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Seven BRRRs In 3 Years, All Whilst Working Away On Oil Rigs!

Originally from Zimbabwe, Rammy Magora works full-time as a control systems engineer designing, maintaining and installing safety systems for the oil and gas industry. Having become a Mastermind member (now Wealth Academy) in 2020, Rammy discovered the BRRR method. Barely in the country due to his work, Rammy has had to battle with timezone differences to organize his multiple projects from abroad, squeeze in viewing properties, and check on work in his short visits home. Now he has successfully completed seven BRRR projects across the UK and now receives monthly income from letting them out.

We caught up with Rammy fresh from a work trip to Norway. Here is what he had to say...

Rammy Magora

“I’ve always been interested in property, but so busy with work that I hadn’t taken it any further. By chance, I stumbled across Touchstone Education in 2019 and signed up for the Property Fastrack course (now Property Investment Fundamentals). The course really opened up my mind to what was possible and I discovered a lot of strategies and financing options that I had previously never heard of. I learned so much - including that I had already taken part in a joint venture with my brother before without even knowing it! Eager for more, I took a plunge and joined the Mastermind programme. 

“I’ve never been much of a social media user, but have had to embrace it to an extent. Whilst on the course I had a conversation with Gordie Dutfield who convinced me that it was a goldmine for property investment networking and possibly finding deals. Wanting to test the water, I actually reached out to a deal sourcer on Facebook asking for a simple project for a first-time investor. As my first venture I opted to go as low-risk as possible and purchased a 3-bedroom terraced house in the North East for £60,000. Though I had the cash, I saw this first investment property as a learning experience, so paid £40,000 cash and took out a £20,000 bridging loan to see how BRRR worked and whether bridging was a viable financing method as I grew my portfolio. I invested about £13,000 in refurbishments, then was able to easily refinance the property for £90,000, getting most of my money out, paying back the bridging loan and leaving very little money in the deal after. I was quickly able to rent this house out for £550 pcm - £75 more a month than the deal sourcer had predicted!

“From there I have followed the same method to build my portfolio, without many setbacks (unless you count converting a cannabis grow house back into a residential property!). Having determined that bridging loans works and have also refinanced one of my properties with the equity gone on to buy my current refurb projects.”

Rammy Magora

What lessons would Rammy like to pass on to other investors?

They say experience is the best teacher! I want to emphasise the importance of carrying out a building survey on your investment property before purchasing, whether you are a cash buyer or using a mortgage and not required to do so by the terms of your loan or mortgage. My most recent property (a four-bedroom terrace in South Wales) is my trickiest project to date. After negotiating it down, I had an offer of £85,000 accepted. All was going well until my surveyor went to survey and with his experience noticed evidence of Japanese Knotweed that had not been declared by the sellers which they are required to by law. I enquired about whether the sellers were aware of the problem and they said that they had had it previously treated but they failed to provide the paperwork. Understandably, I wanted them to either pay for professional removal or knock the cost of doing so from the asking price but the sellers refused and I ended up in a lengthy back and forth with their solicitors.. for four months!

Eventually, we settled on a £3,000 discount, making it £82,000 but I’d lost the builder that I’d had lined up to another job. Luckily, he recommended another builder who honoured the original quote and work is going ahead now.” Despite all the challenges, I had a huge amount of fun and experience working on the last few refurbs and found it extremely rewarding. It’s great to take the positives as I know the experience will keep me in good stead for larger developments in future. It’s also very important to have a great team behind you, my team supported the decisions I made. An incredible tool to grow a property business.

What’s next for Rammy?

“I am determined to venture into commercial property and small-scale developments. 

Unusually, I am not investing in property to entirely stop working. I love engineering! Whilst I do intend to step back and work less, my main motivation for investing is to use the money to help others. I benefited from schooling in Zimbabwe, but with the economy as it is, the education system there is seriously lacking resources. I already started a charity there, and I’m working specifically towards providing exposure to digital technology to rural schools through IT equipment so that I can give something back and ignite the same passion that has provided success for me in the younger generation.” 

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What Can Touchstone Education

Do For You?

If you're inspired by Rammy's journey and would like to learn more about getting started in the property investment game through property flipping, Abi Hookway’s Flip or Flop: The Ultimate Guide to Property Flipping includes all the tools you need to start building your property portfolio in as little as 6 months. And, we’re giving you a copy for nothing!

Don't wait for tomorrow to build the life you've always dreamed of. Start today, and let us guide you every step of the way. Your future self will thank you.


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