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particular, amazing ongoing assistance from one of PPP’s Refurbishment Mentors, the project came in on time and on budget. I’ve seen many shows where this is not the case” ‘Homes Under the Hammer’ co-
presenter, Lucy Alexander, was very sceptical of PPP’s involvement and told Gertie several times that she should just ‘go it alone’. Gertie, however, had clear motivation for joining PPP: “The thought of undertaking a project of this type without support is extremely frightening. What the show doesn’t cover is just how safe and “I am currently on my third property,
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INVESTMENT LEVEL: £52,970 !
latinum Property Partners (PPP) franchisee Gertie Owen from South London, recently appeared on BBC One’s ‘Homes Under the Hammer’. Gertie joined PPP in 2011 to
become a Franchise Partner (PPP’s name for its network of owners) after spending 20 years looking after her children and being, in her own words, “a lady of leisure”. She has since purchased and converted three properties in South London into houses of multiple occupation (HMOs). Gertie was featured on the daytime
BBC1 show, buying a four-bedroom semi-detached Victorian house in Penge, South London, at auction. Gertie bought the house for £285,000. Using the tried, tested and proven PPP investment model, and with support every step of the way, she developed the property into a six-bedroom HMO with four double en-suite and two single en-suite rooms. On the show, Gertie explained that
although the property would normally rent for only £1,600 per month as a standard family residential let, following the PPP model increases this to at least £3,500 per month, providing high-standard, rented
82 |
Businessfranchise.com | November 2012
accommodation for young professionals. Since the show was aired, she is now letting the six-bedroom property, which has increased the gross monthly rental income to
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£4,200 per month. This means that following the PPP system, Gertie is receiving £2,600 more rental income per month (£31,200 per annum) than would be achievable on a single occupancy basis. After allowing for additional costs like utility bills, council tax and cleaning, Gertie still makes £2,100 per month (£25,200 per annum) more than renting the house as a single unit. The Penge property refurbishment, which
was expected to take six to seven months, had a budget of £80,000. Gertie says: “Due to the support of the PPP system and, in
which I bought in July, and this is currently being refurbished. In addition to the me to recover some of my cash invested in the property. I paid £285,000 and spent £80,000 on refurbishment, so I was in for £365,000 before stamp duty and completion costs. The estate agents on the show believed that as a family home the property would be worth £350,000, but as a PPP HMO I would get £400,000. This proved to be 100 per cent correct. It was surveyed after refurbishment by my mortgage company and this allowed me to recycle a good percentage of the cash I invested. The enhanced capital uplift (or ‘forced appreciation’ as PPP call it), is just PPP investment strategy.” Even Lucy Alexander warmed to
the concept of PPP once she revisited the property after the works had been completed. In her words: “I can see why appealing due to the help, advice and contacts and the ability to really ‘maximise potential’ as far as rental income was concerned.” The estate agents that viewed the
property after refurbishment were astonished at the standard and quality, saying: “It doesn’t feel like the same house... the attention to detail is similar to a hotel… very impressive.” Gertie is clearly looking to the future
adding: “Having spent 20 years being a stay-at-home mum, I was looking for a new challenge once my children left home. Through PPP I have found a new purpose in my life. I am really excited by the future and have made some lifelong new friends through this business.”
PPP
WEBSITE:
www.platinumpropertypartners.co.uk EMAIL:
info@platinumpropertypartners.co.uk PHONE: 01202 652 100 CLASSIFICATION: Property investment franchise
Investment: £50k-£100k
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