darren mcneill

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About darren mcneill

  • Rank
    Obsessed member!

Profile Information

  • Location
    North West
  • Property investment interests
    Currently BTS to generate enough cash capital, then combination of BTS and BTL (Renovations)
  • My skills
    Remaining positive
  • My goals
    To enjoy my job

Recent Profile Visitors

1,314 profile views
  1. Deposit to be held in a ltd co with shares???

    Personally, I do not like the sound of this. I thought deposits could be placed in a deposit protection scheme? In my head I have alarm bells going off and I would have likely told them to place it up their bottoms... but that is just me. As for their comments that you would have the "remaining part of the build," where would you suddenly find the cash to complete it? Trying to sell on a pert build is also hard work and wouldn't be worth a huge amount, as we have a few near us that are up for sale from a bust developer and have been sat there for ages... (I have my eyes on these as possible future projects!). In my opinion walk on by as it doesn't sound good to me, but I am not an expert, just my opinion! Darren www.fmp-investments.com www.f-m-p.uk property@f-m-p.uk We offer a 10% Return for private financing NEW - Turn-key property solutions: View our stress free rental properties that are for sale!!
  2. Fix or Replace Boiler?

    If your keeping the property as a rental then upgrade to a decent boiler with a long warranty - it will save you a tonne of hassle in the future. A call out will cost a fortune so best to nip it in the bud as soon as possible. Might be worth getting a quote from a couple of plumbers though just to see if the price is right. Darren www.fmp-investments.com www.f-m-p.uk property@f-m-p.uk We offer a 10% Return for private financing NEW - Turn-key property solutions: View our stress free rental properties that are for sale!!
  3. I don't think in the current climate that you can mass produce deals like these. They are hard to come by, and take an enormous amount of work to secure. People peddling deals that seem too good to be true... why would they? If they were so good then surely they would be kept for themselves? The phrase "Mutton dressed as lamb" always springs to mind. Darren www.fmp-investments.com www.f-m-p.uk property@f-m-p.uk We offer a 10% Return for private financing NEW - Turn-key property solutions: View our stress free rental properties that are for sale!!
  4. EDUCATION OR BUSINESS VENTURE???

    Hi Alex, Have you got an initial lump sum of capital? It is hard to comment really without knowing your financial situation, but depending upon the money you have and what your ties are, you could easily move to an area up North where the cost of entry is lower and you would be able to build up your capital completing flips. Personally I dont agree with many of the courses out there, people make more £££ selling them than doing what they teach, so that should speak volumes. Darren www.fmp-investments.com www.f-m-p.uk property@f-m-p.uk I am looking for private financing with a 10% ROI - get in touch
  5. Hello! First Post

