213 - Mega 48 bed HMO, £750k equity, no money left and Financial Fortress ✅

In this Deals, Deals, Deals Podcast Series, we go Behind the Scenes on some of the UK’s most Creative, Lucrative and Award-Winning Deals 🤩   This month's guest is ex-forces Richie Miller from Bristol, who joined Property Entrepreneur in 2020 with his business partner Chris Chadwick.    Richie shares his background and how he went from buying a buy to let, to a 6 bed HMO to a 48 mega HMO with Chris as his first 3 purchases.    Richie shares how he joint ventured with the estate agent he had started working with, Chris, how the property came to them, how they structured the deal and how they built over £1m equity with none of their own money invested.    As a result of Daniel Hill sharing the benefits of how to build a Financial Fortress using long term leases to reduce the noise and uncertainty that can come with HMO type of investments, Richie sought out a lease provider and discusses some of the issues he met before finding a suitable provider.    Within a couple of months, a 20 year lease was agreed and set up which has vastly reduced the time required to manage the property and also doubled the monthly cashflow.    The numbers are :   Purchase Price: £1.5m Valuation: £1.8m (£300k initial equity) 75% mortgage on purchase of £1.35m £668,000 costs including £321,000 refurb   Revaluation after refurb: £3,000,000 75% mortgage: £2,250,000   £14,000 pm lease  £8,000 costs £6,000 pm cashflow / £72,000 pa Want to contact Mark or his guests?   www.thepropertybrokerage.co.uk [email protected]    Richie Miller [email protected] https://www.linkedin.com/in/richie-miller/ Want to learn more?   Want to know the ONLY 5 PROBLEMS you need to overcome to become a High Net Worth Property Entrepreneur making 6 and 7 figure annual profits? Click here now to download our FREE PDF report   Daniel Hill's brand new, first-ever published book Karma Credits: The Universal Law of Wealth, Health and Happiness can be purchased on Amazon. Click here now to purchase a copy.   If you’ve not already joined the 10.9k Property Entrepreneurs for FREE in the Property Entrepreneur Facebook Group, click here to join now:  The Property Entrepreneurs Community   If you're listening to this podcast but have not yet subscribed, click the subscribe button to listen to what Daniel and other industry leading guests have to say on a weekly basis on all things business, investment property and lifestyle: The Official Property Entrepreneur Podcast    Keep up to date with Daniel’s unique and proven Blueprints by subscribing to The Blueprint YouTube Channel now   Follow Daniel on Social:   Instagram: @propertyentrepreneur_  Facebook:  @PropertyEntrepreneurOfficial LinkedIn: @propertyentrepreneur