Commercial To Residential Conversion
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- เผยแพร่เมื่อ 30 ก.ย. 2024
- Welcome back to #getrealestate the commercial real estate series where I spill all my property development & real estate investing secrets. commercial to residential conversion… In this video I do a case study of a deal and how it made me a £150 grand for a couple of weeks work. If you’re a budding property entrepreneur GRAB yourself a cup of tea and watch and learn from this video.
If you have missed the first two episodes of this please click on the links below.
#getrealestate #property
Episode 1 • Former BBC Dragon Reve...
Episode 2 • UK Richlist Property I...
Other property-related content :
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If you have missed the first two episodes of this please click on the links below.
Episode 1 th-cam.com/video/u3g1ulSYCV4/w-d-xo.html
Episode 2 th-cam.com/video/-1X_zUah_K0/w-d-xo.html
Thank you for not showing the hand doing the drawing, 1000X better because that was slowly destroying me lol. Great video, keep up the good work!
Dear Shef, what would you do with 20k (Euro) savings if you wanted to invest it in real estate?
Dirk W Thank you for the feedback.😉Thank you for the feedback. I will answer this in a future #askshaflive video
Interesting video shaf hopefully the upcoming recession Doesn’t reduce the yield
Ben Curphey Thank you for the feedback.😉 only time will tell.
Hi Shaf, I have been watching a lot of your stuff recently. Great content! I am looking to purchase my first and second investment properties towards the end of this year, however I would like some advice from you on how to scale my property portfolio quickly. Thanks
Best of luck!
@@ShafRasulWealth would you be able to create a video showing how you scaled your portfolio? thanks
@@daybuttons7541 based on?
@@henrytaylor3042 it depends on when the mortgage was taken out. If an excess of supply negatively affects rental values, many landlords may not have sufficient funds to cover the expenses associated with the property
#askshaf do you have any insight about www.crowdlords.com could be a good series?! Cheers
Website seems very interesting but it seems like a crowd funding method used to attain money to buy a property
I think it means to show the more money you invest into the crowd funding the more of a shear from the rental income you have.
I'm sure there is a catch to it as the company may charge expense fees and management fees like finding fees of tenants
Seems like a good model but more research does need to be done
This is just my guess.
I hope it helps but I would appreciate it if Shaf could also have a look over it.
Thank you
Shaf I stay at the gyle and the shapes warehouse development looks great, i was wondering who done this.
I think there will be a lot of empty units becoming available soon as a result of this government shutdown.
Great videos keep them coming
Robert Johnston Thank you for the feedback.😉
Brilliant video! I've been looking at doing this for a long time, but I was too nervous to buy a commercial property and then possibly realize I would not be able to get permission to convert it into residential. Who can I ask to get the answer to this question before I buy the property? Many Thanks!
Peter Ballin Thank you for the feedback.😉 a friendly architect
Good content Shaf. A number of restaurants in the town will be toast! Along with the other sectors affected by Corona-19. Big opportunities ahead...
Liverpool seems like a black spot for commercial property, there are so many newly rennovated offices and buildings which have remained empty for years, many investors are attracted to Manchester instead.
Hi Shaf, I’m loving the content of your TH-cam videos, especially the commercial property stuff. I thought you would like to know that TH-cam are putting a paid advert for dodgy property training courses at the end of your current video! I’m not sure what the company was, I didn’t click through🙄
I'll check it out!
Great video Shaf on how to optimise outcomes from commercial property investment. A clear step plan that everyone can utilise !
Boom!
Hi Shaf, loving all these videos! With the residential property, did you undertake the home renovation or did you just sell the property on for the purchaser to renovate? Thanks a lot for all the content
Murdo Ross Thank you for the feedback.😉I just let the buyer renovate it. episode 4 is coming soon please do subscribe and hit the notification bell so you can be informed when it goes live.
Shaf Rasul Thanks for the response, hope you and your family are staying safe!
@@murdo20 you too mate!
Will you be offering information on the practicalities on Crowd Kitchens. It sounds an incredible idea but I have no knowledge on how to make or be part of this idea?
miker dee Thank you for the feedback.😉 There's some videos on crowd Kitchens on this channel. I will be doing follow-ups.
That's what we do!watching your video to get somewhere in one day. Thanks
You can do it!
