What really happens when a property deal goes wrong—and who should take responsibility?
Matt Morrison returns to the podcast after completing more than 700 property deals. He also revisits a Borders investment that did not go entirely to plan, sharing his perspective on how the strategy changed from buy-to-let to serviced accommodation, why the refurbishment costs increased and what everyone involved could have communicated more clearly.
Using the original deal pack, emails and costings, Matt explains the difference between the initial £15,000 refurbishment estimate and the final cost of £26,260. He also discusses why the property achieved the £90,000 valuation stated in the original deal pack and the lessons he has taken from the experience.
EPISODE HIGHLIGHTS
• How Matt progressed from around ten deals in his first year to more than 700
• Matt’s perspective on a Borders investment that did not go entirely to plan
• How changing from buy-to-let to serviced accommodation affected the refurbishment
• The emails showing a final refurbishment cost of £26,260
• Why clearer communication between the investor, sourcer and builder was needed
• How the final valuation compared with the original deal pack
• The ten deals Matt identified as having gone off plan
• Damp, delays and a break-in at a £25,000 flat
• Why a Home Report could have exposed non-traditional construction in Dundee
• The Edinburgh flat where RAAC was discovered after purchase
• How dry rot turned Matt’s £12,000 refurbishment into a £25,000–£30,000 project
• Why Matt refunded £1,500 after a buyer’s solicitor failed to submit an offer
• Whether property sourcers need stronger regulation
• The title problem that left Matt with approximately £12,000 at risk
• One flat being valued at £65,000, £45,000 and £70,000 within six weeks
• Growing a portfolio towards 40 properties while managing more than 200 rental units
• Why Matt wants to scale his marketing spend to approximately £20,000 per month
• How he decides which deals to keep and which to offer investors
CHAPTERS
00:00 - Meet Matt Morrison
00:38 - How Matt reached 700 property deals
01:50 - Revisiting a Borders property deal
06:20 - What the original deal pack showed
07:14 - Buy-to-let versus serviced-accommodation refurbishment
08:28 - The final £26,260 refurbishment cost
09:55 - Project management and the builder’s unexpected extras
12:00 - What went wrong with communication
16:18 - Why the £90,000 valuation matched the deal pack
20:03 - The ten deals that did not go to plan
21:06 - Damp, delays and a break-in at a £25,000 flat
22:11 - Why Home Reports matter on off-market deals
24:32 - A three-week refurbishment that took 16 weeks
25:41 - The Dundee flat only one lender would finance
29:14 - RAAC discovered after buying an Edinburgh flat
35:57 - Underestimated refurbishments and hidden dry rot
39:01 - Losing two Edinburgh deals and refunding the fee
42:22 - Should property sourcers be more regulated?
44:39 - The Westfield Court buyback
45:52 - Spending £12,000 before discovering a title problem
49:09 - One flat, three completely different valuations
51:37 - Matt’s business today55:01 - Building a 40-property portfolio
56:35 - Scaling marketing to £20,000 per month
59:30 - Why the same deal does not suit every investor
01:01:18 - Does Matt keep the best deals for himself?
01:02:55 - Matt’s advice for new property sourcers
NETWORKING EVENTS
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SPONSORED BY
Prime Property Auctions — know someone selling a property? You could earn £1,500 just for making an introduction.
👉 https://primepropertyauctions.co.uk/
💬 What due diligence would you insist on before buying through a property sourcer? Let us know in the comments 👇
