What he did not have was property experience or an established network.
Just two months later, Adam has already secured 3 below-market-value BRRR projects and started building long-term wealth through property.
BRRR stands for buy, refurbish, refinance and rent. It is a property strategy focused on buying well, improving the property, refinancing based on its increased value and then holding it as a rental asset.
The figures from Adam’s first property
Adam’s first property shows how powerful the right deal, strategy and funding support can be.
The figures were:
• Below-market-value purchase price: £90,000
• Market value: £130,000
• Loan-to-value: 95%
• Refurb cost: £10,000
• Projected value: £150,000
By securing funding through Sourced Financial Services, Adam was able to borrow against the property’s market value, rather than simply the purchase price.
That meant he only needed to fund a 5% deposit, helping him keep more capital available for the refurb and future projects.
The power of the right funding partner
Funding can make a huge difference when building a property portfolio.
Working with Sourced Financial Services, Adam was able to access funding that supported his strategy and helped him move faster.
The funding allowed him to improve the property, get it tenant-ready and continue building momentum.
As a Sourced Property Partner, Adam also paid no broker fees.
The Sourced ecosystem in action
Adam did not just get access to property training.
He became part of an ecosystem designed to support Partners across the full property journey.
That includes support with sourcing opportunities, structuring deals, accessing finance, connecting with investors and building a long-term property business.
This is the advantage of being part of Sourced.
Our Partners are not left to figure everything out alone. They have specialist support around them to help them understand the strategy, make informed decisions and move towards their goals.
From no experience to building a portfolio
Like many people who join Sourced, Adam started with ambition but no property experience.
Within two months, he had already secured 3 rental streams and taken real steps towards building long-term wealth through property.
His story shows what can happen when the right opportunity, the right strategy and the right support come together.
If you want to learn how Sourced can help you start your own property journey, download our prospectus today.
Author
Chris Kirkwood
