Latest / The Property Unleashed Podcast / Building a Successful Property Investment Business

Transcript

Building a Successful Property Investment Business · The Property Unleashed Podcast

• 0:00
  Speaker 1: Why you're not seeing property investing success.
• 0:02
  Speaker 1: Hello, my name is Mark Fitzgerald.
• 0:15
  Speaker 1: It's great to have you joining me here at the Property Unleashed podcast and YouTube channel, of course, as well.
• 0:21
  Speaker 1: So why are you not getting the success that you want when property investing?
• 0:25
  Speaker 1: Well, first and foremost, I would roll it all the way back to see why is it you want to have a property investing portfolio or business?
• 0:34
  Speaker 1: Now, if you're getting into property, I always say that you should be looking at setting it up as a business, run it as a business, have it in a business and limited company.
• 0:43
  Speaker 1: There's some great tax benefits to having your property investing businesses in limited companies as well as it makes you look serious.
• 0:51
  Speaker 1: It makes you look like you intend to stick around and, of course, we don't want to be doing anything in business or in property if we are not intending to stick around.
• 1:00
  Speaker 1: So if you're looking at strategies like rent-to-rent, you're looking at potentially being a deal source or anything creative like that.
• 1:07
  Speaker 1: You really want to make sure that you have a good, strong reason why you are doing that strategy.
• 1:14
  Speaker 1: For me, when I started out, it was all about creating accommodating, nice, comfortable living for my tenants.
• 1:22
  Speaker 1: Now I went down the HMO strategy to start with.
• 1:25
  Speaker 1: In my rent-to-rent business, we now do service accommodation, of course, as well, and if you need any help with that, then do check out the property on leashcom for free tools and resources.
• 1:34
  Speaker 1: There is further learning and training there if you so desire, but you don't have to get into that.
• 1:38
  Speaker 1: But I wanted to be here.
• 1:40
  Speaker 1: I wanted to set things up successfully.
• 1:42
  Speaker 1: I wanted to be different from the norm.
• 1:44
  Speaker 1: I didn't want to be putting thousands and thousands of pounds into other people's properties.
• 1:48
  Speaker 1: Yes, we will maintain them to a high standard, but we want to be receiving the properties in a high standard as well, and that is something I've done and that is something I show my clients and my students how to do as well.
• 1:59
  Speaker 1: So you've got to be asking yourself why am I doing this?
• 2:02
  Speaker 1: Am I doing it just because I want a bit of extra cash?
• 2:05
  Speaker 1: Am I doing this because somebody else is doing it, and I think it's a great idea?
• 2:09
  Speaker 1: If that is the case, you're doing it all for the wrong reasons and you want to make sure that you're not doing it for the wrong reasons, of course.
• 2:16
  Speaker 1: So you need a good, strong purpose to what it is that you're doing and try and make it so that it's not always about money.
• 2:24
  Speaker 1: Money will come by doing a good job, and of course we want money.
• 2:27
  Speaker 1: Money gives us time, freedom.
• 2:29
  Speaker 1: It potentially gets us out of that job that we hate, but if you can give it a higher purpose.
• 2:33
  Speaker 1: So for me it was all about showing my two sons, jack and Lewis, that I could get out there, that I could build businesses and be successful on my own.
• 2:42
  Speaker 1: I wanted to prove to them that if they want to do anything in life as they grow up, they can do, and I also wanted more time freedom to spend with them and, of course, be able to afford and do nicer things.
• 2:54
  Speaker 1: So that was a very, very strong why.
• 2:56
  Speaker 1: For me, it wasn't all about money.
• 2:57
  Speaker 1: Yes, there were money elements in there, and of course there always will be, but it was all about proving to them and myself let me just say that I could do this.
• 3:07
  Speaker 1: So what I see is most people who are only dabbling in it do not have the same determination, do not have the same grit, do not have the same desire to succeed, which is why they walk away.
• 3:18
  Speaker 1: They walk away when potentially they may have been right in a good position to get that first deal over the line and, of course, deal sources are the same as well.
• 3:26
  Speaker 1: You will have deals fall over.
• 3:27
  Speaker 1: Do you know what I mean?
• 3:28
  Speaker 1: So you may be looking at, you know, getting a few deals, a few investors.
• 3:33
  Speaker 1: Then those deals start to fall over.
• 3:35
  Speaker 1: People always talk about you know it's easy enough, you can sell a deal here.
