Ireland Challenge: BUILD A HOUSE WITH NO MONEY! (Fail
Hello I am Samuel Leeds, your property guide. Today in this video I went to Ireland to meet David and help him to become financially free. David has got the land for free from his uncle and he wants to build it. Let’s see how the challenge came out?
Visit to Land
Me and David reached the land where David told me that he wants to build it, refinance it then pull out all the money. So, basically it will be self-built for him. He was planning to build a two-story house with the view facing the lake. I asked him about the planning and he was sure that he will get the planning as other houses there also got the planning which are two-story. But I was not satisfied because I didn't think that he would get the planning as the land is on the top of the mountain cutting the skyline view.
The other houses were not on top of the hill but the land David is having situated on top. There was a car parking issue as well as David said he will park the car down the hill but he has to take permission from the road owner. I asked David to speak directly to the council for permission and everything. I showed him on a map that he cannot build a house where the skyline view is breaking.
Searching for Land
Me and David looked for another land that has no issue with the planning permission. We saw a land of 0.75 acres having a planning permission. So, I called the agent to know about its price. I asked him about the end value of the property if I build four bed houses to which the agent responded you may get 250 to 275 if the work is done properly.
I asked him to quote the price but he said it’s not worth it but I suggested what If you buy it for 30 thousand pounds and build a house for 120 so total you will carry 150 and if the end value will be 250 then isn't it worth it? Brian said that 275 as an end value is not unrealistic, it will bring good money for a four bed, 1900 square foot house but everything turned off when we visited the land.
Property to Buy
I trained David on how to talk to people about not having a deposit but he wants to buy a property so he needs to rent to earn. He tried on two calls but unfortunately nobody showed interest. On the third call, I talked to the person and told him that I am looking for a property that I can rent it out with an option to buy and from that I would be able to save my deposit. The agent said we will call our landlords and if they showed interest we will call you back. Now David made a fourth call to another agent and discussed the above that I did. The agent said we don’t have anything at the moment, that is quite strange. There was no house for sale.
I then asked David if he knew anyone who owns the house to which David said yes he knows a person who is a family friend and that uncle lives in America having a house in Ireland and it might be on rent. It was a little bit difficult to find a lease option agreement in David’s area because there was nothing for sale. We then moved to David’s uncle's house who owns it so we thought to give a visit and try our luck.
We viewed the house and it was quite nice. David made a call to his uncle who is currently living in America, so we talked to him on video call and discussed the property. David’s uncle agreed on the lease option agreement. David will pay the small rent for the first year, he will refurb the property then from next year he will 400 euro per month. After that he will own the property in five years which is amazing. He did a great deal.
I then typed a heads of term for David’s lease option agreement to show his uncle.
David got two no money deals, one for rent and another lease option agreement and he has made 10 thousands pounds from packaging and selling. Project management things were also lined up. He did a great job.
After David’s achievement Left for London because my wife was having a baby. I also met David’s girlfriend at the airport. I congratulate her on David’s success as he became financially free. After seven weeks David visited my home and I was blessed with a baby. David shared that he is doing rent to rent which fully left and he started his own estate agency. He is doing absolutely amazing. Alright, it was all for today, if you like my videos then don’t forget to subscribe to my YouTube channel.
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