A SAVVY 28-year-old has been flooded with praise after revealing how he increased the value of a block of dated flats from £250k to an estimated £800k in just five months.
Ryan Green, who is a property developer from North Wales, explained how five months ago he and his team purchased a block of 4 apartments at auction for £250,000.
In a clip shared to TikTok (@greendevelopments), he went on to explain the additional fees incurred along the way, which included £1,500 in auction fees, £12,450 in stamp duty.
They also had to fork out £4,650 in broker fees, lender fees and legal costs, giving them a total purchase price of £268,600.
Ryan noted how they gave themselves a £100,000 budget to renovate the entire building on top of their original purchase price.
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Now, with an estimated 10 days to go, he added they've just got some redecorating work to finish off in the remaining apartment.
Taking social media users on a tour of the newly renovated project, he showed just how far the development has come in just five months - with the space looking almost unrecognisable to before.
They've even managed to soundproof each space using acoustic insulation between floors and double boarded ceilings.
Wow, what an amazing investment, very well done!
Social media user
"We have an estate agent booked to come next week to give their valuation but after doing some market research we estimated each apartment to be worth around £200k each, increasing the property value from £250,000 to £800,000," he said.
Ryan added that in total, including all fees and renovation costs, they spent £118,600.
They also used six months of a potential 12 month bridging loan which cost them £12,961, giving them a total of £381,561.
Sharing their future plans for the property development project, he said: "We will now refinance the property at 75% LTV (Loan to value) which means we will be able to pull out £600,000 minus our total spend, which leaves us with a profit of £218,439.
"We will then run all 4 apartments as holiday lets which will generate over £120,000 per year."
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It's no surprise the post quickly went viral, racking up a whopping 736k views and several comments from very impressed social media users, with many quick to congratulate Ryan on his success.
"Wow truly inspiring," enthused one.
A second praised: "Wow, what an amazing investment, very well done!"
A third commented: "I remember the 1st time you showed them and the transformation is great. A £100K well spent!"
Meanwhile, a fourth noted: "Absolutely love it!"
And another chimed in: "It’s incredible! Well done!"
