Insights, deals, relationships and real-world property learning
đż Fortnightly updates from Avril Magee and the Busk Properties team
A fortnight that reflects property properly đĄ
Welcome to the second newsletter for May.
This has been one of those fortnights that reflects property properly: one opportunity fell away, another has moved forward, and we have added some useful learning that will shape how we assess future deals.
đ Property is not just about finding deals. It's about knowing which ones stack up, which ones suit the right structure, and to move forward both carefully and as quickly as possible.
đ What's happening on the ground
One door closes... We learned this week that our bid for the deal where we had undertaken a feasibility report was not successful. That's never ideal, but it is also part of doing business properly. We hadn't secured an investor as we had doubts about the feasibility of the project ourselves.
đĄ I would always rather step away from a deal than force one forward without the right foundations in place.
...another opens in North Wales đ´ó §ó ˘ó ˇó Źó łó ż A viewing we undertook on an off-market opportunity has now resulted in a verbal offer acceptance. We are currently going back over the numbers several times and working through the structure, so that we can sign the Memorandum of Sale.
What makes this particularly interesting is the potential to phase the development over three stages, which could allow income to be generated during the process rather than only at the end. That creates a different sort of opportunity and would be excellent learning for anyone who is looking at an Earn and Learn opportunity before engaging in their first property deal from scratch.
Joint Venture with Mossland Developments Ltd đď¸ We are also looking at a joint venture opportunity with our partners in Mossland Developments Ltd, the other company we have recently set up together. This would be our first trade as a partnership in that business, so the next step is to arrange a viewing, understand the opportunity in more detail and decide whether it is the right one to pursue.
đ Quality over quantity
The past fortnight has not been as busy as usual in terms of the number of networking events attended, but it has been strong in terms of quality and follow-up.
Prism Studios đ¸ I took up an opportunity offered via The Cheshire Club and had a professional video, interview and photography session at Prism Studios. I will be sharing some of that content on social media in due course, but what stood out to me most was the quality of the conversations around it. Time spent with good people, where trust has built over time, is often where the real business value sits.
PPN Warrington is becoming a regular for me because of both the speakers and the calibre of the room. As ever, the value is not just in showing up. It is in the follow-up afterwards, and I have already arranged a number of coffee meetings for when I return from London and my upcoming holiday. â
đ¤ We spent a day with a potential investor and joint venture partner, showing him two of the projects we have already completed. That kind of time together matters. It gives people a chance to see not just what we have done, but how we think, how we approach projects, and what sort of opportunities may suit us working together in future.
đ TitleSplit.com 3-Day Training
One of the biggest highlights of the past fortnight was attending the three-day TitleSplit.com training with Rachel Knight and her team.
What I found especially valuable was that the training didn't just focus on how to title split a property. It also covered the wider financial and economic considerations, as well as the specialist team and expertise needed to do this properly. To me, those are two different things: understanding a strategy in theory is one thing, but understanding the risks, the detail and the team required to execute it well is where the real learning sits.
đĄ Good education gives you both knowledge and network. We have come away with a much clearer view of how to assess title split opportunities properly and what would need to be in place before taking one on ourselves.
â¤ď¸ London, family and a three-year-old's enthusiasm
I'm writing this on the train to London đ, where I will be spending the next five days with my daughter. I'm really looking forward to it, not least because we don't often get this length of time together. Much of the visit will be focused on her wedding preparations đ, whilst also making time for the basics that are easy to overlook when life gets busy, like exercise, good food and proper conversations.
Whilst I'm there, I'll also be seeing my mum, and my niece and nephew, who are expecting their first baby đś. That means four generations around the dinner table, which feels very special.
đ Last week also started with a very early airport run for my son and his family. Listening to my three-year-old granddaughter talk all the way there in the middle of the night, about what she was looking forward to on holiday, was a lovely reminder of just how much enthusiasm we can all bring to the smallest things, if our mindset is more open.
And alongside everything else, we stay in regular contact with both the other closer and wider family too, supporting each other and staying connected.
â˝ The Gooners Have Done It!
Arsenal winning the league after 22 years definitely brought a smile to my face. Persistence, focus, skill and creative thinking do bring success.....even if the wait is a bit longer than you first imagine.
Even more ironically, the first ever game I went to with my dad was Arsenal v Manchester City at Highbury in 1976. Some things stay with you. â¤ď¸đ¤
Let's start a conversation đŹ
If you are interested in how we structure development opportunities, or you are exploring the right way to get involved in property through investing rather than doing everything hands-on yourself, please contact us and let's start a conversation.
Until next time,
Avril Magee
Busk Properties Ltd
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