant experience taken into this one.

Many of the steps are a "rinse and repeat" of the first one. It's hard to see progress looking at the pictures but that's often the way during the early weeks.

Check out the IGTV 3 minute video for a full tour.....the headlines and learnings so far are...

⛔a little behind schedule (opted for full rewire 1 week into refurb so lost some time)
✅ripout done and all initial concerns and issues for price reduction isolated and fixed 🤞👍
✅first fix re wire 98%done
✅First fix plumbing kitchen done
✅walls stripped for mix of plaster and paper.
✅kitchen plastered.
✅all remaining trades, jobs, specs booked... bar blinds!
😬neighbours getting angry with disruption
🤓 Agreed to join block board team to support welfare of the site and "do my bit"
💵 budget on track to keep within

Top learnings so far.
⛔site rubbish and mess not to be underestimated. Consider neighbours and rubbish removal during the project
🤝 make lots of genuine good trades connections so you can get recommended people in fast when you need
🔑 Get 4 sets of keys cut for everything so trades and you can attend site whenever
🤝Get the trades talking to each other direct to manage "best ways or working".
💵sell whatever you can on marketplace for free. It reduces rubbish and storage space for it if people collect it.

Have a great day all

28/09/2021

Tuesday Tickles 🤣

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Walsall

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