Profitable Reinvention: Man Speaks About His Business Strategy After Buying a House
- A property investor shared on TikTok how he bought a 7-bedroom house for €160,000 with a clear plan on how to turn it around
- Originally planning to convert it into a rental property but had to change his plan when his application was denied
- Instead, he decided to convert the house into four flats, costing an additional €60,000 but will result in a €100,000 profit, demonstrating the importance of flexibility and strategic planning in real estate
In a TikTok video, a smart property investor shared his story of turning a problem into a success in the real estate market.
The man explained how he made a 7-bedroom house a profitable venture. He bought the house for €160,000, using €60,000 of his own money and borrowing the rest with a loan that had a monthly interest of 0.95%.
Source: TikTok
At first, he wanted to turn the house into a 7-bedroom rental property to earn more money. But his plan hit a snag when the local council said no to his idea.
Instead of giving up, he changed his plan. After checking the market, he decided to turn the house into four separate flats.
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This new plan would cost about €60,000. Even though it meant spending more money, the investor expected a big return.
Once finished, the flats would be worth €320,000, giving him a profit of €100,000, as shared by @ykmoney.
Watch the video HERE:
Legit.ng compiled some of the reactions below:
SmartLogistics said:
“Bro congratulations this is amazing to see.”
Salma_m_yusuf wrote:
“Sorry how much nah I’m moving out of London.”
Akz commented:
“How long did it take to recieve the £100,000 profit?”
YKMonney:
“The turn around will depend on your project timeline. It took me just under 10 months but I think a minimum of 6 months is standard for flips or BRRR.”
Michelle:
“And then what happened after?”
PerrY:
“Big congratulations bro … well Deserved.”
User12292909689:
“Thinking outside the box.”
Zakariyya:
“My brother‼️”
In a recent development, Legit.ng reported about the story of Tola Joseph Fadugbagbe, one of the beneficiaries of Notcoin who celebrated making N9 million from the crypto project.
Man shares how he secured N1 million loan
Meanwhile, Legit.ng earlier reported that a Nigerian man has narrated how he unexpectedly got a loan of N1 million from Guaranty Trust (GT) Bank.
The young man lamented that he was only 'playing around' with the quick credit loan section on GT Bank app when he was suddenly credited.
According to the young man identified on X as @maverickhills, he was given a loan of one million naira to pay back in a year.
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Source: Legit.ng