Love your videos Shaf. Particularly as you always encourage due diligence. To practice this I decided to see what I could find out about the Cadzow Crescent investment you talked about in this video. I had a look at Falkirk.gov.uk web site. I found a Planning application registered by Shastra Properties for Change of use of the former residential home to dwelling house dated 13/12/18 there were also some architects drawings included with this application prepared by Arka Architects. I looked up Shastra Properties and found that you own this Property Development company which confirmed that I had in fact found your Planning application. I then went to RightMove and found that the Cadzow Crescent property was sold for £365,675 on 1st July 2019. In the video you say that the property was sold for £375k "not bad for 3 weeks work". My research suggests that the process must have taken around 6 months at least and made slightly less profit than claimed. Am I missing something?
The transaction was split into 2 parts. The sale was subject to planning at £265k we also took an additional fee of £10k to take the property of the market this was classed as a rent payment till the planning was granted. If you want more details of how the transaction worked happy to answer them just post this question into this weeks #askshaflive and I will do a detailed video explaining all the documentation and why the deal was structured in this way. th-cam.com/video/wOOz4oD6z9c/w-d-xo.html
Great vid Shaf. Very interesting. Thanks for breaking down commercial property...Paul is a really cool guy 🙃
Glad you enjoyed it
So your crowd kitchen would work as (Zipcar)?:) do you think you could do something similar for bar/cocktail bar/non alcoholic cocktail bars? (Beverage industry)
Maqsoudi Adam Thank you for the feedback.😉 Why don't you do what I would do which is go and do some research... ;)
Hi Shaf,
Good video, but they are quite vague and don't seem that practical. I don't see a breakdown of figures or step by steps. There's also no mention of any downsides or pitfalls you may have experienced obtaining the property. Feels very generalised. Will you be providing videos with more detail? Many thanks 👍🏾
wiredup100 Thank you for the feedback.😉 A lot of the people who view my channel are beginners. So I have to do this step by step. As the series goes on I will be doing more detailed case studies on specific deals.
Thankyou Shaf. Not googled it yet but regarding Cadzow Crescent I would have thought it looked more like a flat conversion than a family home as 500sq m is massive. It looked a bit too near the host building to get planning for a second house, plus there could be access issues regarding the road junction. Hate to say it but demolition could also be possible on a plot that size if it's not listed. Did you look at that atall ie getting planning for a newbuild development??? Great profit but £375K could also be very cheap if demolition was possible, given the plot size.
Danny Murphy Thank you for the feedback.😉Danny Murphy Thank you for the feedback. I will answer this in a future #askshaflive video
Hi Shaf, loving your vids. Learnt so much already. On the subject of conversions I have developed an app called Pocket Estimator. The app allows you to specify your project criteria and then generates an estimate for the materials and labour based on the latest RIC costs. It's a great way of checking the viability of a project and avoiding money pits. I would love to get your take on the app. The concept was born out of finding away to compare builders quotes and ensuring I'm getting best value for money.
Sounds great!
Hello Shaf
Thanks again for the content and Thanks for your response regarding my FRI lease question
Would it be possible to do a video on dilapidation, I'm completely new to this space so that video would be very helpful and appreciated
Thanks
Yes, absolutely
I am enjoying your videos Shaf. 2 questions about debtors. At what point would you start legal proceedings against a debtor? Secondly, If you are contracting with someone who supplies you with a lot work, but not great when it comes top paying, what would you do and at what stage (eg stop taking further work from them?)?
Mohammed Abid Thank you for the feedback 😉 If you have any property or business-related questions. I am absolutely delighted to answer your questions. Just post any questions you have on my #askshaflive videos which can be found on my TH-cam channel. I will do my best to answer them in a future video here's a link to this weeks #askshaflive please leave any comments or questions there. th-cam.com/video/Ii9Oa_0heXA/w-d-xo.html
Shaf I really like the building relationships, re-branding and re-purposing concepts you have told us about on the commercial projects. You did great on the residential Cadzow one but in my view the vendor would have a good case for claiming in the original Estate Agent's insurance for an incorrect valuation. I am not knocking you for a minute but all you did was do the job the original Estate Agent ought to have done in the first place. With respect, I would say the commercial one's were a strategy whereas the residential one was opportunistic. But perhaps what you are trying to get over is be in a position to know when a price is wrong by knowing an area well and working hard - the more you practice the luckier you get!
