Buy-to-Serviced Accommodation
Buy, Refurbish, Refinance
From BBC DJ to two serviced accommodation properties in 3 months
Project at a glance
Strategy
Buy, refurbish, refinance, then holiday let / SA
Bought
Significantly below market value
Bedrooms
2 → 3 (planned)
Refurb estimate
£12,000–15,000
Expected value
£120,000–130,000
Money left in
Expected to be little or none
Projected income
£22,000–25,000 a year
Location
Near a major UK tourist area
From the BBC to property
Gavin spent eight years at the BBC as a presenter and DJ, then worked in music management and developing new talent. About two years ago he decided there was more he wanted to do with his life. He believed his skills were transferable, so he started learning about property, and took the journey on together with his mum.
Burnt before
Gavin had joined mentorship programmes before, but they didn’t deliver what was promised, and he and his mum lost money along the way. When you’re doing something for the first time you’re vulnerable, he says, so he was wary of trusting anyone again.
Then a YouTube ad from Rahim caught his attention: you don’t need lots of money to start investing in property. It sounded too good to be true, but he got in touch. Two Zoom calls followed, the second with his mum, who wanted to be sure. Rahim takes on just 12 mentees a year, and Gavin became the twelfth.
Two properties in three months
Gavin joined in June. Over the next three months he looked at more than 100 deals, sometimes spending eight hours a day driving around areas, and never treated giving up as an option.
By September he had secured two properties. The first was bought significantly below market value, close to one of the best-known tourist areas in the UK. It sits opposite a park with a lake, with a bus stop across the road and the town centre a ten-minute walk away. The second is right in the heart of a South Wales city centre. Rahim met Gavin in person for the first time the day after he collected the keys.
The plan for property one
- More bedrooms: a stud wall will turn the front room into a third bedroom, making the two-bed a three-bed.
- New kitchen: the dated kitchen will be replaced, with sockets moved behind the appliances and new splashback tiles. The old appliances will be sold on Gumtree to help pay for labour.
- Bathroom: the 1970s jacuzzi bathroom will be modernised, tiled around the bath and finished in waterproof paint.
- Bedrooms: the large built-in wardrobes stay and get upgraded, saving the cost of new furniture.
- A hidden bonus: a garage at the back. If neighbours have extended, it may be extended too; if not, it becomes secure parking for guests.
The refurb will run in stages: rip-out, first fix for the plumber and electrician, plastering, then joinery, kitchen and flooring, second fix, and finally painting and decorating.
The numbers
Gavin estimates the refurb at £12,000–15,000, which should lift the value by around £30,000 to £120,000–130,000. Refinancing at that value should let him pull out almost all of his investment. He expects it to be his first deal with no money left in, and also saves on bridging loan interest.
The house was analysed as a buy-to-let, a holiday let and serviced accommodation. Because the area draws tourists all year round, rather than just in a seaside season, it will run as a holiday let, with projected income of £22,000–25,000 a year.
Why property?
For Gavin, the pandemic made it clear: whatever happens to the world, people always need a roof over their heads. Property is a tangible asset he can build for the long term and pass on to his family, which matters even more because he’s building it with his mum.
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