How to Buy, Refurbish & Refinance

Expat Property Story

#201
UK property is a really powerful tool for growing your wealth. But to do it well, you need to buy at a discount, add value and make sensible use of leverage. One way to do this is through a concept called Buy, Refurbish & Refinance (BRR) And that’s what today’s episode is all about.
When Mortgage Express fell to pieces in the wake of the Financial Crisis, Kevin Wright devised a strategy that came as close to the concept of recycling your cash as legally possible, and that was how BRR came to be
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During the episode, we discuss:

· Historical Context of BRR

· Kevin Wright's development of the BRR concept post-2008 crisis

· Sacrifice as a key trait for portfolio building

· Ready-to-rent vs. BRR

· Forcing appreciation through refurb

· Remote property management challenges

· Buying Phase

· Identifying problem properties and motivated sellers

· Tools for remote property searches

· How to buy at discount

· System Setups for Viewing Properties

· Need for consistent tracking and follow-ups

· Monthly check-ins with estate agents

· CRMs for property tracking

· Collaborating with UK-based partners for reduced mortgage rates

· Importance of boots on the ground

· Refurb Phase

· Common property issues: dilapidation, structural issues

· Reliable tradesmen and project management

· Refinancing Phase

· Expat mortgage restrictions

· Leveraging partnerships with UK residents for better rates

· Variability in lender regulations

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Keywords
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