• 3:38
  Speaker 1: Three grand a month, you only need to sell one deal, yes, but of course you're not going to get paid until those deals have gone over the line.
• 3:44
  Speaker 1: If those deals fall through, a lot of the time you will not get paid anything.
• 3:48
  Speaker 1: So for me, it was all about month on month residual income coming through, which is why I went for the HMOs, first and foremost because it's not such a seasonable operation as, of course, service accommodation is.
• 4:01
  Speaker 1: But I knew where I was each and every month.
• 4:03
  Speaker 1: I had guarantors on the tenants, I knew the tenant types, I knew my area very, very well, and it's all about making sure that you do the same with that.
• 4:13
  Speaker 1: And the other thing is really knowing what you are doing.
• 4:16
  Speaker 1: Okay, so make sure you do take time and you invest time into learning the strategies that you're trying to do so, whether it's rent to rent.
• 4:24
  Speaker 1: You know, read the books, listen to the podcast, watch YouTube channels, go and use the free resources on the property on leechcom to really see if it's right for you, of course, and deal sourcing exactly the same.
• 4:35
  Speaker 1: Make sure it's creditable people that you're following.
• 4:39
  Speaker 1: I always say with deal sources as well.
• 4:40
  Speaker 1: A lot of people will go out and do a deal sourcing course, start trying to sell me rent to rent deals, yet they've never actually studied the rent to rent strategy so they think it's a good deal.
• 4:49
  Speaker 1: Why?
• 4:49
  Speaker 1: Because they don't know any different.
• 4:50
  Speaker 1: So a lot of deal sources would do a lot better if they actually learned the strategies as well of the deals that they're looking for.
• 4:57
  Speaker 1: So if you're looking at selling service to accommodation deals, make sure you know how to run and operate service to accommodation properties, so you know all of the facts, you know all of the costs involved and it will make you such a better deal source.
• 5:10
  Speaker 1: So that's something that you're looking at do for me.
• 5:12
  Speaker 1: I think we're all deal sources.
• 5:14
  Speaker 1: If you're out there and in the property world and you're looking up doing a property business and building a property business, you are a deal source.
• 5:20
  Speaker 1: Okay, whether you like it or not.
• 5:22
  Speaker 1: Now you might not source those deals for somebody else.
• 5:24
  Speaker 1: You'll be sourcing them for yourself.
• 5:26
  Speaker 1: But I'm a deal source and, as I say, anybody out there is a deal source as well.
• 5:30
  Speaker 1: But you need to know that the deals that you're doing are good deals.
• 5:33
  Speaker 1: It's something I work very hard with my clients, with my students.
• 5:37
  Speaker 1: I always get them and I'll ask them to send me over their numbers so I can check their numbers to make sure that they're doing good deals, because it's vitally important to be able to do that.
• 5:46
  Speaker 1: The next thing you have to have is consistency.
• 5:48
  Speaker 1: So you've got to make sure that you are doing the same things consistently, time after time after time, but they are the right things to be doing in the right manner.
• 5:59
  Speaker 1: No point being consistent with the wrong marketing, with the wrong tools, with the wrong scripts.
• 6:04
  Speaker 1: Why?
• 6:04
  Speaker 1: Because you can be consistent all you want, but you can be consistently wrong.
• 6:08
  Speaker 1: You need to make sure that you're doing tried and tested scripts or what you're saying to people.
• 6:14
  Speaker 1: Make sure you keep tweaking it.
• 6:15
  Speaker 1: You know what worked in that conversation, what didn't work in that conversation.
• 6:19
  Speaker 1: Make sure I always say, after any conversation that you've had, you write down a list what went well, what didn't go so well and what can I improve on.
• 6:26
  Speaker 1: Keep critiquing it, keep making sure that it is working for you and it's not just you spinning your wheels thinking you're doing the right thing.
• 6:34
  Speaker 1: So what can be really, really important as well is to know somebody who's already doing the strategy that you want to be doing and just ask them questions about it.
• 6:41
  Speaker 1: How would you approach this deal?
• 6:43
  Speaker 1: How would you approach these agents?
• 6:45
  Speaker 1: How would you approach these landlords and see what they say?
• 6:47
  Speaker 1: And when they say stuff to you, make notes, listen to what they have to say, because it could be gold what they're telling you and it could just be a couple of little tweaks is all you need to be able to get those deals.
• 7:00
  Speaker 1: So another thing is persistency.
• 7:02
  Speaker 1: So we talked about consistency.
• 7:04
  Speaker 1: You have to be consistent doing the right things and you have to be persistent in your follow-up.