    21st December 2017 Reflection on 2017 & Goals For 2018 Although its not quite the new year and we haven't even had Christmas yet, I thought as I have now stopped for Christmas it would be worth having a look back on what has been achieved and what I would like to achieve in 2018. It has been a very interesting year and a lot has been learnt, but there is still a great deal of opportunity to learn more! 2017 Review: Achievements * First BTS renovation completed with profit of £28,331 - Project 1 * First BRR rental completed with a ROI of 8.9% after tax (Rising to ROI of 15% once refinanced) - Project 3 * First JV project started - Project 3 * Became a full time property developer - A Real Journey With a 20k Starting Pot There have been a lot of ups, downs, and pure boredom during this period! Things in property take a long time, and no-one in the process seems to be in any form of rush! I found this part of the job the hardest to come to terms with. After 20 years in retail where things move very quickly, this world moves very slowly! My Targets I had targeted 3 flips for 2017 but unfortunately missed this target. This was caused by the delay on Project 1, a purchase of Project 2 where I had to pull out because of another garden issue and then a subsequent delay on the replacement property of Project 2 (delayed by 5-6 months), an issue with Project 3 where it was discovered that the property had been underpinned so I decided to keep and rent, and then another delay on Project 4 due to issues with one of the owners not being compos mentis so another delay of 1-2 months! If I hadn't had the above issues then I would have achieved my goals.... but remember my comment on how slow things are? What I have Learnt One complete nugget that I have taken away is that small issues (what appear to be small to me) in any of the legal aspects of the purchase should not be ignored, as they will come round and bite you on the bum when you come to sell. I had this on Project 1 where I did not think an adverse possession application would be too much of an issue for the buyer... turns out it was and it cost me 3 months of my time and a few £k in expenses. Building up my working capital is definitely the most important thing - without it I have seen a number of opportunities pass me by which sticks in your throat! The only way to do this however is to slowly build by continuing to flip. I think my original targets had me looking at BTL's after just 3 flips, but instead I have increased my working capital goal and put the BTL's on the back burner (with the exception of Project 3, but this was reactionary to an issue). EDIT 27/12/17 - Looking back on my renovations so far, there are parts where I am wasting time/money. Tiling for example. I have gone very much over kill on Project 1 and Project 3. Granted Project 3 is due to the property being rented out, but this cost and the massive amount of time involved could be greatly reduced for flip projects. Going forward I am now looking how to use less tiling in the bathrooms and kitchens, and therefore reduce costs and time involved. Combining the right number of tiles and correct colour scheme will give just as much an impact, and who has not bought a property as they thought there weren't enough tiles! I am also going to start to look more into how I can have trades complete the majority of the work in the property. If I am to achieve my goals of multiple property renovations then I need to think bigger and look at the project management side of the job. Another thought that I had last night was looking at what the cost would be for my builder to take on more of the jobs where |I am using other people, so for example my builders are great at plastering, tiling etc. I think for Project 4 I am going to get them to price up completing the required internal works, as well as the plastering/tiling/fitting the kitchen etc and see what the end project cost comes out at, and also how much quicker the renovation takes. If I can have the guys in there working solid for a few weeks and everything gets completed, then it could be worth while. It may also be more cost effective, as they are on a day rate of £120 per person and I get a detailed breakdown of material costs so I know nothing else is added. I am going to give it a go and see what happens and whether it is worth then taking this model forward to the following renovations. If it does work well I could in theory have the guys going from one project to the next.... interesting thought. 2018 Goals * Complete 6 Flips * Earn my JV partner £30k in ROI payments (30% return on their investment) * Increase working capital by £120k * Start to become more hands off with projects and take up more of a Project Management role With 2 projects due to complete by early Feb (Project 2 & Project 4), the additional 4 should be achievable if I focus and the timing is right! I have been slightly unlucky with purchase timing in 2017, but surely I will eventually get a few properties that have no purchase issues!! My other focus area is to do what I seem to be able to do best, spend time sourcing and building network relationships. When I had my period of time without a renovation I was able to spend real quality time making contacts and helping to grow my business. As soon as I started my current project this side of the business had to be dropped as I was trying to be hands on with the renovation to save some money in labour. What I need to look at here is how to get that right balance of being on site, but still pushing and growing my business. Spending my time tiling, fitting kitchens, installing skirting boards etc - is this really the best use of my time? Another reason why I am struggling with trying to complete tasks within the property myself is that I am in essence the stay at home dad, and everything that I do on site has to be organised around the school day and my Mrs day's off from work. Only being able to work 10am-2pm on the property 3 days of the week is simply not practical, and as a result I am then having to work longer days on the days that are available to me, and not taking any time off from being on site, which at the time doesn't feel draining, but after multiple weeks of being on the go everyday it does actually start to drain you. People reading might think I wish I only worked 10am-2pm, but what isn't looked at is that I am up at 6:30am to start getting the kids ready for school, then dropping them off, then driving to the site to work, then leaving the site to collect the kids, then feeding the kids and then starting their after school activities (Drama, Dance, Brownies, Swimming etc etc). The reality is that I don't sit down until at least 7pm each day, so its a 12 hour day every day - Plus kids are bloody stressful!! For my Project 4 I am going to look at how being more hands off will affect the renovation budget in comparison to when I do bits myself. Productively I think this is going to be best for myself and my business, so lets see! Darren www.fmp-investments.com www.f-m-p.uk property@f-m-p.uk I am looking for private financing with a 10% ROI - get in touch
  6. Hello! First Post

