In this hour long podcast, I interview Property Entrepreneur Barry Davies about his rise to wealth through property investing in the UK.
I ask him about his 3 tips for getting results (which you can apply to anything you want to get results in), we discuss some of the pitfalls to avoid and he describes how he went from no money left to how his top 5 properties earn him a whopping 6 figure income each year. He's done this in a relatively short space of time.
Subscribe to this Podcast and get all future updates downloaded onto your mobile device now.
If you're a Property Sourcer, then this part of your business is vital if you want to be still around in 5 or 10 years.
Property Sourcing has become a major obsession for many getting started in property.
The question is, are you doing it legally ?
If you’re a Property Sourcer, and you want to stay above the law (of course you do!) then Tina Walsh can help you get there.
I see so many property sourcers who are not compliant, now's the time to do something about it before you get found out and fined (The penalties even include jail time).
My good friend Mike is running a one day Property Refurbishment course that will show you how to get ALL YOUR MONEY OUT on your FIRST DEAL!
Mikes been an investor for 25 years – and knows his stuff – his Portfolio Growth System is a successful Property Flipping business –
Enter your name and email address here to receive all the info
Knowing how to ‘recycle’ your cash is paramount if you want to be successful with property.
Any questions, then please ask !!
take a look at www.daniellatto.co.uk/propertyflips
and sign up to find out where, when and with who !
So I made A LOT of mistakes.
Fast forward 20 years to today, and we don’t need to make those same mistakes, and we even have access to mentors who have personally flipped hundreds of properties and helped their investors do so too.
So last week, I was having a conversation with Mike, a good friend of mine who has been doing property flips for 25 years or so and the conversation went on to how things have changed in the property market.
Even investors with a lot of experience are getting stuck.
And if they’re getting stuck, no wonder others with less experience are too.
New legislation, changes in the amount of properties available, it’s all changing.
But luckily, we have people like Mike out there who can spot the changes, and adapt accordingly to make the most out of the new opportunities this represents.
And luckily for the rest of us, he’s teaching it in May in Rugby and in Cardiff.
It’s a one day training course at a price that’s so low it’s ridiculous!
Now Mike LOVES helping others. It’s one of the reasons we speak so often.
I love surrounding myself with positive can do people who actually have the EXPERIENCE. Someone just like me who gets frustrated when the new property trainer with 6 months experience starts selling training because they got their first deal right.
But Mike is the real deal. He’s done all these deals himself, not just learned them on a training course somewhere, but actually implemented what he knows for the last 25 years. TWENTY FIVE YEARS!!
I’ve known Mike for about 5 years now, and he’s even been one of my coaching clients.
But you know when you meet someone, and you instantly connect, and you know that the person is a good stand up guy?
That’s Mike – he knows his stuff inside out and back to front and he’s an excellent coach, trainer and presenter as well as a valued friend.
So if you’re at a more advanced level, or you want to be, then take a look.
Is Landlord Licensing a way for your caring council to make sure ‘rogue landlords’ don’t take advantage?
Or is it just another way to make yet more money from 99% of good landlords who abide by the rules ?
I think you can probably tell which way I’m swaying on this issue.
But it’s coming – nationwide, at some point.
Maybe not this month or even this year, but it will definitely come in as cash strapped councils need a way to earn money in return for doing fuck all.
(Yep – I swore in a Youtube Description – it’s THAT serious!)
So what can you do?
Take a watch of the video.
Property Sourcing Compliance – sounds like a bit of a waste of time doesn’t it.
But not if you want to stay legal.
So many people who are property sourcers are simply not compliant, and this puts their business at risk, and in turn their clients too.
This is the Video Introduction to Podcast 117 – Property Sourcing Compliance – you can listen to the podcast now.
Plus – you can get A LOT of information from Tinas website at www.getpropertycompliant.co.uk/
Property Sourcing has become a major obsession for many getting started in property. And rightly so. Being able to source a property legally, at upto 40% off it’s open market value is a powerful skillset to learn.
If you’re wanting to learn how to become a property sourcer, then that podcast is here
The question is, are you doing it legally ?
If you’re a Property Sourcer, and you want to stay above the law (of course you do!) then Tina Walsh can help you get there.
I see so many property sourcers who are not compliant, nows the time to do something about it before you get found out and fined (The penalties even include jail time).
You can reach out to Tina Walsh at her website
But do your research as this is really a very important aspect of your business to get right.
The last thing you need is a knock at the door by the wrong people but it can and will happen.
