Bought a House for £24,000 and Had It Valued at £50,000 | Full BRRR Cost Breakdown

Samuel Leeds

Hey guys Samuel Leeds here. I recently went to view a property owned by Nozi and her husband in Bishop Auckland. Nozi attended my property crash course in 2019, and she has since become financially free. In this blog, we'll discuss their latest BRRR property and their future property investment plans.

2 Bedroom Terrace House

“Welcome to our humble abode,” Nozi said as we went inside the house. She explained that when they bought the house, while it wasn't in disrepair, it wasn't in a liveable condition either. They, therefore, had to do a few cosmetic renovations, such as painting and carpeting. The kitchen was like new, so they let it stay as it was.

Nozi and her husband bought the house for £24,000 cash in November 2020 and spent £2,000 on the refurb, which took almost five weeks. Nozi's husband did most of the work alone on the weekends. He did all the flooring, which he said he learned to do during the refurb of their rent-to-rents. Instead of paying £500 for carpet installation, he bought the carpets for £120 and the tools he needed for £60. He then watched YouTube and did it himself. 

“This is the fifth house I've done, so now I do all the carpets,” he revealed, saying he also does the painting. “My handyman,” a clearly proud Nozi said as she patted her husband on the back. “Power couple,” I said. “Power team,” she said in agreement. Upon completion of the refurbishment process, they had the property revalued at £50,000! “That's incredible,” I said, impressed by the numbers. “Yeah, I still can't believe it,” Nozi said, “It's all down to you, Samuel.” “And your courage for actually doing it,” I responded with all smiles.


A Word From the Tenant

There's already a tenant in the home named Andrew. He was a bit concerned when he heard we were coming to view the house because he thought they were thinking of selling it. I had a brief conversation with him, and here's how part of it went.


Samuel: Andrew, are you happy here?

Andrew: Yes, it's a nice house. I like it.

Samuel: So you're paying £375?

Andrew: Yeah.

Samuel: And how long have you been here?

Andrew: Three months.

Samuel: And how long do you plan to stay?

Andrew: A couple of years, at least.

Samuel: Is Nozi a good landlady?

Andrew: She's very nice. Excellent landlord.


Cost Breakdown


  • Buying Price: £24,500
  • Refurbishment cost: £2,000
  • After Repair Value (ARV): £50,000 
  • Loan Against Property (LAP): £37,500
  • Cashback (from the lender, i.e., Teesside Money): £300
  • Monthly mortgage payments: £74.37
  • Monthly Rental Income (MRI): £375


Going by the above cost breakdown, Nozi and her husband managed to pull out all of their money, i.e., £26,500. That's the money they spent on buying the house and refurbishing it.  Moreover, they also made an extra £11,300, i.e., the 11 grand left from the £37,500 loan after pulling out their money and the £300 cashback from Teesside Money.

They also have the mortgage payments covered. They take it out from the £375 Andrew, their tenant, pays monthly. That's £375 minus the £74.37 monthly mortgage payment, which leaves them with a few hundred pounds a month. So essentially, Nozi and the hubby got paid to own the house! Mad respect for these two. Every year we do an Awards Night for our academy members, and I genuinely believe this BRRR property stands a good chance of winning an award.  


Any Future Plans?

Nozi also manages two rent-to-rents, which led her to become financially free. She and her husband then went on to buy the house in Bishop Auckland, which I think is the best BRRR deal ever. On top of these properties, Nozi revealed that they're looking to venture into development after coming across an online listing for a plot of land with planning permission for a two-bedroom detached house. These are the numbers she gave me for the development project.

Buying price: £45,000

Quote from 1st builder: £60,000

Property value after building: £170,000

It sounded like a good deal, so much that I offered to fund it if further examination showed the numbers look promising. Nozi also revealed she's looking to get another rent-to-rent and getting into serviced accommodations. “You guys have got something special about you … Everything you touch seems to turn to gold,” I noted, adding that I felt they would soon become millionaires. “I believe it,” Nozi's husband replied.


Final Words of Advice

“Surround yourselves with people that are very supportive and who want to see you win,” Nozi advised. “Attend training. If you feel there is a strategy that resonates with you, go for further training and implement what you've learned,” she added.

Nozi's husband agreed with his wife, saying training complemented with taking action is the best formula for succeeding in property investment. I couldn't agree more. With thousands of houses and pieces of land for sale, knowing what to look for is crucial. For example, finding out the building cost and the value after building. And this is where training comes in.

“Hats off to you guys. Massive congrats,” I said to Nozi and her husband as we came to the end of the house tour. If you want to hear Nozi's full story on Winners on a Wednesday, visit here. Keep in mind, before she attended the crash course in 2019, she knew nothing about property investing. But today, she has replaced her active income with passive income from various properties. 

I post videos of people like Nozi who are winning in property every day. And if so many people can do it, you can do it too. Stay tuned for the next property investors crash course and purpose to attend, as you too could become one of my success students.

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