As soon as we got home from our 2 weeks in the UK we started to build our power team. Our power team consists of those we work within the UK. Some examples are our mentor, accountant, lawyer/solicitor, builder, mortgage brokers, sourcing agents, real estate agent, tax expert, management team etc.
We were looking for projects every day and it didn’t take more than 2.5 weeks from the time we got home until we found one that suited us. It was an apartment in Glasgow that we would buy and then rent out.
We did our due diligence of the numbers and area. Among other things, we looked into whether it is an area where people rent or own their home, which is one of the most important things.
Supply and demand does always control the investments we make.
Everything was right and we said yes. This was on a Saturday night and our sources would come back on Monday when they had spoken with the seller and had the details of his lawyer/solicitor. After trying to get hold of the seller for 3 days, they finally went to the property and knocked, they then found out that the seller had tragically passed away. We sent our condolences through our sources and left the family to mourn.
It only took 2 weeks before we found another deal that felt too good to be true. A semi-detached house just outside Glasgow. We did our due diligence of the deal and everything turned out to be right. The seller wanted the deal completed within a 1 month and our lawyer/solicitor started right away. There is a lot of paperwork, bank statements, personal certificates etc that need to be exchanged and it takes a week or two to get all the work done if you have a fast lawyer (Solicitor). Our lawyer/solicitor did the work and we were waiting on the seller. It would take a week longer than planned.
That week passed and we called to see what was needed to get the deal done. The seller was in a difficult position with loans on the property and had to sell parts of his property portfolio to pay off the loan. He needed another month.
We said okay and started focusing on other projects and talking to potential investors.
A month went by and we became frustrated with the deal. After we had been over in England at a networking meeting and met others in the industry, we decided to put some pressure on. We had a conversation with our sources and said that at the end of the month we will pull out of the deal if nothing new happens.
We had already arranged getting registered as landlords and insurance for the house etc and wanted to get it ready or move on to another deal. We had investors who cheered and trusted us to make the right decision with their investments.
This was in early June and it had now been 2 months since the deal should have been completed.
We were going to London again the week after and attend the year’s biggest real estate conference “10X Property superconference” with Grant Cardone and Mark Homer as keynote speaker, so we told each other that we will make a decision on the deal when we return home.
That weekend became one of the highlights of the year for us. We learned even more about real estate investment and built up a larger network in the United Kingdom with amazing people with whom we have daily contact.
This is one of the best things real estate investments have given us so far. Friends for life!