I get that marketing your property sourcing business is very important, but being compliant as a property sourcer is vital too.
It’s one of those ‘protection’ cards you get in Monopoly (like the ‘get out of jail free’ card) – it doesn’t feel useful when you win it, until you have to go to jail in the monopoly game, and it’s at that point you’re grateful you have it !
So – go and listen to the podcast here
The other thing about Property Sourcing Compliance is that if you want to be in this for the long run, then making sure you’re playing within the confines of the law is essential.
This means sometimes you have to do the right thing, especially when nobody is looking !
The problem with property is that there are so many sharks out there that just want to take your money and not give you anything in return.
Tina Walsh is a client of mine (and an ex-copper!) – and I know just how good she is.
In addition to that, running her property sourcing compliance training is really important to her as she sincerely wants to help other people make money and stay legal too.
Thats one for the reasons we push Tina as THE go to person for Property Surcing Compliance.
So what’s involved in Property Sourcing Compliance then ?
Well who better than to listen tot he expert who lives eats and breathes this stuff ?
Listen to the podcast, or get your self over to one of the Property Sourcing Compliance Training events that Tina runs.
Hope you enjoy it !
Is an investment in property something you are considering?
The difficulty for most is the upfront costs in getting started.
But you can start as a Property Sourcer first which could be your 'side hustle'. This could help you generate the extra cash to go full time as a property investor and even start developing etc.
I've simply seen too many people start up as a 'property sourcer' thinking that there are no regulations, and of course this couldn't be further from the truth.
Do you have any questions about Property Sourcing Compliance that are keeping you from moving forward?
When you are provided with good advice and information, much of the challenge can be removed, which is why we recommend Tina. Read more and get some information that can help you get on your way and even better, make contact with Tina and her Facebook Group.
Remember that property sourcing is all about the numbers. When you're sourcing property to sell on to someone else, there's no point in getting emotional or attached to the place.
But again, I've seen people do just that ! You need to keep your eye on the numbers and make your decisions with your head, not your heart.
Make sure to gain a thorough understanding of local property values. Mortgages and rent in local neighborhoods can help you figure out the home's value better than any financial statement. When you understand what is happening at the street level, your decision will be better informed.
Find a market you enjoy. If you find a market that you like, it can actually help you become successful. No matter if you are a flipper or purchasing properties that require little money down, stick with the things you already understand.
If you want to get into property sourcing but do not have enough money to get coaching, then changing your environment into one thats conducive to your success is vital.
As a Property Sourcer, be very picky about the properties you source for your clients and don't just jump into the first deal just to get one under your belt. They all count, and you need to make sure you get your first one right.
Getting a Property Sourcing Coach can help you find the right deal of course.
Make sure to do your due diligence. Spending sufficient time researching is far easier than getting overwhelmed and over-leveraged. Deals often appear wonderful at face value, but digging deeper than the surface might bring other details about.
Put your trust in the numbers. It may sound obvious, but the numbers are what property investing investing is all about. Numbers don't lie, so do the math you need to do to understand a good investment and then stick with the plan.
Join Facebook forums online that discuss investing. You can learn smart investment tips from the experts. You will be able to ask questions to professionals. Lots of support can be found in investment communities. If you are new to the investment world, you can pick up great tips this way.
A word of warning though about forums.
There are lots of 'know it alls' who have virtually no experience.
I've seen one lady profess that she can't work out how to retire on her property investments and she's been an investor for at least 15 years - I mean - how bad do you have to be !
Just make sure you know who you are dealing with, there are a lot of 'sharks' out there.
Property Sourcing Compliance is no kid's game. It is imperative to know what you are getting into and what you can expect.
Hopefully, this article has given you some critical advice that can help you make some good decisions. The key is gain as much information as possible to ensure your success.
In this Facebook LIVE REPLAY, I go through some of the strategies that you can implement immediately to ensure that your website will work better, and improve the chances of getting leads.
IN this podcast you will learn :
- The 3 types of visitors your website must speak to
- The 3 things your website must answer to satisfy your visitors
It's a great, content filled podcast.
Take a look at some of our website offers at the Digital Brand Agency Website
Hope you enjoyed this podcast !
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I’m always being asked how to find motivated sellers. As a Property Sourcer, it’s the first bit of the business that you have to learn if you want to be successful.
A motivated seller is a person who needs to sell their property (now it may be that they are also motivated to rent their property to you – we’ll talk about that later.
There’s really on four reasons why a person may be in this situation.
