Wouldn't it be great to see what an investor got up to day to day?

Diary Of Duncan Belton - KRD Associates

Brief CV

We are a property development company based in Teesside but have properties all over the northeast region. We buy properties to sell or to let. We have been involved in property for a number of years but only got serious the last 3 years. In that time we have purchased over 50 properties. The following is my diary for the next month. I hope it gives you some insight what a property developer gets up to in a month.

Week1 w/e 3 May 2002

Started work on Tunstall Road in Stockton. We are doing this to sell on. This property requires a complete refurbishment. It has had no work done since it was built in 1957. It needs re-wiring, central heating, new kitchen, new bathroom, modern fireplace, double glazing, new front & back door, new garage door, decorating. We also put in new carpets and finish off with light fittings and curtains. Basically everything is done for the new owner to move straight into.

Skip was delivered and by the end of the day kitchen, bathroom and the very old fireplace was in it.

Plumbing started Tuesday, and by Friday we had central heating installed. The toilet was separate from the bathroom, not for long, a few hits with the sledgehammer and we have a nice large bathroom.

Other work this week involved showing a surveyor round a property in Sedgefield. We have had an offer accepted and surveyor said there were no problems. I'll believe that when I see a copy of the report. Not that there is anything wrong but these surveyors always like to put something down just so it seems they are working for their money.

Bought a new Digital Camera off the Internet, arrived on Thursday so spent the time playing with that, took some shots of Tunstall Road. Hopefully they will be posted with my diary entries for you to have a look.

Showed a possible tenant round a property we have in Trimdon. They wanted it immediately; unfortunately it is a property I really want to sell so told them I would get back to them next week. I have someone who is interested in buying it but they live in London and are selling up to move back to the area. I am waiting for them to come up to have a look at it.

Had an offer accepted on a property near Darlington, again needs quite a bit of work doing to it. Should complete purchase in the next few weeks.

Monday 6 May

Bank Holiday, returned from my weekend away. Went to Berwick on Tweed, very nice.

Tuesday 7 May

Need to exchange contracts this week on 2 apartments. They are still getting built; it's the first time we have bought new properties. They are situated just outside a town called Yarm. It is an expensive area, for the northeast anyway, properties are very much in demand. Apartments seem to be the rage these days. Can't quite see the attraction myself but each to their own. We plan to either sell one before they are complete or sell one and keep the other to rent. We hope that the sale of one will pay the deposit for the other; in effect it is a no cash down deal. That's the theory we will wait to see what happens in reality.

Had confirmation of agreed purchase of a 3-bed semi in Middlesbrough. This is a property, which was only built a few years ago. We have 7 other properties in the same street. It is near a council estate and all the people who bought new want to sell up. For us they are great for renting out. The deal on this is to buy for cash and then remortgage the following week to get our money back. The property doesn't require any work done on it and the guy is leaving all the carpets and curtains. We will arrange for a valuation before we actually buy it. Then when we get the mortgage offer we buy it cash then take the mortgage out. It is done this way otherwise we would be committing fraud. Solicitor wouldn't allow us to do it anyway.

Wednesday 8 May

Mobile phone rep called today to try and get us to change to them. We have 3 mobiles, one for each partner. Girl who arranged appointment said it would only take 15mins, an hour and a half later finally got rid of him. Rang current provider to see if they could match deal, said they could and are sending some info. It is always best to review your mobile phone bills when you are near to your annual renewal.

Need to get new signs made up 'For Sale' and 'To Let'. We had some made up a few years ago, but they are the wrong size and not made strong enough, a gust of wind and they flap all over the place. This time I wanted to get it right. Rang a couple of agents who we have done business with and asked them where they get theirs. Designed sign in Microsoft Publisher and emailed to 2 sign makers. One rang me back to say they couldn't open the attachment and could I do it as a jpg. Spent the rest of the afternoon in different applications getting the sign designed as a jpg. Finally managed it and sent it.

