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Liv Cooke shares one of her latest property developments and then holds a Q&A. Credit: livcookedevelopments on Instagram, and initial song from Pixabay.
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01:20 - Since, oh God, I've just ripped a hole in my leggings.
01:30 (laughs)
01:31 Right, since I'm not going outside
01:33 'cause it's too hot in England,
01:35 let's do a little Q&A.
01:36 There's a possibility that you're looking at it too much
01:41 like a sale, 'cause even just the word clothes,
01:44 it's very like sales training.
01:47 I think if you've got a great deal,
01:50 it's not a case of selling it,
01:51 it's a case of matching it to the right person
01:54 that's looking for that deal
01:55 and it will sell itself, it will close itself.
01:58 If you've got something that somebody needs,
02:01 it's just a case of putting it in front of them
02:03 and they will take it.
02:05 Of course, you've got to have a freaking good deal
02:07 'cause there's a lot of competition in the market.
02:10 But yeah, it can be tricky 'cause at the end of the day,
02:15 you're probably getting a sourcing fee
02:16 that's three, four, five, six, seven K,
02:20 but that person is letting go of hundreds of thousands.
02:23 So it's about reassuring them, building the trust
02:27 and just making it as frictionless as possible,
02:30 go above and beyond.
02:31 I was performing back in the entertainment days.
02:35 I think my first 10K came from, in one transaction,
02:39 it must have been performing at Wembley.
02:45 90,000 people.
02:47 Yeah, I was shitting myself. (laughs)
02:51 No, I get asked this every Q&A and every Q&A,
02:54 I say, "No, I don't do mentorships.
02:56 "I don't sell training courses."
02:58 However, today, I'm feeling generous.
03:00 I think it's the sun.
03:01 The sun's feeding me positive energy. (laughs)
03:05 That or I'm losing my mind staying in all day
03:07 'cause it's so hot.
03:09 Anyway, I'm feeling generous.
03:11 So if somebody is willing to travel,
03:14 and you should, you lazy bastards,
03:16 to Manchester at some point this week,
03:20 then you can come around a few viewings with me
03:22 and I'll mentor you, if you wanna use that word,
03:26 for the day, only the day.
03:28 I'm not signing up to anything.
03:29 I will just answer your questions for the day.
03:31 I see this question in my DMs every day.
03:36 And it depends on your goals,
03:40 depends if you've got a budget or not,
03:42 depends on your strategy,
03:43 depends, oh, it depends where you live.
03:45 Oh, it's too many variables for me to answer this.
03:47 I'm sorry.
03:49 I don't even wanna say, I used to recommend them.
03:51 And actually, do you know what?
03:53 The one that I personally use right now
03:55 is not the one that I'm recommending to clients right now
03:58 because they've, to be honest, they've just annoyed me.
04:01 They've annoyed me.
04:02 I don't know what they're doing with one of my properties,
04:04 but it's a shit show.
04:05 So I'm gonna be cutthroat with that.
04:07 I'm gonna give them one last chance,
04:09 and then it's bye-bye. (laughs)
04:11 You know that saying,
04:12 "I kiss a few frogs to find your prince."
04:14 (claps)
04:15 (blows raspberry)
04:16 I kissed the whole fucking pond.
04:17 I was filthy. (laughs)
04:19 I made a lot of mistakes.
04:21 Hired the wrong teams.
04:23 In some cases, it weren't even my fault, you know,
04:25 but I can't have that victim mentality.
04:27 So held myself accountable, educated myself harder,
04:30 and didn't make the same mistake twice.
04:33 Depends where, right?
04:34 I've noticed that one particular brand or company
04:38 isn't good in all the branches,
04:39 like Entwistle Green in Liverpool.
04:42 They had a property for sale for ages,
04:44 and I was a cash buyer,
04:45 and they wouldn't even come back to me about it.
04:47 Just useless.
04:48 And then every time I'd ring, they'd say,
04:50 "Oh, sorry, we didn't put your offer in.
04:51 "Can't see it on the system."
04:53 Like, "I fucking got it in an email to you.
04:55 "How are you missing it?"
04:56 Like, just basic incompetence, you know?
04:58 They don't care.
04:59 You can tell they're not on commission,
05:00 that kind of energy.
05:01 But then there's an Entwistle Green branch in Lancashire,
05:04 I think Layla in Lancashire, that are really good.
05:07 So you can't judge the whole company by the branch,
05:10 I've noticed.
