Although I started investing in property in 1973. It was not until 2003 that I established my current company Fyneside Developments. And I worked through, a couple of renovations, bought some investment properties. And then in 2005, decided to start looking for so land achieve planning and completed. My first build in 2006, alongside that I was running a separate business, a petrol station, and I relinquished that in 2007 when Tesco took over and decided to move away from the area that I was living in, which was Lochgilphead and moved to Perth. So in 2007, I started to look for my next project. And, it was actually 2007 going into 2008 when I found it and what it was, was a house with an extended piece of groaned, where I felt that I could achieve planning which is why I bought it.
And as you see from the diagram, here's the existing house. And I felt if I could take down the garage to the left here, then it would give a narrow plot, but something at least wide enough to put a house on. And my assumptions were correct in that because we achieved planning in 2008. And then I went to get finance, in fact, I actually had financed arranged for it and was unable to raise additional finance because I realized with time that I knew what was exactly going to be built on there, that I wasn't going to have enough funds to be able to do it. But this time the global financial crisis had really kicked in and banks that previously were trying to chuck money at me, just wouldn't even look at it. They looked at it, but they just said they had, as they put it, no appetite to lend.
And so, my strategy sort of like, well say fell apart. And as much as that, I couldn't carry on with the build and I had a house which was in severe need of refurbishment if I was going to sell it on realistically. and therefore what I did was I actually rented out and I was very fortunate. I had the same tenant rent it for the next eight years, taking us up to 2016, to be honest, the, the, the, the, the rental income coming in from it was about 15%, gross, or over 10% net because interest rates had dropped as well. so had a mortgage on it. I had bought it not at the top of the market because I was already started to see the market was dropping. They had previously had offers for £227,000, this property, which is really quite ridiculous.
I managed to secure it to £180,000 by the course not registered that the value of that property. And it was difficult for me because it was a kind of a unique property in other words, there weren't a lot of property. There was no similar properties to it. And so it became very difficult to actually get a true valuation on it. Having the, having the, the tenants, then having decided to buy their own house in 2016, moved out. And I didn't want to hold on to it as a rental property. And so therefore I embarked on a renovation. So, principally in this video, although this is not the type of thing that I, I typically do. I'm going to show you this renovation project. And throughout this video, what I want to do is basically show you the current state or the current state, oh, as in 2016, before the renovation took place,
Here we are, moving up the driveway of the house and I'm going to pretty much just let, the pictures and short video clips unfold the story, and you will see, the disrepair on the outside of the house. You will see the condition of the garden, and you will see the full house insight. You will see that it wasn't particularly well looked after at the time when they're rented out. Originally, I deal with a completely new confidence in refurbishing the kitchen with new cupboard doors, avoid infidel, food kitchen, but I refurbished it, not expecting any taxes you get to hold onto the property. So therefore once they do it full, properly furbished, the seller not expect expecting that to be years ahead of the time. And, what you also see that it wasn't particularly well looked after, but I was quite contained. I was getting revenue coming in and I have, I have to be honest. I relied on the tenants letting me know if there's any particular issues, which are sorted in a timely manner, but I wasn't really inspecting this property anyway. I'll let you see for yourself and come back to it at the end of this video.
So there we have it. you've seen how the house is looking and it's current. I want to say current state of course is not a I've since sold it on and, and everything worked out, but I want to show you what it was in its its state before I started the renovation on this property. In future videos, what I'm going to do is going to do a series of videos. I'm not quite sure exactly how many, but you will see this progress. And then obviously, ultimately you're going to see how it turned out. So I'm going to focus on different areas of the house, certain rooms in the house, we'll focus in, the outside of the house and how we renovated that and the garden finally, to compliment and see it off. and then I'll reveal to you how much we managed to sell it for, and the profit that was made.