• 7:08
  Speaker 1: Okay, because consistency will get your results.
• 7:11
  Speaker 1: Persistency will get those results over the line and will make you a winner.
• 7:16
  Speaker 1: Persistency is key.
• 7:18
  Speaker 1: So many people take no for an answer.
• 7:21
  Speaker 1: Oh, they said no, they're not going to do that deal with me, but they never then follow up.
• 7:25
  Speaker 1: They think it's almost rude to follow up with somebody in a month or so's time, in a couple of weeks time.
• 7:30
  Speaker 1: Don't keep following up with people.
• 7:32
  Speaker 1: Basically, somebody says you stop following up with me, I don't have that deal anymore.
• 7:36
  Speaker 1: Fair enough, stop following up with them.
• 7:38
  Speaker 1: You know what I mean.
• 7:38
  Speaker 1: Take the hint.
• 7:39
  Speaker 1: But if they don't, you need to keep following up with them.
• 7:42
  Speaker 1: You need to keep being persistent in that approach.
• 7:45
  Speaker 1: Do it in the right manner, don't do it in an annoying manner.
• 7:47
  Speaker 1: Nobody wants to be annoyed by somebody.
• 7:49
  Speaker 1: But if you're just constantly asking them how's that deal going for you?
• 7:52
  Speaker 1: Is it all let now Is?
• 7:54
  Speaker 1: Are you happy with who's letting it for you?
• 7:56
  Speaker 1: Are you happy with the sale?
• 7:57
  Speaker 1: Has it gone over the line?
• 7:58
  Speaker 1: You're just constantly being there as a supportive mechanism.
• 8:02
  Speaker 1: Then chances are if something goes wrong in the future, they will contact you again.
• 8:06
  Speaker 1: Why?
• 8:07
  Speaker 1: Because you've shown that you've cared, but you've done it in a manner that hasn't annoyed them.
• 8:11
  Speaker 1: So that's very, very important as well.
• 8:14
  Speaker 1: So you really want to make sure that when you're getting out there, you know what it is that you want to be doing.
• 8:19
  Speaker 1: You know how to do it.
• 8:20
  Speaker 1: Okay, that was vitally, vitally important for me.
• 8:23
  Speaker 1: I've spent thousands and thousands of pounds on my own education and I continue to do so, to always better myself in all areas of my life.
• 8:32
  Speaker 1: So you should do the same, because I highly recommend it.
• 8:35
  Speaker 1: You will then do better deals.
• 8:37
  Speaker 1: It is very, very easy to make money in property doing the right things, but, trust me, it is also very, very easy to lose money in property by not knowing all of the facts and everything that you need to be doing as well.
• 8:52
  Speaker 1: Then, once you know what it is that you need to be doing, you've got to be consistent with it.
• 8:56
  Speaker 1: Make sure you're out there, you're putting in the reps, you're being consistent in your approach.
• 9:01
  Speaker 1: And then, when you start to get traction, it's all about being persistent with following up with people not knowing, just offering a service, offering your help.
• 9:10
  Speaker 1: See, and if you can support them, see if you can point them in the right direction and see if they come back your way in case those deals have gone.
• 9:16
  Speaker 1: If you get those deals over the line straight away, happy days and, of course then it's all about then just basically wrapping that up and then just pivoting, tweaking things, checking on things, making sure that you're not just, as I say, being consistently wrong.
• 9:31
  Speaker 1: You are doing things in a consistent manner.
• 9:33
  Speaker 1: Who's been successful at the moment?
• 9:35
  Speaker 1: Can I have a little conversation with them?
• 9:37
  Speaker 1: Can I see if I need to tweak anything myself?
• 9:39
  Speaker 1: If you need any help with this, then do feel free to reach out to me on Facebook, linkedin, instagram we're all over those so you'll be able to message me directly and if I can help you, I'll point in the right direction.
• 9:51
  Speaker 1: Then I will also, of course, do check out the property on leashcom.
• 9:55
  Speaker 1: We have the podcast on there, we have free tools and resources, we have free training and we have paid training as well.
• 10:00
  Speaker 1: So it depends on your needs, where you are in your situation, your property, investment, where you are in your life and what help you need.
• 10:06
  Speaker 1: Okay, but do check those out and if you have any questions, then do reach out to us as well.
• 10:10
  Speaker 1: Thank you for joining me and I look forward to you joining me in the next episode.
• 10:14
  Speaker 1: Bye for now.