It could be that a parent or grandparent has passed away and so the the house is passed into the estate. If there are children involved (usually grown, but not always) then this can become a bone of contention as they can’t all live in the house. Some may want to keep it, whilst others may want to sell it. Obviously you can’t split a house in different parts, so in order to get access to the cash, they will need to sell. They could of course go down the estate agent route, but this can take time, it can fall through, and it could be that they just need this to be done quickly.
When a marriage breaks down, or any other relationship for that matter, the house, inevitably sometimes, becomes a battle ground. In fact the best deal I ever had was a 48% off the market value deal. I mean, these two were just tearing clumps out of each other. I reckon they would have possibly killed one another unless we had stepped in and got the deal done. We actually managed to compete on this property in JUST 7 DAYS. Any longer and it may have fallen through. I mean when I say these two hated each other, it was with a vengeance. So we managed to get the deal cheap, ended up probably saving a life (!) and allowed both parties to move on with their own lives. (phew!)
It’s a shame that people aren’t taught properly about money in schools. The problem being of course that the people teaching this stuff don’t know what they’re doing either and they have credit card debts, and loans hanging over their head. Hardly in a position to teach others. But people seem to spend more than they earn. And it can;t go on forever. So it usually catches up with them and they may need to sell the house off in order to pay their debtors down.One of the fundamental questions we always ask when dealing with a motivated or distressed seller is ‘how much other debt do you have that needs to be paid down’ so that we can incorporate those numbers in to our offer. There’s no point in us buying their property, only to find their debt problem still exists – that was the sole reason for them selling in the first place and so we have a moral and ethic duty to help them.
Or Emigration. It could be that they are moving overseas (i mean .. we did – but wek kept a house in the UK so that I have a place to come back to when I fly over to see the kids every two weeks – but not everyone can do that of course). It could also be that they are moving to say, Australia, but would like to keep the home in the UK just in case it doesnt work out, or to leave it to their children later on in life. This type of situation would bode well for a rent to rent, whereby you rent the property for say 10 years on a guaranteed rental amount, and then hand it back over to them in 10 years.The beauty of this type of deal is that you get access to the motivated sellers asset for 10 years (and technically they’re not sellers anyway) but then you can rent it and then just simply hand it back at the end of the term. You need to ensure that it’s kept in a reasonable state of cours
Well, they’re everywhere, but the key is for you to attract each of these 4 different types of ‘avatar’ with your marketing.
Look, there’s no point in marketing with a leaflet that talks about Divorce and the person is dealing with a debt issue. It’s ‘talking the wrong language’ to them.
Likewise, there’s no point in talking about Debt when they’re going through a divorce, although, obviously these two issues might be connected.
But you have to match up your marketing to the situation that the parties are going through.
Well, yes is the short answer. You could of course just list each of the four and hope it applies. (By the way, don’t put ‘death’ on a leaflet – someone who is actually going through that will find it rather insulting have just lost their loved one)
What you’re actually best doing is having a leaflet for each ‘avatar’, and then going into detail about how you can help solve that specific persons problem (be it debt, divorce, etc)
Obviously this is more expensive to run, but it is more effective.
If you want to learn more about ‘Avatars, then these podcasts by Mark Donnan are awesome :
They’re quite long, so we split them in two – if you subscribe then you can download them to your phone
|Mark Donnan Talks Marketing and getting into your customers head.|
|The podcast page is here|
You may be asking yourself what has this got to do with ‘How to find motivated sellers’?
But the point is this.
This is a business. Like any other business. And like any other business, it relies on you understanding what makes people tick, and what will make them do business with you.
one thing that has worked well is leaflet drops. But you need to be dropping a LOT of leaflets. If you’re dropping 400 leaflets by hand yourself, let me tell you, it’s highly unlikley that you will get a deal off that. I mean, you might, right? But the odds are definitely not in your favour. And this is the key, to move the odds more into your favour.
The more leaflets you drop, the more chances yo have of generating a phone call.
If you would like to know how to create your own leafleting company, then this Property Podcast can help :
|In this episode, I delve into one of the strategies I used to generate new fresh leads for both my lettings agency, and my Property Buying business.|
Bandit boards still work. I’ve spoken with enough people who still use them, although it is moving right up to that line where if you cross it, you’re breaking the law. I personally don’t use them anymore, it’s very time consuming, and you can get a some abuse from the too, both from passers by, and from your local council, so you have to stay one step in front of them.