05:12 But if we're talking Manchester,
05:14 love Ryder and Dutton.
05:16 I like Bridgeford's too.
05:18 Never go with Purple Bricks or Yopper,
05:20 they're just hard work.
05:22 I would probably look to do a quick flip
05:26 to get my budget up so that I can do a much bigger deal.
05:30 Okay, in situations like this,
05:32 when you wanna be risk averse
05:33 and you want that peace of mind,
05:34 which is totally understandable,
05:36 then you can request what's called
05:37 a Lawful Development Certificate, an LDC.
05:40 And it's essentially just a document
05:41 that says the extension was legal.
05:44 HMO basically means you're housing different people
05:48 from different families.
05:49 So if you've got like a six bed HMO,
05:51 there's six rooms that are rented out
05:53 to six different people.
05:54 I think it depends on the deal.
05:56 And more importantly, actually your position.
05:58 If you're in a position where you've got a tight budget,
06:00 like we're talking like 30, 40, 50K,
06:03 then I would probably suggest flipping
06:05 in order to gain some profit, increase that budget.
06:08 And then you can look to retain like good properties.
06:11 So high cash flow in or high appreciation
06:15 in areas where there's demand.
06:16 That's the most important part.
06:18 Okay, BRRR is Buy, Refurbish, Refinance, Rent.
06:22 Now it's important that before you make an offer,
06:25 you know your steps.
06:26 So first of all, is the property
06:27 in an area where there's demand?
06:29 'Cause if there's no demand
06:30 and you spend all this money doing this property,
06:32 you've done a great deal, you spent so much time,
06:34 energy, money on it, and then you can't rent it out.
06:36 So all of a sudden it's a liability, not an asset.
06:39 Cashflow is important, so check demand.
06:41 And while you're checking demand,
06:42 you're gonna come across who the end user should be.
06:45 So is it young professionals?
06:47 Is it students?
06:47 Is it families?
06:48 Is it social housing?
06:50 And that will give you an indication
06:52 of what your renovation needs to look like
06:54 and therefore your refurb cost.
06:56 And when you know your end value,
06:57 you know your refurb cost,
06:59 you know how much you can pay for the property.
07:01 Make sure your purchase price is below market value.
07:05 Yeah, 100K's a good budget.
07:08 I would be mixing that with a bridging loan
07:11 and I would be doing a BRR to HMO.
07:13 So buy a property that's run down,
07:15 but in a good area, convert it to a HMO,
07:18 so meeting all the local authority regulations,
07:20 health and safety requirements, fire safety,
07:22 blah, blah, blah, building controller happy.
07:24 And then I would be renting it out room by room
07:27 in order to maximize cashflow.
07:28 So it's like a BRR, buy, sell, let, but on steroids.
07:31 We are recycling your capital
07:33 and we are getting good profit.
07:35 And yes, we can help you.
07:37 And you know what?
07:38 Since I was like 15, I wanted to get into property,
07:41 but I was obviously just very busy
07:43 because it wasn't my priority.
07:44 And then my priority was becoming
07:45 the best freestyler in the world.
07:47 And then when I achieved that,
07:49 like I could open up the tunnel vision
07:51 and let some new things in.
07:53 And that's, to be honest, actually,
07:54 I didn't get obsessed until COVID
07:57 'cause it ruined like travel, didn't it?
07:58 And you had to just stay indoors
08:00 and it was a perfect time really to pick up the books
08:03 and dive into real estate.
08:05 Not at all.
08:07 I haven't done that once in property.
08:08 I look back and think,
08:09 (scoffs)
08:11 not done enough.
08:12 (laughs)
08:13 I look back and think, oh, I should have done that better.
08:15 Should have done, oh, shouldn't, you know.
08:18 At the moment I'm looking back thinking,
08:20 all right, how could I have done that better?
08:23 How can I be better?
08:24 I'm not looking back thinking,
08:25 oh, I've done so well, I'm great.
08:27 Not at all.
08:28 I do that in freestyle.
08:29 I do that in football.
08:30 I look back and I'm like,
08:31 oh, I was so good and I'm still the best.
08:34 (laughs)
08:36 But no, in property I'm humble for now.
08:39 Anyone sets out with an end goal,
08:41 like retirement or something,
08:43 they're not cut out for greatness.
08:46 Like you don't think about,
08:49 oh, when I can kick back and kick my feet up.
08:51 Like, I'd have stopped a long time ago
08:54 if I wanted to retire.