    How time flies! Not too far off my 1 year anniversary from starting out! Just need to keep grinding away and finding those little gems that are hidden away. Darren www.fmp-investments.com www.f-m-p.uk property@f-m-p.uk I am looking for private financing with a 10% ROI - get in touch
  7. How did you come to the figure of reaching £250k in cash before moving into rentals? I assume this figure will allow you to maintain the momentum of your BTS revenue stream alongside tying cash up with BTR? £250k Cash - Renovations in my area are currently around 45k-95k (purchase price + renovations), so £250k would give me enough where I could have multiple prpoerties as BRR's without choking up all of my cash. It would also give me a decent amount in case a larger opportunity came around. If completing the BRR correctly then the £250k would continue to rise, but not as fast as BTS would do. BTS gives you the cash for the BRR/BTS properties, so I have 2 companies set up, one for BTS and one for BTL. One day I may get to a point where I can keep all of the properties and never have to sell, but I need the cash at the minute. Looking at your previous renovations, i get the impression that your short term strategy is to focus on quickly renovating and selling relatively low value properties? As you build experience, do you intend on focusing on renovating higher value properties though increased borrowing? I buy whatever will make me profit, I am just fortunate that in my area property is low cost. I have been able to buy 1 property at 25.8k and one at 22.5k. The 25.8k BTS netted me around £28k profit, and the 22.5k BRR will result in me pulling out all of my costs and having a free property. My other purchases are 52k, and two at 58k each. These will result in profits of 18.4k, 30k and 31k. If a more expensive opportunity came around and I had the financing then I would take it, but it would need to have a really good profit for it to be worth while. More expensive properties have bigger stamp duty fee's and bigger financing fee's. They soon eat up huge chunks of your profit. More expensive properties may also take longer to sell, especially if they are in a chain. Lower value properties target first time buyers who are not in chains and can move quickly. You seem to have a strong strategy, which seems to be going to plan so far? I was wondering, are you running this business full time and drawing from the profits to make a living? I would love to create a long term plan which will eventually allow me to work on this venture full time. I have just gone full time this month. I only draw a nominal wage of £440 per month. I run our house very tight and we have no credit or loans. Everything else is put back into the business as this is the priority. Dont get me wrong, we still have a nice house etc, we are just careful with money and do not waste it. Our monthly outgoings are under £2500, and this is for a family of 4. If we had bigger bills and debts I doubt I could have gone full time so soon. I'll work through your journals when I get a free moment, looks like there is some really good information on there. No doubt i'll drop you a message at some point looking to pick your brains - hope that's ok! Good luck! I document everything so there is a lot of waffling to work through! No probs getting in touch. Darren www.fmp-investments.com www.f-m-p.uk property@f-m-p.uk I am looking for private financing with a 10% ROI - get in touch
  8. Im always reluctant with these sort of services. Over inflated resell values, missing figures for legals etc. Why not get in touch with them and get them to send you some examples? Darren www.fmp-investments.com www.f-m-p.uk property@f-m-p.uk I am looking for private financing with a 10% ROI - get in touch
  9. Where do we start!

    Hi Jacqui, Welcome to the hub! Few things that will help others give you some input: * Location? * Investment capital amount? * What are your long term goals? Darren www.fmp-investments.com www.f-m-p.uk property@f-m-p.uk I am looking for private financing with a 10% ROI - get in touch
  10. carly c

    Hi Carly, It sounds like you have the experience and knowledge here so looking forward to seeing how you progress. You need an award for living in a property as it is refurbed!! That is hard work, especially with children. Good luck on your auction property, feel free to post some pics! Darren www.fmp-investments.com www.f-m-p.uk property@f-m-p.uk I am looking for private financing with a 10% ROI - get in touch
  11. The best way to invest £200k

