287 - When Pre App Planning Goes Wrong

This month we welcome Gareth Morgan. Gareth is based in South Wales with his wife and 2 children. Gareth has been a mortgage broker for 15 years and property investor for 10 years . He runs his mortgage brokerage Prime Property Finance with his business partner and a team of 11.

Gareth joined Property Entrepreneur in 2023 after being recommended by a friend and is now on the Advanced Programme. He shares his key takeaways from Property Entrepreneur and his progression to working on the business rather than in it.

Gareth is focused on investing for retirement and after trying a range of strategies, now focuses on providing property for supported living providers.

Property investing is not without its challenges and whilst it's great to hear success stories, we also think it's important to cover projects which don't go to plan as that is where the biggest learnings are.

That said, we thank Gareth for being open and sharing the details on a project with its fair share of challenges.

Gareth and a business partner agreed to buy a detached property in South Wales and got Pre Application (known as Pre App) approval to convert it into 6 self contained flats with a care provider in place and 2 new builds in the rear garden.

He then bought the property and submitted the full planning application only for it to be refused. We then cover how they overcame this and the challenges with the care provider and his top tips.

The headline numbers are :

£180,000 purchase price

£200k refurb + holding costs

+ £45,000 from sale of rear plot

£350,000 mortgage valuation

Cash flow £1200 pm

8.5% gross yield

17% return on cash employed

Want to contact Mark or his guests?

www.thepropertybrokerage.co.uk

mark@thepropertybrokerage.co.uk

Gareth Morgan

www.primeproperty.finance

Instagram: @garethmorganproperty

01639 500841

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