£200,000 Profit on £1.175 million GDV. Would You Take This Property Deal?

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The Angels have heard enough about the Peterborough location, and one throws out a final reality check question.

"Is there a holiday let market here?"

The response is swift and dismissive.

"I wouldn't have thought so. Would you holiday near Peterborough? Holiday near Peterborough? I wouldn't have thought so."

Time for the deal summary. Watch as the Angel breaks down exactly what Kim's asking for:
Purchase price: £673,000
Refurb budget: £125,000
GDV: £1.175 million
Projected profit: £200,000 after interest costs
Investment ask: £291,000 for 100% of the money
Angel's return: £291,000 back plus £100,000 profit (50% of deal)
Bonus: Infill plot subject to planning

"Yes, the key to this deal is the infill plot, if it comes, but we can't put any value on it at the moment because there's nothing there."

Then comes the first rejection. Paul goes first.

"I don't particularly like the location. I've had a bad experience there before. I think the quality of the fixtures is a big concern because looking at it from a buyer's perspective, that's going to make these harder to sell if the plan is to just clean them up as opposed to replace them."

The killer blow:

"I also think that the 30% return on our cash, when it's likely a 12 to 24 month investment, isn't enough. So for those reasons...
"
Watch as Kim's £1.174M GDV Georgian manor pitch gets its first rejection. When an Angel has direct bad experience with the location, concerns about fixture quality, and believes the return isn't worth the timeline, no amount of projections will change their mind.

The first "no" is the hardest. But there are still four Angels left.
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