During lockdown, Sandra, our Swansea franchisee, made a huge decision to leave her job at the university and turn her passion for property into a business. Her goal was to home educate her son, so she was looking for a business opportunity that would allow her to work from home, while being part of a team. And that’s when Sourced comes in.
Sourced was the Answer
Sandra looked at many franchise opportunities, but Sourced was the one to stand out. “From all the options I looked at, Sourced is the most switched on, in terms of the level of support and the training”, Sandra shares. “It helped me fulfil my dream on working in property, while being at home with my son”, she continues.
Sandra realised that Sourced can help her make her property dreams come true, while allowing her to utilise our team’s expertise and the large network of property franchisees across the country. “We are a big national company”, Sandra admits, and we couldn’t agree more. The network of over 160 franchisees across the country and our large database of investors, is among the many things that make Sourced different.
Beginning with a Flip
Aside from getting involved in building the house she lives in, Sandra had no hands-on experience in property before joining Sourced. However, she decided to take the risk and chose a flip for her first project. After she attended the Flips and Refurbs training course at the HQ, she found a 3-bed detached property, which she decided to convert into a 4-bed family home.
The works consisted of adding another bedroom and make some renovations in the kitchen and conservatory, with the goal to resell the property. And Sourced was there to help again. Apart from the ongoing support and in-person meetings with her mentor, Sandra utilised our peer-to-peer platform, Sourced Capital.
“The funding process was amazing and personal. “I was in constant contact with different members of the Capital team, which is different from borrowing from a bridging company or a bank.” Our robust and vigorous due diligence process gave Sandra the confidence she needed to finish the project. She got a loan based on 70% of the GDV of the property, meaning that she had more funding available to renovate the project. The purchase price was below market at £190,000 and the budget to renovate was £20,000. The surveyor estimates the GDV to be £250,000, while the real estate agent estimates it to be £300,000. This will allow Sandra to generate a profit from £20,000 up to £35,000 respectively.
Next Steps
For her next project, Sandra wants to be more ambitious. She is planning to get 2 properties and convert them into flats; therefore she is now attending the rent to rent and serviced accommodation training at Sourced.
Her long-term goal is not only to continue to do flips and conversions but also to build a portfolio of rent-to-rent properties, especially serviced accommodation.
Who is Sourced for?
“Sourced is for anyone who has passion for property and wants to build a property business”, Sandra admits. Sourced can help both novice and experienced investors, by taking the hassle out of running a property business. “Whoever has passion about property and the drive, should join Sourced”.
Our franchisees have access to our pool of knowledge, investor and property leads to get the ball moving and Sourced Capital to bring their projects to life. Dedicated support people are also on hand to help our franchisees build a strategy plan and avoid any drawbacks of property.
To find out how to build or scale your property business, download your copy of our franchise prospectus.
