I went to Regev Farkas's latest property refurb which made him over £160,000 in profit. It’s a three bedroom flat in London. He bought the flat for £370,000 and spent £60,000 doing it up plus £10,000 stamp duty. That’s £440,000 all in. The end value is £600,000. This means Regev and his joint venture partner can pull all their money out plus £10k! He’s renting the property out for £2200 per month, with a clean profit of £1k per month.
Exciting stuff, right? Let’s take a look at exactly what he did to get these awesome results!
Who is Regev Farkas?
You may remember Regev from a recent blog post and video I did about another awesome BRRR deal of his. Ragev and his little dog came into this country from Israel with literally £50 in his pocket, and he was working for £40 a day as a labourer. But through working hard and, after learning about property from watching my YouTube videos and joining Samuel 365, working smart, his life is very different now. Today he’s got his own construction company; he drives a Range Rover, and he lives in a beautiful house.
If you want to learn exactly what Ragev did, you can join my online mentoring programme Samuel 365. Once you are a member you will have access to the exact training Ragev received, plus access to one-on-one mentoring sessions with our experts and weekly group coaching calls with me. In case you are in any doubt about giving it a try, I will let you join for 7 days for just £1. You can do the training, speak to a mentor, attend a coaching call and, if you decide not to stay with us, cancel before the end of the 7 days and have only spent £1! I can’t say fairer than that.
What did he do to the property?
Regev turned one of the bedrooms into an open plan kitchen/lounge area. This was completed to a super high-end, luxury standard, including marble counter tops. Attention to detail is extremely important here. Refurbishing this kind of London property is very different to fixing up a budget single-let in the North of England. While it is still important to keep costs low, there are things that are necessary to splash out on which add value to the property. He then turned the loft space into the second bedroom with a well-presented en-suite. He also created an additional bedroom, turning the 2 bedroom flat into a 3 bed!
A lot of work goes into doing all this but Ragev brings his construction knowledge to the table. He explained to me that if he was to hire a construction firm, he would need to spend around £120,000 on the refurbishment, rather than the £60,000 that he did. This is the added value he brings to the table for his joint-venture partners who fund his deals. Many people have the exact same skills Regev does, but they are working hard to make someone else rich rather than themselves. That’s why it is always important to gain the skills necessary to work smart as well as hard!
If you want to start working smart and building your own wealth, why not book a free place on the next property investors’ crash course (£1 booking fee applies)?