For me though, it’s just so time consuming having to put them up, and take them down again, especially as I live overseas. I have better things to do with my time that chase these around !
But they STILL CLOSE BUSINESS, so it’s your choice.
People place adverts in the back of newspapers and online. So responding to these advertisers can be a way to find motivated sellers. You can both place the advert, and respond to other peoples adverts. The specific method for doing this is important, as you could just end up alienating the very people you’re trying to reach out to.
So your local council will publish online (free of charge and accessible) a list of all those people who have a HMO License. Right now, at the time of this article, it also shows when the license is due for renewal. So if you look at those where it’s due for renewal and contact the landlords, it could be that they can’t be bothered to renew. So they may be open to selling, or the may be open to a rent to rent deal where you manage it on their behalf whilst giving guaranteed rent.
Again, it’s the method that you use to make contact that’s important.
So these are just a few. And to be honest, you don’t even need more. YOu just need to find ONE that will work really well for you and tie in to your lifestyle. So for example, the banner boards for me are no longer viable as they take too much time.
However leaflets drops I can manage from here in Spain, and the adverts strategy I can easily do here in Spain.
So really it’s about whatever works well for you.
If you want more information about what’s needed to become a property Sourcer, then this YouTube Video is great viewing too. The video also has extra information about how to find motivated sellers.
So hopefully, in this article, you now know hot to find motivated sellers. There are references to podcasts I recommend you should listen to, and a video too.
Now, if you want more help from a Property Coach who regularly shows people how to find these deals, then fill in this form.
In order to track our Website Growth, we set a new target yesterday on our website for the number of visitors we get per day.
Now it’s important to point out that this Website Growth figure is not in the thousands of visitors – what we do on my website is fairly niche.
When I had my old lettings agency for example, we received an average of 35,000 visitors a month.
Think about that for a second – that’s more than a thousand people a day running through your shop – wouldn’t that help your business !
But that’s a lettings agency which had all sorts of stuff bolted on to it. It’s not a niche coaching company.
Marketing will help your Website Growth Figures So the key here is that you should be measuring some form of data so that you can then decide how to increase the numbers you’re looking at.
So if you’re getting 10 visitors a day to your website, how can you increase that to say 20 ?
If you’re getting 200 a day, how can you increase that to 400 ?
You see one of the things I’ve noticed is that when a client signs up for our 12 months coaching package (which you should do also by the way as it’s seriously awesome!) – they generally have been on my mailing list for some time.
In other words, they haven’t just found me on Google. They generally don’t fill in that form unless they have listened to my podcasts, connected with me on Social Media or messaged me in some way.
So it’s the same for you.
What leads to a person making a transaction with you ?
Firstly the need to KNOW, LIKE and TRUST you.
Secondly, they need to know that what you do (as in your service or product) can actually help them get the results they’re looking for, or will ENABLE them to move closer to the result they need.
Now what’s interesting about this is that in real life it actual works the other way around.
Track your website growth figures daily
Track your website growth figures daily
First they’re looking for a solution to their problem.
THEN they will decide whether they like and trust you enough to make the transaction.
That’s why I keep going on about video and podcasting, because it actually does both for you.
Despite creating videos for 5 years, 2016 was the first year a lead was actually generated from YouTube.
Since starting podcasts in just June 2015 (less than 2 years ago), a large proportion of leads has come from there.
But what tends to happen is that people will see you on one medium, and then seek you out on another medium; hence the idea about multiple messages on multiple mediums.
All of this can be very time consuming – which is why so many people struggle to find time to do it.
Only, the consequence of this is that then their reach no longer extends beyond the people who already know about them in their immediate circle of influence.
You have to find a way to reach out further.
And all of this ACTUALLY starts with having a plan about how many website visitors you have.
Everything you do should driving people onto the next step. Be it an opt in on a website, or to join a group (Have you joined SUCCESS JUNKIES yet ?)
From a really basic stand point, if you’re just getting 10 people per day to visit your site, you could just start placing adverts on places like Gumtree. I mean, it’s a start right ?
Get obsessed with that website visitor number. The more people who know about you, and the more people who spend time LISTENING to YOUR STUFF, to WATCHING your embedded YouTube videos, the more people are going to hang around and build the ‘Know, Like & Trust’ aspect. Website Growth is an important aspect of your business, so focus on it.
Come on admit it – most people don’t even know how many website visitors they have.
In fact they say ‘that number is so low I don’t even bother’ which is the EXACT OPPOSITE of what you should be doing!
