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Ex Estate and Lettings Agent Turns to HMOs

By 1 October 2021October 5th, 2021No Comments

 

We recently visited Nigel on site of one of his current projects: HMO conversion project in Exeter. The property is being extended and refurbished throughout, to create 6 bedrooms, using Sourced’s in-house funding facility.

Nigel’s Property Journey and Experience

Nigel Guppy comes from a family of builders, owned a portfolio of 13 properties and used to be an estate and lettings agent. As a result, he has a wealth of experience and knowledge in the property sector.

After retiring, the franchisee couldn’t sit still and wanted to start his own projects, so with the help of Sourced, Nigel wishes to create rental properties for working professionals, to a standard that his own children would happily live in. He is building a portfolio for his family to benefit from in the future.

Joining the Network

The Southampton Central franchisee joined Sourced in 2020 expecting only a funding platform. However, he claims he was surprised when discovering the 1-1 support, network of other franchisees, bespoke training programs, a CRM system and the endless resources that Sourced offers.

Nigel states “if there’s something you don’t know or would like to find out, there’s generally someone in the network that does know and that’s really helpful”.

The ex-estate agent used to come across several opportunities but admits he could never get the funding to develop the properties. However, upon coming across Sourced in a magazine after retiring from being an estate and lettings agent, Nigel states “I never thought I’d buy a franchise again, but Sourced looked very interesting and benefitting”.

Since joining, Nigel claims he has never been disappointed and has even started his very own HMO conversion project in Exeter, by taking advantage of Sourced Capital’s funding facility, that is available to all our franchisees. He is also looking at other similar projects in the South.

Utilising the Funding Platform

Nigel grew up in this spacious 3-bedroom home in Exeter and started looking at ways to turn it into a cash flowing investment. After some personal issues, Nigel and his family decided it was time to put the family home on the market, however, they weren’t receiving offers they expected. As a result, Nigel decided it was best to convert the property into a high-quality co-living space, especially due to the proximity to the hospital.

Using Sourced’s in-house funding facility, the family home is currently being extended and refurbished throughout, to create 6 bedrooms, a large communal area, and a working hub, to allow for convenient work from home. The franchisee wants to set the standard for co-living in the area, providing high quality accommodation for professionals.

At Sourced, we offer funding through our very own peer to peer lending platform, Sourced Capital. Unlike traditional funding options, the loans are based on the GDV of the projects, allowing you to borrow up to 100% of the purchase and build costs.

To release funds to repay the loan, Nigel Guppy will refinance and hold the property in the family or will sell it as an investment opportunity.

The Financials:

  • Market value: £325,000
  • Refurb cost: £200,000
  • GDV: £650,000
  • Income: £4,200 – £4,300 pcm

As well as working on this project, Nigel has also got other HMO potential properties in the works.

What’s the Next Step for Southampton Central?

The plan for Sourced Southampton Central, is to keep on doing what they are doing, adjust according to the market, but also to continue to enjoy what they do.

Nigel wishes to keep accelerating his property business, with the support and funding platform offered by Sourced.

Is Sourced Network Right for you?

Are you looking to get into property or to scale your existing property business? Want to find out how Sourced can assist you with your investment? Download your copy of the Sourced Network franchise prospectus to find out how Sourced can help you

Aksa Gul

Aksa Gul

Marketing Apprentice