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There is nothing like an auction win completing. Our deal did on Monday. A six week race to the finish line with all guns blazing but we got there.

This purchase is particularly sweet because it’s in my home town and is my local post office with two residential units above it.

Who knew that one day I would own a post office?! The stamping of receipts and cashbooks and the sticking of postal stamps from that wet pad were all things I wanted to do when I was a child. Post office clerk/postmaster was my idea of perfect shop play and future vocation.

Fast forward 40 plus years and the enormity of what we’ve just acquired has hit me. It’s a developer’s waiting game. We can’t just storm in there and rip things out and get to work like we normally would. It’s tenanted and the post office lease has a couple of years to run.
So why purchase this?

Commercial to Residential we believe is the way forward and having mixed stock in your portfolio can be a good thing.

Key take aways from this deal thus far:

* Raising funds for semi commercial units are tricky. The loan to value is lower and the interest rates are higher. Supporting the deal with an unincumbered property is massively important.

* Stamp duty implications with mixed use property. Get a good accountant to work this out. Don’t leave it to your solicitor. They have other magic to work.

* This is a long game investment. Not a quick in and out. However, the rewards could be great if more homes produced.

Contact me if you want to start your property journey but you’re unsure how to or you just want a few months of handholding to build your confidence and get you over that line.

#developer #propertyfinance # #investment