Imagine having 50,000 visitors a month and saying ‘That number is so high I don’t even bother’ – you can say that because you’re already well on your way.
Look, if the number is so low why bother – then why bother to even have a website ?
It’s a waste of money. Might as well send Facebook Advert traffic to a squeeze page or to join a Facebook Group.
So how about you take that investment (the website) and start using it as you should.
All of this starts from checking those visitor numbers on your website.
Get to it !
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There are so many people coming into the Property Investment market in the past few years, it would be easy to think that everyone must be providing property mentoring as a service. It’s amazing how many people have been in the industry for just 12 months as a Property Mentor who proclaim to have all the answers and have only just started themselves. Experience is vital.
Maybe they have got all the answers.
But it’s funny how you never hear about them a year later.
Their methods may have been quick and dirty, but they certainly didn’t last the amount of time needed to be in the property game.
For those that come through as Property Mentors, and disappear after their first year, there are always more behind them to replace them with the next latest and greatest of ideas to make money in this market.
And that’s the beauty of property isn’t it – you CAN make a lot of money quite quickly but as the rules change can you continue to do so ?
My big concern right now is with serviced accommodation. Recently, in London, you now need planning permission if you want to use the property as a serviced apartment for more than 90 days. Of course some people will try and get around it and hide that they’re renting for more than 90 days, but how long do you realistically think this can continue ?
And in other parts of the country – don’t you think that this may happen elsewhere ?
In Leeds, we used to run a very successful serviced apartments company – we literally owned the front page of google for all of our websites that were to do with short term lets and serviced apartments. BUT as soon as everyone else starts to do it, that’s when you know it’s time to get out.
Serviced Apartments are a method to earning some good income right now BUT I worry about how long it will last – and I see people going in HEAVILY in this area to make as much money as possible.
I saw the same thing when buying off plan was all the rage as .. well … it can only go up can’t it.
Until it didn’t. Then they went bust owning apartments they couldn’t sell as they lost their value.
So this is why you need a Property mentor. And not just one who has been in the industry for just a few years, but one that has been through all of the ups and downs over the last 20 years.
I mean if you ask all of those questions, that would be a good start right ?
I know they’re a little bit different than you may have seen elsewhere, but we like being a little bit different.
That’s why we’ve weathered the storms over the last 20 years and come out the other side.
So look, obviously one of the things I do is provide Property Mentoring and coaching for people.
If you’re serious about making that change for you and your families future, the first bit I would always suggest is listen to some podcasts.
|You can download mine from itunes or directly from my website : UK Property Podcasts|
Once you’ve listened to those, or watched some of my videos on YouTube, then perhaps it’s time to see what you get with your Property Mentoring.
You don’t want just 12 weeks, you want 12 months – that’s because you’re going to run into all sorts of obstacles that we can help you overcome – but you need time to get through those first – hence the 12 months package.
You also want regular contact with your coach via coaching, group coaching and mastermind events. That’s exactly why we provide all of those things.
You can find out exactly what we offer with our Property Mentoring Package here >> 12 months Property Coaching Package
So there are several different ways to make money in Property, that’s why i love it so much. Want to just sit back and let the income come in, then that’s buy to let. Just one word of warning with this type f property investment however.
There is NO SUCH THING AS PASSIVE INCOME !
Even Buy To Let where it’s rented long term still has it’s issues that you need to get involved with. For example, what happens if a tenant s stops paying rent, and, even worse, refuses to move out?
What policies do you have in place that will make it easier to get an eviction, and to charge the tenant for all of your costs ? So for example, as a Property Mentor, one of the things I always do is provide my Property Coaching clients with a copy of my Tenancy Agreement – this is the one that we picked all the best bits out of everyone elses and then applied it to our own.
We also have series of four letters that you can download to deal with non payment of rent; each more severe than the last.
But Can’t my letting agent deal with all that?
You would like to think so wouldn’t you, but in my experience it’s rarely the case. Even if the boiler goes, guess who eventually gets the phone call to ask what to do – yep – it’s you.
The buck will always stop with you – so it’s never completely passive.
So what are the opportunities in property then – let’s go through them.
An obvious first choice. So the question is what sort of yields will you be getting back from this investment. In London for example. it may only be a 3% yield. Whereas in the North East it can be 10% yield.
How to Gamble On The Property Market
Capital Growth. I see it being advertised and in my opinion if you’re investing for capital growth, then its the same as put £100k on red at the casino. Why would you risk your entire future income on the whim of a property market ? And what if you time it wron. London is a prime example. It can work, but I like to increase the probabilities that all the work I do today will pay off for my future, and not be affected by something that happened in a particular location.