Rang a future tenant. She came to see a flat we have for rent in Newton Aycliffe a week or so ago. Wanted the flat and could I send her the tenancy agreement etc. Duly sent forms off asking for the deposit but haven't heard anything since. She rang back later and said she still wanted it and would send the cheque. She wants the flat for Monday 13th. We have had this flat for a number of years, it was originally owned by my Dad and we rented it out when he worked away. I also lived in it for a couple of years. It is very spacious and comfortable. Anyway the kitchen was very old looking, so when the last tenant moved out we decided to put a new kitchen in. We buy our kitchens from B&Q, good value and fairly good quality. We also purchased a new cooker and washing machine. In nearly all our properties we rent them unfurnished but this one is fully furnished. It is very near an industrial estate and we have nearly always rented to companies from the estate. The last tenant was a Japanese company based over here. When they no longer wanted it we sent a mail shot to 180 businesses on the estate. We also placed an advert in the local paper, which cost about £5. The new tenant came from the £5 advert, never mind as Henry Ford once said "50% of my advertising is a complete waste of money, I only wish I knew which 50%"

Thursday 9 May

Started day with a phone call from a tenant's sister. She rang to say tenant had stayed with her the night before and when she got home the front window was smashed. Phoned and spoke to tenant, said it was a bit of a coincidence that the very night she stayed out the window was smashed. Had she fallen out with anyone, boyfriend maybe? 'No' she said. She then said a neighbour had seen some lads messing around and one of them had kicked the window in! Called our window fitter, he is going out tomorrow to measure up.

Had a viewing of property we are trying to sell in Trimdon. The purchaser is currently living in London and is selling up to move back to the area. Spoke to the agent after viewing and he liked the property (not the agent, the purchaser) but would have to arrange for his wife to see it. Doesn't help me much, I want to sell it but if I can't I will rent it. Had a call from prospective tenant asking if I would rent it to her. Sorry, I am still waiting to see if I can sell it was my answer.

Had a call from agent ref survey carried out at Bungalow in Sedgefield. There appears to be no problems and mortgage offer should be coming shortly. Wonders will never cease, no problems with survey, I must say I am impressed.

If anyone would like to see photos and details of the above properties please visit KRDAssociates look under For Sale section.

Friday 10 May

We continued work on Tunstall Road, Stockton. Arranged for a couple of quotes for rewire materials. Originally got quotes for full rewire including materials. Decided we could save money by purchasing the materials ourselves and paying an electrician on a per day basis.

You can view photos of Tunstall Road by visiting Photos you will see a box called 'view a friends album' type in drbelton and photo album will appear. I am hoping to take further photos as work progresses.

Got proofs back of for sale and to let boards. They look very impressive, I just hope they work and save paying agent fees.

Went to see some more apartments that are currently getting built on in a town called Norton. I know I said previously that I couldn't see the attraction myself but I take that all back on these apartments. They are absolutely beautiful; the grounds they are in are magnificent. There are ponds fountains, gazebo, even a tennis court. The apartment owners all exclusively use these. I will post further information in the next few weeks regarding these.

Monday 13 May

After viewing apartments on Friday, my father (business partner, my brother being the other one) went on Saturday morning and bought two. I took my wife to see them on Saturday afternoon; she was of the same opinion, quite outstanding. If only we didn't have 2 small children we could have lived there ourselves.

Electrician started today at Tunstall Road, once electrics have been done then the decorating can start. Plasterer continued with bathroom, in a few days it will be ready to install new bathroom. At the front of the house was a ten-foot hedge blocking all the light out. A few sweeping motions with the chainsaw soon put paid to that. We hired a shredder, which made sawdust of the hedges.

Took my brother to see the apartments and took a number of shots of the development. You can see them at www.hpphoto.com or they may even be posted with this diary. (See instructions above to access photos).

Tuesday 14 May

The problem with writing a diary is not remembering what you did from one day to the next without writing everything down. For the life of me I can't remember what happened today.

Wednesday 15 May

Wasn't at work today as I went to see Kylie Minogue in concert at Sheffield. We thought we would treat ourselves so wife and I booked into a Hotel for the night. It was an excellent show by the way.

Thursday 16 May

Travelled back home and got a call from my father with a couple of messages. I had to ring the accountant and solicitor when I got home. Rang the accountant, he was just reminding me to send in year-end reports to the Inland Revenue before the 19 May or face a fine of £100. Rang the solicitor, he wanted to exchange contracts on 2 apartments we had purchased in Eaglescliffe. He wanted to know if finance was in place. Told him everything was fine and to go ahead and exchange even though the apartments themselves won't be ready until August.

Friday 17 May

Returned to work to a list of messages from various tenants etc. One of which was, they had tried to change a light bulb in the bathroom and somehow managed to break the bulb in the fitting and could I go and sort it out. They are sometimes just like kids my Dad said when I go make sure to take a roll of toilet paper with me. I knew what he meant!