Danny Murphy Thank you for the feedback.😉
Thanks for your videos, could you do a video on residential investments; how to start up, challenges, best practices..
Thansk
M Osin Thank you for the feedback 😉 If you have any property or business-related questions. I am absolutely delighted to answer your questions. Just post any questions you have on my #askshaflive videos which can be found on my TH-cam channel. I will do my best to answer them in a future video here's a link to this weeks #askshaflive please leave any comments or questions there. th-cam.com/video/Ii9Oa_0heXA/w-d-xo.html
Fantastic ideas Shaf, i really like the virtual kitchen idea. Wouldn’t you need a special license in order to provide ghost kitchens within the premises? Are these difficult to obtain? Also, what location would be suitable to set up a ghost kitchen outfit? I assume mainly city centre areas? Or could you do the same concept in an out of town location? I’ve researched and seen people use portakabins converted into kitchens, what do you think of this idea? Thanks Shaf!
AC121! Thank you for the feedback.😉 I will be answering a question very similar to this on a future #askshaflive video's. Check out today's episode this evening 16 April 2010 episode 2 Check it out when it goes live approx 5pm
I like the dark kitchens idea but Shaf my question is this, do you worry that too many people will pile into the same market??? There is also the worry of a home delivery tax, something which I can see coming myself.
Danny Murphy Thank you for the feedback. I will answer this in a future #askshaflive video
Hi Shaf, how would you got about converting residential into commercial to let? Thank you :)
C F Thank you for the feedback.😉 If you have any property or business-related questions. I am absolutely delighted to answer your questions. Just post any questions you have on my #askshaflive videos which can be found on my TH-cam channel. I will do my best to answer them th-cam.com/video/_Fq79CoFGoc/w-d-xo.html
How do you estimate building costs when doing BRRR
GoonerBoyZK Thank you for the feedback.😉 I will anse=wer this in an #askshaflive video.
Is commercial property investment only advisable if you have some established capital and are comfortable financially?
Emmanuel James Barco Thank you for the feedback 😉 If you have any property or business-related questions. I am absolutely delighted to answer your questions. Just post any questions you have on my #askshaflive videos which can be found on my TH-cam channel. I will do my best to answer them in a future video here's a link to this weeks #askshaflive please leave any comments or questions there. th-cam.com/video/EG_hce_Zdw4/w-d-xo.html
Hey Shaf,
Can you do a video on lease option for houses or options with commercial property !
Thanks great videos 👍
Will do soon
Hi shaf. When you are carrying out capital improvements on your properties do you typically JV with the contractor or employ them in the traditional manner?
J Lal Thank you for the feedback.😉Thank you for the feedback. I will answer this in a future #askshaflive video
Great content. Thanks
Please don't stop these episodes coming! Would love to see some further episodes on residential too!
Alimbo Thank you for watching 😉 I have no intention of stopping...
Brilliant Shaf! :-)
Morningside School of Music Thank you for the feedback.😉
Hi Shaf, thanks for another great video. I am interested in buying my first residential property in the UK (to live in) I have read a few nightmare stories on leasehold flats. What are your thoughts on leasehold flats? Is there anything to watch out for when buying leasehold?
We do value add opps in south east. You have explained this concept very well. Well done.
Great Video Cheers Shaf!
Glad you enjoyed it
👍 great video Shaf
Glad you enjoyed
Brilliant video
Ross Radford Thank you for the feedback.😉episode 4 is coming soon please do subscribe and hit the notification bell so you can be informed when it goes live.
Great thanks
So nice of you
Amazing content as always - Thank you Shaf. This video has triggered a question which you could perhaps cover in one of your future videos; what are your thoughts on using online estate agencies such as purple bricks to reduce selling fees. I imagine online agents aren't attractive to those active in the property market but what about for those looking to make a one-off sale?
