Commercial To Residential Conversions: In a recent video, I speak to former student Evans Willey about his inspiring journey. We talk about how he transforms run-down commercial properties into high-yield residential spaces. We also discuss how he uses creative strategies to leverage the power of permitted development rights.
In the video, Evans shares his hands-on experience in converting properties without planning permission, revealing the challenges and triumphs of turning disused spaces into modern homes. If you want to learn about how to make commercial to residential conversions profitable, I highly recommend watching the full video until the end. You can find the video at the top of this page or on my YouTube channel.
Evans shares a number of insights in the video that can be used by anyone wanting to get into the world of commercial to residential conversions. In this article, I will give you 3 of his top tips for hacking the commercial to residential conversions business! I am on a mission to get property education to as many people as possible. If you find this article helpful, please consider sharing it on social media. With your help, we can spread property education to the world!
1. Commercial To Residential Conversions: Understanding Permitted Development Rights
Permitted Development Rights allow you to change a commercial building into a residential one without the need to seek planning permission, in certain circumstances. Instead, you only need to inform the Council about your proposed changes. The Council then has 56 days to reply, if they don’t, you are free to proceed with the project.
Permitted Development Rights allowed Evans to go ahead with this conversion without the lengthy, expensive and uncertain process often associated with obtaining planning permission. When it comes to commercial to residential conversions, understanding Permitted Development Rights, and when they do and do not apply, is essential.
2. Commercial To Residential Conversions: Spend Smart And Keep Costs Down
In all commercial to residential conversions, there will be certain things that have to be done. For example, Evans fireproofing of the ceiling to comply with relevant legislation. But there are also things that are optional. It is important to be selective as to what you spend money on, only focusing on what really adds value.
Evans directed some of his budget towards creating en-suite bathrooms, for example. These add substantially to the value of an HMO and are essential to many tenants these days. He economised elsewhere, keeping to a tight budget without compromising on quality. Make sure you know where your money is going and why. Focus on formulas over feelings at all times.
3. Commercial To Residential Conversions: ‘Copy And Paste’ From A Proven Blueprint
When you were in school, you were taught not to copy other people. When in the business and investment world, however, it makes sense to copy what works! So many people try to reinvent the wheel and end up going nowhere. Evans was able to use a proven blueprint that has made many people a lot of money via my property training.
This highlights the importance of good training and mentorship. If you want to start doing commercial to residential conversions, make sure you have access to the right educational tools. Going it alone will always be more costly in the long run, with a greater chance of failure as well. Find a community that works for you and commit to it completely!
Learn Commercial To Residential Conversions And Other Property Strategies
Do you want to learn about commercial to residential conversions and other property strategies? Why not learn from a property expert? Join me at my next £1 training event!
On the course, you will learn how to:
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Become a property investor using other people’s money so that you can get started straight away
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Utilise the 5 different types of raised finance so that you know exactly what to offer and when
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Find the perfect properties for the BRRR strategy
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Recycle your money so that you can ‘rinse and repeat’
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Build a power team you can trust, so that you can save time and money
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And much more!
Tickets are only £1, and you can get yours here. If you are ready to take action, I hope to see you very soon!