Rented out an apartment we have in Newton Aycliffe. The tenant had paid money directly into bank, so after confirmation was able to release the keys.
Finished returns for PAYE and hand delivered them to the tax office, saw the clerk date stamped the return and thus avoiding heavy fine. I always seem to leave jobs like this to the last minute.

Rang agents regarding sale of Beaumont Court. They said the purchasers hadn't got the mortgage offer through yet; it would be sometime next week. They are looking to complete in the first week of June. Naturally, I want it sooner but what can you do.

Had a call about a house we have for sale in Darlington, they are viewing it tomorrow.

Rang about the possible purchaser we had at Trimdon. Found out he has put an offer in on another property. Never mind looks like I will be renting it out after all.

Monday 20 May

After viewing on Saturday at house for sale in Darlington, an offer was put in there and then but by 5pm today they had already backed out. We call it the budgie dying syndrome, there is always some excuse they can't or won't or simply changed their mind. I just wish people would give you a straight yes or no.

Went out and purchased the kitchen for Tunstall Road. We hope to get it fitted later this week once the walls have been plastered.

Tuesday 21 May

Slight problem today, the plasterer hasn't turned up, can't get hold of him, don't know if he will ever turn up. We frantically rang round every plasterer in the yellow pages but to no avail. We have the joiner lined up to fit the kitchen later this week. In the end we have to postpone the joiner and set on new plasterers who can start next week.

Wednesday 22 May

Had new garage door fitted today at Tunstall Road.

After viewing on Saturday in Darlington, we noticed a few tiles had come loose and today roofer went round and sorted them out.

Thursday 23 May

Agent rang about house we are purchasing in Middlesbrough, wanted to know what was happening. Told her there is a surveyor going to see it next Tuesday. We need access and we don't have the telephone number for the current owner. (This is the property we are buying for cash and then immediately remortgaging). Agent will contact owner and make sure he will be in on Tuesday morning.

Had a call about house in Major St, Darlington. He wants to view it, make arrangements for Monday,

Friday 24 May

Sorting out various loose ends as I am going for keyhole surgery on my knee on Monday. I am supposed to be off work for 1-2 weeks.

Went back to see the apartments in Norton and took some internal photos of the show apartment. I hope to get these on our website to sell these apartments on.

Placing advert in the paper next week for house we have for sale in Mellanby Crescent, Newton Aycliffe. (Again details can be seen on our web site). You may think placing an advert was a fairly easy process, oh no not in the least. I email them with a copy of our logo and photo of property together with description. They fax back a proof. What a load of rubbish, if they do this for a living then god help us. I then have to layout the whole thing exactly as I want it. I email them this. Sorry they say, we can't open the document (I sent it as a Publisher document). I then have to fiddle about with other programs to get the advert in a jpg format. I finally do this and tell them I need to see the proof before I go away for the weekend. Eventually they send proof and I am happy with it.

Monday 27 May

Go to hospital this morning (I know you didn't expect to read about my personal health when you started reading my exploits but there you go). I get knocked out at 10am and come round at 11.10am. I'm groggy for the rest of the day. My Dad picks me up and I go home to bed for the rest of the day and night.

Dad tells me he did viewing on Major St this morning.

Tuesday 28 May

Surveyor has been to the house in Middlesbrough, the owner was supposed to pretend he was the tenant not sure if the surveyor believed him though. I await report with baited breath. Dad rings to get new signs put up at 2 houses we have for sale. (Mellanby Crescent and Major Street, Darlington)

Wednesday 29 May

I return to work today, hobbling about with my knee bandaged. My wife drops me off and brother returns me home.

Rang guy up who viewed property on Monday, he says he has put in an offer for a cheaper property within his price range.

Signs go up at Mellanby Crescent and within a few hours someone is knocking on the door to view it. I haven't seen the new signs yet, but my brother says they look really professional. If we sell this house due to the new sign then they have been well worth the money.

Thursday 30 May

Took my bandages off last night and drove myself to work.

Person who saw Mellanby Crescent, put in an offer, unfortunately it is £4000 less than we wanted. He said it is the most he can afford. Told him if we didn't have any further response we would get back to him.

Then had a phone call to send details out for Mellanby, they had seen the advert in the paper. She was ringing on behalf of someone else; the someone else was someone I know from when I was a kid, amazing coincidence.

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