My advice on this one would be to buy for yields in different parts of the country and balance it with higher risk, capital appreciating properties in London – but notice how I say ‘higher risk’ – that’s because they are. Any good Property Mentor will suggest that you not just run off and buy high capital growth properties. Especially by the way that, guess what, the Property Mentor just happens to have the right properties for you to buy. Whenever we suggest properties, we don’t make any money on that sale – that was as a Property Mentor we can remain unbiased in our advice.
This Strategy is becoming more and more popular now as people have struggled to find deposits. It’s crazy – the deposits required are 25% or more these days – so that’s £50k on a £200 property in London. For £50k by the way you could buy outright in some parts of England !
So rather than a huge deposit up front, some investors have utilised other peoples properties where perhaps it’s a tired landlord who can’t be bothered anymore, or perhaps a homeowner who has been gifted a property and doesn’t want to sell, but doesn’t want to be a landlord either. So giving it to an investor who will give guaranteed rents for the next 5 to 7 years is ideal for them.
They get a secured tenancy, and the rent 2 renter gets access to an asset with which they can rent out to the market place. There are many rent to rent Property Mentors out there. Make sure you get one with experience of course. As the previous owner of a lettings agency, this is in fact what we did. But we had an extra layer of protection as a lettings agency because not only did we make 10% on someone elses rent run, we also didn’t lose any money should the property be empty. In fairness however, we rented stuff so fast they were never empty. One question to ask if you’re considering Property Mentoring, is about how much experience they have about lettings. This is a pretty major part of being successful!
A Lease Option is in effect exactly the same as Rent to Rent. The only difference being that at the end of the term (say 10 years), you have an agreement (called an ‘option’) to buy the property at a price already agreed.
Let me give you an example.
Property Value : £100k
Mortgage : £105k
In this situation, the owner cant sell as its in negative equity, so you then come along and offer say £105k in perhaps 10 years time. By this time, you’re hoping the property has increased in value so you can not only pay the £105k you’ve already agreed, but that the property is actually worth more money – let’s say £120k. In which case, you’re now £15k up.
One word about these. They haven’t been tested in court. This makes me nervous, as I like a lot of certainty in my life. So this is what we do. We offer the vendor an ‘uplift’ in the profits.
So we may offer say 25% uplift – this means that should the property be worth more than £105k, that we will give the vendor 25% of any of that increase. So with the example sale price of £120k, that’s a £15k uplift, with which we give 25% (Which is £3750). Any good property mentoring company should also suggest this. I hate those companies that are always trying to screw people over – that’s not what life is about. It might make you wealthy, but only in money. And that’s a poor choice.
Why do we do this ?
It effectively rewards the vendor for making the decision, and also acts as an incentive for them not to go to court later should they get a solicitor who may think they have been unfairly ‘duped’.
Now all of this MUST be written up by a solicitor. And they need a solicitor too who has acted in their best interests. So technically, it should be water tight. Any good Property Mentor will give you access to a great solicitor.
But you’ve just made £15,000 on an asset you don’t even own, I think it’s an honourable thing to do to help the vendor out too. As a Property Mentor, I believe ‘doing the right thing’ is paramount, and I hope that should you become a client to a Property Mentoring company that you (and they) would too.
We LOVE Property Sourcing. This allows someone with not a lot of money to make some money very quickly.
You could source Rent 2 Rents, Lease Options or Below Market Value Properties (BMV) and sell those deals onto an investor.
If you’re buying deals then this is a great way to get started with some big discounts, but you have to do your due diligence. I see a lot of rubbish out there on the market place that are presented as ‘deals’ and they’re rubbish. But they sell ! Someone is buying these rubbish deals up.
But when you become a property sourcer, you want your deals to be watertight, great value, so that you can go and find another deal and sell it to the same investor.
You can make between £1,500 and £4,500 per deal quite easily. The difficulty lies in first sourcing the deal, and second find an investor to sell it to.
Get those two obstacles resolved, you will be successful as a property sourcer.
Now there are many more mores in which to make money that I haven’t talked about such as conversion from commercial to residential and assisted sales, but we’ll save those for another article.
If you have any questions, or want to know more, then you can also complete our webform here : Apply to work with me
But whatever you do, start by getting educated about what you want – and you can do that with the Property Mentor podcasts.
I hope that’s helpful for you !