Transcription
Have you ever heard anybody say you can buy property using none of your own money and thought, "What the hell is this person on about?" Well, we did exactly that with this property here, and I'm going to show you.
Welcome to Collitz Court in Cornwall. This property consists of 11 units: three houses and eight flats, as well as a building that has planning for a subsequent three more flats.
Now, we purchased the property going direct to vendor, and we did it using multiple phases. Phase one is we purchased two of the units at full market value with an option on the remaining nine. Phase two, we brought in an investor for a development in the car park. This money then paid us back for the first two units with enough left over to purchase three more of the units, but this time at a below market value deal.
This enables the vendor to have five of the units purchased, and then the remaining six are going to be vendor financed. That's where the vendor lends us the money to then purchase the units. Now, we will keep those properties for 5 years, and then we will refinance them out, meaning the vendor gets all of their money, what we agreed.
And bonus round, not only did we get an option on the remaining nine units, we also got an option on two of the developments. One has solidified planning for three houses, and the second part of the development is this car park, of which we plan to build six houses on.
And that was how we were able to acquire this 11 unit portfolio and two development sites and get all our money out of the deal in under seven days. Now, would it shock you to learn that this was one of my students' first deals?
Now, I know it sounds complicated, but you can do it, too. Click the link below to jump on a free discovery call with me to see how we can help you get started.
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