If you ain't earning, you're learning - Part 2

Just another update on the ups and downs of this property lark. It's most definitely not a hands off investment, at this point in our journey, anyway.

On our Co-Living/ HMO project, work had recently ground to a halt as our relationship with the previous builders completely broke down. One of them was not prepared to work with us anymore (I don't think he liked me!), and the other one wouldn't have been any good on his own, so we've just agreed to part company. This has led to a big delay, a lot of stress and us chasing our tails trying to juggle trades to get the whole thing finished at some point this century. We're using investor's money on this one too, so although they have been understanding and don't mind the delay too much, it's not how we'd have liked our first deal together to have panned out. They have said they're going to reinvest their principle amounts into the next deal though, so that's great news.

The silver lining within this situation though is that we've managed to find 2 guys who know what they're doing (as mentioned last time). They are willing to get stuck into anything thrown at them, and more importantly, look for solutions to problems as they arise, rather than just creating them! They had originally only been doing the plastering on the project, but I noticed one day that their van said they were general builders. Our lucky day! They've been carrying out the works on the Buy to Let refurbishment we're soon to have completed, and have now kindly stepped in to finish the "work" the other builders have left behind.

The original 10 weeks timescale put forward by the original pair has completely ran away from us. I think we started in late September 2018. We're now approaching 6 months since the work began! The other project, the full BTL refurb, would have been finished within 6 weeks had it not been held up by needing a gas supply & meter install. That one should be ready mid-March, depending on how this HMO goes in the meantime. They've already had to strip off plasterboard to straighten walls (and allow enough room for the bath!), and build a false wall in the kitchen to try and provide a right angle we could install the units up against (see below picture. The level is set at a right angle to the gable wall, out of picture to the left!!). It will look smart when done. We just can't wait until we get to the point where there's money coming in from the property, as well as having a mortgage on it (releasing the invested capital to go again on the next project).We've certainly had to scale back in order to pay the builders & invoices each week. Thank god for trade credit accounts and credit cards! I'm sure it'll all be worth it in the end, if we don't get kneecapped over our debts in the meantime.