Building 5 Commercial Units In The Pub Garden.
Ange follows us through all the steps she took to take advantage of the extra space within her pub garden. She imparts an important lesson in remaining calm and composed at all times and seeking information from others before handling a situation you have not been in before. Moreover, my training in the Property Investors Crash Course has enabled her to think critically and make use of the opportunity at hand which she would not have done before.
My conversation with Ange:
Ange: We managed to receive rent from it (the property) and we were quite satisfied with that. In the past, I developed a hobby of house flipping. I used to live in them for a certain period of time and once I started working full-time, I would turn them over. I ultimately knew I would be comfortable with that and one of your strategies is BRR which I absolutely love. However, upon enrolling myself in the academy my eyes were suddenly opened to all the other possibilities out there and strategies I had never even heard of before; for instance, rent-to-rent where you can create something out of nothing without investing any of your own money. This really astounded me and I think that was amazing!
Me: We will talk about some interesting things you have done over the last few months where you basically made yourself financially independent for life, which is wonderful!
Me: To begin with, tell me what you are doing with the pub and how you have utilized the development strategies and just let me know what you are doing because it is unbelievable!
Ange: The pub has got this huge garden which is still a bit dilapidated and run down so prior to Covid-19, we were taking the money and slowly restoring the pub. People would ask me why have I not done it yet. The issue is that renovation is both costly and time-consuming; especially when you are open 15 hours a day, in which case, you cannot find the time to do it and then obviously it is late at night and you can’t disturb the neighbors. You are surrounded by a residential area which creates limitations.
My partner and I came to think about it. We were communicating with each other and of course, we were not trading for half the week because we had halted the deliveries and take outs. We both thought about the various possibilities. However, we kept going back to our back garden which was used as a court a long time back but presently, it is just a garden. We thought to ourselves that being this close to the city center, the garden was just a waste of space so we contemplated what we could do with it.
My partner came up with the brilliant idea of getting it developed which I think is quite obvious but had I not joined your training course, I would not have been able to think differently and ask myself well-how do we develop it?
Previously, I would have suggested simply building a house whereas now we were brainstorming ideas which would allow us to maximize our profits. We finally decided to seek planning permission for commercial units. I, however, did not know how to get planning permission because I had never done it before.
So after the academy, I decided to hire a few architects and find out. The first architect was incredible. He explained to us what we could do, viewed the property, made a few sketches and in no time we had received planning permission for 5 commercial units in our back garden.
Me: That is brilliant! You will not only be able to add value to your pub but it will also generate an extra rental income for you. How much revenue will that produce per month?
Ange: The cash flow profit we’re expecting is about two to two and a half grand.
Me: That is amazing although it may not seem like a huge deal!
Ange: They are small commercial units and it is a dish in addition to the pub. It assists us in running the pub because if we struggle with the pub, we still have cash flowing in! If we come out of lockdown, we will still have money coming in. So it is magnificent either way because it is on the pub’s land!
This was my conversation with my student, Ange. I hope you also learned quite a bit from our conversation.
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Ange’s contact details: Https://cvipropertiesltd.wixsite.com/…
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