    Hi Paul, Welcome to the Hub. I would highly recommend Richards podcast, I really enjoy them and have listened to the one that has been recommended to you. Henry above makes a good point about the ROI of renovation projects. Personally, I am looking to get into rentals once I have a large pot of working capital. At this point I will be able to afford having the cash from a BRR project tied up for 8+ months, and still be able to work on other projects. Cash is king (I seem to say this a lot now), and having all of my money tied up in a few rentals to me makes zero sense, as I can sweat my money better on refurb projects. I can get into rentals at any time, but at the minute for me personally flipping is the best method. Henry also mentioned the ROI's on flips, below are my ROI's so you can see what I have achieved/target to achieve: Project 1 - 55.1% - SOLD Project 2 - 13.8% - BRR project. I know I said I wasnt renting but there is a reason! - See here. If I had sold it was a 71.9% ROI. Project 3 - 63.8% - Currently with solicitors being purchased Project 4 - 63.4% - Currently with solicitors being purchased Project 5 - 79.2% - Currently with solicitors being purchased If I was yourself, personally I would continue to flip for 12-18 months and build up a good pot of cash and then look into rentals, but also continue to flip on the side to generate working capital. Darren www.fmp-investments.com www.f-m-p.uk property@f-m-p.uk I am looking for private financing with a 10% ROI - get in touch
  12. Hi Will, Welcome to the Property Hub! Nice bunch on here so I am sure you will get some great advice! I am working in the North West (Rossendale & Todmorden to be precise). I have a number of journals that you may find useful which can be found on my original introduction post. From my personal experience I have established that cash is king. Without it, you will struggle, so my advice would be to flip at the start of your journey to build up a decent amount of working capital. You can pick up BRR properties at any time in the future, they arent going anywhere. The problem with BRR however is that to release the money back after purchasing and renovating you have to wait around 8 months. The financing application starts at 6 months, and then it will take another 2 for you to get any money back. This is a long time to have cash tied up, and what will the return be, a couple of hundred ££ per month after expenses once remortgaged? You could be on your second flip my this point and have earned £30, £40, £50k in profit depending on how well you have purchased and what the profits are forecast. My personal plan is to build up my working capital to around £250k before I get into rentals. I intend on achieving 4-6 flips next year (2018). I have however picked up a rental earlier than planned, and it is a BRR property!! This wasnt planned though and I have only kept it because I purchased it ridiculously cheap (£22.5k when the house next door sold at auction for £36k) and it has been underpinned, so selling it would have been a complete nightmare. With this one I can extract every penny from it, so rather than lose it I decided to keep it. You can read about this one here - Project 3. So..... going back to your post: 1 - I would chose a BTS strategy for at least 12-18 months to build capital 2 - As above, sell rather than refinance 3 - There are lots of opportunities out there, just spend a lot of time researching areas. I got far too excited at the beginning and offered on some crap properties. I eventually found a cracker and then the ball started to get rolling! Darren www.fmp-investments.com www.f-m-p.uk property@f-m-p.uk I am looking for private financing with a 10% ROI - get in touch
  13. Hello! First Post

    Thanks! I'd better start earning some wages! Darren www.fmp-investments.com www.f-m-p.uk Facebook Page - FMP Ltd property@f-m-p.uk I am looking for private financing with a 10% ROI - get in touch
  14. Hello! First Post

    Saturday 2nd December 2017 Today was quite a large point in my life, I left my small PT job and I am now without any form of normal income! I am now a full time property developer, and have achieved this in around 11 months from making the decision that this is what I want to do. It has been a long 11 months, but it has also flown by! I am now in a position where: * Sold 1 property - Project 1 * Almost started to rent out my first BRR - Project 3 Renting For The First Time Blog * Started my first JV purchase - Project 3 * In the process of buying three other properties - Project 2 Project 4 Project 5 I am now looking to continue to grow and develop my skills and continue on my exciting property adventure. I honestly cant believe how things have changed in less than a year, and that I have the job that I had always dreamt about but never thought it would ever be possible. I am lucky to have had such a supportive family around me, and a Mrs who despite moaning about everything and worrying, has also let me give it a go (although it took some persuading!!) Keep the positive thoughts, and anything is possible, it just takes time! Darren www.fmp-investments.com www.f-m-p.uk Facebook Page - FMP Ltd property@f-m-p.uk I am looking for private financing with a 10% ROI - get in touch
  15. Looking for investment area

    Hi Richard, Welcome to the Hub! Id recommend listening to a few of the podcasts, the Rob's have covered some possible investment areas. What is your strategy/finance situation? Are you looking for cash income or capital growth? Darren www.fmp-investments.com www.f-m-p.uk property@f-m-p.uk I am looking for private financing with a 10% ROI - get in touch