Afnan Khokhar Thank you for the feedback.😉 Will do I will do it as part of my future #askshaflive video's. Check out today's episode this evening 16 April 2010 episode 2 Check it out when it goes live approx. 5pm to see what it’s all about
Hi Shaf, can you let me know how you did your market research for the "ghost kitchens"? The restaurants that I've seen that do both in-house eating and takeaway with Deliveroo etc, seem to cope ok with the demand. I don't see how it makes sense to have a separate location for the takeaways, when the business owner then needs to hire 2 cooks instead of 1 (1 in the regular restaurant and 1 in the ghost kitchen)? If I'm starting a new restaurant I would want to try to get both passing trade and online orders? Sure, your idea works better if I want to focus solely online. I wish you the best of luck and look forward to hearing about this, as WB says "Let someone else take the first and the last bit of the returns", so maybe I'll pinch this idea once it takes off ;)
daniel graaf Thank you for the feedback.😉 Thank you for the feedback. I will answer this in a future #askshaflive video
Thank you, Sir, for the great insight. Please can you explain how would you calculate your profits and losses to adjust for the current market if we go into deflation or if we go into hyperinflation? Many thanks:)
Great suggestion! I will answer this in a future #askshaflive video
Hi Shaf! Great to see your channel growing. I've been here for a little while and it's truly refreshing to see true entrepreneurs and honest advice coming onto the platform!
I'm a little confused though as to how you flipped the property for so much extra? Because all it seems is that you bought it and remarketed it just slightly differently? I would be amazed that there wouldn't be competition for a property that was so obviously massively undervalued? Or is it that you actually got a change of use / planning to change it to residential?
Also, it's not really £150K because how much were the costs involved? Really not trying to be obtuse, but I think it's important to be as transparent as possible!
Cheers
Jordan Cox Thank you for the feedback.😉 The property was valued as a vacant commercial building. Please refer to previous #getrealestate videos to see how commercial buildings are valued. The costs were about £10k
@@ShafRasulWealth Ah OK so it was £220K + VAT (Of course you're VAT registered so no biggie) You bought it, applied for change of use, got some interior layouts done to show how it could be and sexy drone footage to promote the residential side of things and flipped it for £375K... Sometimes I'm surprised at how simple things can be... Why wouldn't the estate agents themselves have known / realised this and done it themselves? It's basically free money for a bit of effort!
@@jordy46682 That building wasn't opted for tax. So no VAT..
@@ShafRasulWealth Ah OK! Seriously, how / where, do / did you learn this stuff? I've had 3 businesses, read a lot of books, spent a lot of time trying to improve my knowledge, but then something like this comes around and just blows my mind at how I know almost nothing. It's galling particularly because I don't fall for "Furu's" so I'm reasonably clued up, but it's very difficult to trust anyone nowadays or find mentors. It seems a few years ago, many talented young people had it slightly easier finding people to help take them under their wing, but I've personally never managed to find anyone unfortunately.
Have a good evening and appreciate you taking the time to reply to me!
Jordan Cox I should be answering a question very similar to this on tomorrows #askshaflive 16 April 2010 episode 2 its about how my accountant friend bought his house and made £250k
This is really great stuff, well put together. Thanks for all your efforts
Glad you enjoy it!
Great vid. How easy is it to get change of use . Heard it can be a right nightmare
Neel Sangha Thank you for the feedback.ut depends on what the building was previously
Another excellent content. Couldn't be simpler.
Glad you enjoyed it
👏👏👏👏
dsdl investment ltd Thank you for the feedback.😉
Fantastic projects and results Shaf, fortunate to have these insights and the benefit of your experience as you share the process step-by-step. Thank you 🙏
Thank you! Cheers!
Shaf Rasul thanks 😊
Awesome thank you. 👌
Welcome 😊
Hello dhaf living your video. I've only just seen your channel. Me and my friend are on our third property. We bought it as a flip so fingers crossed the market picks up after all this. We've bought it at a very low price and in a sort after street, but with the bridging loan and the market we are a bit worried. Would love to know your thoughts please about market and situation like mine.
Thanks shaf
Welcome aboard! I will answer your question in an upcoming episode of #askshaflive
@@ShafRasulWealth OK shaf when you putting that out, loving the channel
@@dsdlinvestmentltd674 every Thursday check out the last one #askshaflive
Still waiting the reply shaf 🙏
dsdl investment ltd Thank you for the feedback.😉in both of the two #askshaflive videos, I have given my view on the market. If you have a specific question please post it in the comments for the #askshaflive videos.
This is a great video, Shaf! Thank you for sharing this series, and I look forward to hearing more of your experiences and advice.
My pleasure!