“Architects by profession and investors by choice”
Mary Osman and her partner Andrew Thomas describe themselves as architects by profession and investors by choice. Trading together as Elite Dwellings, their unique approach to investing has led them to some brilliant deals. In the November issue of YPN, Mary shares how she bought a bungalow in a high-demand area for below the market value by using a creative approach.
As architects, Mary and Andrew had begun to feel disenfranchised by the long hours and relatively little income. To figure out if there was a different way of doing things, they quit their jobs to travel the world for a year. This was the first time that Mary had come across people working remotely, and she found it a shock to realise that many could work at the same time as being free to roam.
Investing in property
After a while, they began to explore different ways of making money; in particular, how to do it passively, and discovered more about investing in property.
Due to their experience as architects, they believe that design-led projects are very important to the end user, and are tuned in to what the end user’s requirements are. This is how they approach their projects — they will always start with the end user in mind.
Mary and Andrew prefer to use creative strategies, as they try to keep as many properties as they possibly can and recycle all their money, as well as achieve high ROIs.
In the article, the case study walks the reader through how they secured a bungalow through a purchase lease option, or PLO. This was the best way to achieve a win-win for them and the vendor as the property was on a short lease, making it unmortgageable. Additional challenges included working with solicitors who didn’t understand the concept of a purchase lease option, and turning the property around to be ready to let in under two weeks.
They have recently acquired a large terraced property that is perfect for a title split. Their combined architectural and property experience have taught them a tremendous amount, so they are able to creatively work with a deal and understand the ins and outs to move forward.
Read the full case study of the bungalow in the November 2021 issue of YPN.