Jim J Davidson June 7 2020
It all started back in 1973 when I first dipped my toes into property investment. However, it wasn't until 2003 that I established my current company, Fyneside Developments.
It all started back in 1973 when I first dipped my toes into property investment. However, it wasn't until 2003 that I established my current company, Fyneside Developments. Along the way, I've experienced ups and downs, renovations, and property purchases. In 2005, I decided to explore the world of land development and completed my first build in 2006. Let me take you through the twists and turns of my property development story, highlighting the challenges I faced and the eventual triumph.
In 2007, I set out to find my next project, and luck was on my side. I stumbled upon a house with an extended piece of land. It struck me as a fantastic opportunity to achieve planning for further development. The existing house and the surrounding area were the perfect canvas for my vision. With careful consideration, I believed that by removing the garage, I could create a narrow plot suitable for constructing a new house. This became the foundation of my plan.
With planning permission secured in 2008, I eagerly sought financing to kickstart the project. However, I soon realized that my initial estimates were insufficient to cover the costs. To make matters worse, the global financial crisis had taken hold, making it challenging to secure additional funds. Banks, once eager to invest, now hesitated due to the uncertain economic climate. Their reluctance dampened my spirits and forced me to revaluate my strategy.
Although my initial plans fell apart, I refused to let adversity define my journey. Determined to make the best of the situation, I decided to rent out the property instead. Thankfully, a wonderful tenant came along and rented it for the next eight years, providing a stable source of income. The rental returns were impressive, with a gross yield of around 15% and a net yield of over 10%, thanks to favorable interest rates. During this time, I closely monitored the property's condition, relying on the tenant to report any issues promptly.
In 2016, when the tenants decided to purchase their own home, I saw an opportunity for a fresh start. The time had come to renovate the property and explore its full potential. In the video, you'll witness the house's dilapidated state, both inside and out, before the renovation began. Neglect had taken its toll, but I was optimistic about transforming it into something truly remarkable.
Now that you've seen the property's initial state, I want to take you along on the rest of this exciting journey. In future videos, I'll delve into various aspects of the renovation process. We'll explore different rooms in the house, pay attention to the exterior transformation, and witness the garden's final touches. I'll also reveal the ultimate selling price and the profit that was made. Stay tuned for these upcoming episodes that capture the remarkable progress and stunning results.
Embarking on a property development venture is filled with twists and turns. From overcoming financial obstacles to adapting to unforeseen circumstances, my journey has been a true test of resilience. I hope this glimpse into my experiences has inspired you and piqued your interest in the world of property development. Join me in the upcoming videos as we witness the amazing transformation and celebrate the successful outcome of this renovation project.
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