Learn more about our buy to let property side hustle Greenverge Property. How we started it, how it’s going to work and what’s going to happen next.
This is the blog post which sets out what our first big side hustle, buy to let property, is all about. It’s going to summarise all the blog posts, late night conversations and agreed next steps into one narrative.
The buy to let property side hustle
Getting started
Buy to let something we’ve looked at the thought about for a long time. We’ve decided after all this research to actually take the plunge.
The advice of our accountant and the help of a solicitor it’s been invaluable in getting this together. Along with creating a proper business plan, an opportunity model and a projected profit model.
Making it real
The new company is called Greenverge Property Limited. It actually exists. It has been registered with Companies House so it has a registered companies number.
Greenverge Property also has a proper website, http://greenverge.co.uk. There’s is not a lot on the website yet, but at least it looks like we’re trying to do it properly.
We still haven’t got any property, but we do have a plan.
Side hustle business plan
We’ve put together a high level business plan which explains the 2 ways that we aim to make money.
- The monthly rental income in excess of costs
- The growth in the capital value of the property over time.
It also sets out a time-frame for the first and second phases of purchasing.
- Buy 3 properties in year 1
- Buy 2 more in year 2
- Do nothing in year 3
- Refinance to take advantage of the capital value growth in year 4 and buy more properties
It explains the short term property purchasing strategy.
- buy properties in the North of England
- Use our savings to fund deposits and costs and use buy to let mortgages
- 2 properties will be low risk long term rent earners
- 2 properties will be medium risk capital value growers
- 1 property might be high risk investment
The business plan also explains our long term goal. Own a bunch of properties with or without mortgages that can replace some or all of our current income. We also want to be ethical landlords.
We’re doing the right thing
It’s going to be amazing to have steady passive income coming in by being an ethical landlord. It will be better if we can find properties that nobody else wants and bring them back to life.
We don’t know what it’s going to look like when it’s up and running properly. But it’s a really exciting opportunity and we’re really pleased. Even if there are still a lot of things to figure out.
So far on paper, it looks like the most lucrative side hustle to pursue. 6.5% to 10% is way more money than we could make by leaving our cash savings in the bank.