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My Roadmap to Rent-2-Rent Success · The Property Unleashed Podcast

• 0:00
  Speaker 1: rent-to-rent success and how to make sure that you achieve it.
• 0:03
  Speaker 1: Hello, my name is Mark Fitzgerald and it's great to have you joining me here.
• 0:18
  Speaker 1: So you want to start a rent-to-rent business Now.
• 0:20
  Speaker 1: Whether that's with the HMO strategy or whether that's with the serviced accommodation strategy, it doesn't really matter, because the fundamentals are that you need to start by building a business.
• 0:32
  Speaker 1: Look at rent to rent as a strategy that needs to be a business.
• 0:37
  Speaker 1: If you do that, you can systemize it, you can put the right things in at the right time and you can make sure that you maximize your successes.
• 0:45
  Speaker 1: But for anybody to go out there and have a successful rent-to-rent business, there are a few things that they need to make sure that they do.
• 0:54
  Speaker 1: How do I know this?
• 0:55
  Speaker 1: Well, I've trained and I've helped many, many people now start and build successful rent-to-rent businesses to up to well, loads of units.
• 1:05
  Speaker 1: I mean, one of my last students just put a post in recently.
• 1:08
  Speaker 1: He's up to 17 units in just over 12 months 17 HMOs.
• 1:12
  Speaker 1: He went down the HMO route.
• 1:14
  Speaker 1: We've got other students who have done it with serviced accommodation as well and they're up to 40, 50 units themselves now.
• 1:21
  Speaker 1: Now, in the beginning, you have to ask yourself a few key questions and I'm going to help you in today's episode with that.
• 1:28
  Speaker 1: So for me, a lot of this boiled down to the fact that I was in a corporate job.
• 1:34
  Speaker 1: I was a senior manager in a job and I hated it, absolutely hated it.
• 1:40
  Speaker 1: Now I had that job for about 16 years and for 16 years I didn't hate it the whole time.
• 1:46
  Speaker 1: Initially I really enjoyed my job.
• 1:49
  Speaker 1: I enjoyed working my way up the corporate ladder, being a good little minion and getting in there and making other people rich.
• 1:57
  Speaker 1: But for about five or six years at the end of my time there, I had had enough.
• 2:03
  Speaker 1: You get to a certain ceiling, or you get to a certain point in your life where superiors above you the board of directors in my case, who are above you will not listen to you anymore.
• 2:14
  Speaker 1: You get to a point where any of your great ideas well, you might think they're great ideas, but any of your ideas aren't even listened to and you can really start to struggle to actually make an impact in what you're doing.
• 2:25
  Speaker 1: And what is the point in doing anything if it's not a life fulfilled?
• 2:29
  Speaker 1: So for me, I was looking at different ways to get out of my corporate job and I found property investing to be one of those.
• 2:36
  Speaker 1: I went to my local property investor meetings.
• 2:40
  Speaker 1: I went to my local pin meeting to start with the property investor Network meetings, and I met other savvy investors there and that is where I got a taste for it and I thought to myself I could build a successful business in property using one of the different strategies that are out there, because there's a load of different ways that you can get started in properties.
• 3:00
  Speaker 1: Now, one of those ways I actually looked at was deal sourcing, and I see a lot of people and speak to a lot of people even now that want to get into deal sourcing for cash flow.
• 3:08
  Speaker 1: And while you can, it can be very challenging as well.
• 3:12
  Speaker 1: At the end of the day, we're all deal sourcers, so I've done deals or I've built up deals that potentially I haven't wanted and I have sold those on or passed those on.
• 3:22
  Speaker 1: I'm not a compliant deal sourcer.
• 3:24
  Speaker 1: You need to make sure that you are, because I don't do it for my bread and butter.
• 3:28
  Speaker 1: I might find something that's potentially got legs, but then it's not right for me.
• 3:33
  Speaker 1: I can pass that on to a friend of mine Now sometimes they might offer me some money for it or pay me a little fee.
• 3:38
  Speaker 1: Sometimes it might just be a good favor.
• 3:40
  Speaker 1: You know it doesn't really matter to me, I'm never going in there trying to put a price on it.
• 3:44
  Speaker 1: But if you're a deal sourcer, then you are.
• 3:46
  Speaker 1: Now, the reason I didn't like deal sourcing was because one in three and probably a bit more at the moment with the way the market is out there one in three deals falls over, so you never know when you're going to get paid.
• 3:58
  Speaker 1: You don't have that assurity.
• 3:59
  Speaker 1: Somebody could say to you.
• 4:00
  Speaker 1: You've only got to sell one deal a month, yeah, but you might have to wait six months for that deal to go through, and in month five it might fall over.
• 4:08
  Speaker 1: So you're not guaranteed anything.
• 4:10
  Speaker 1: So for me it was all about rent to rent.
• 4:12
  Speaker 1: Now I did the HMO strategy to start with.
• 4:14
  Speaker 1: We now do serviced accommodation as well.
• 4:16
  Speaker 1: But I did the HMO strategy just to get my feet under the table, to start getting cashflow coming through, because I wanted to get out of my day job.
• 4:25
  Speaker 1: So I figured, if I can get hold of decent HMOs not looking for rundown properties that I've got to spend thousands and thousands of pounds for the old way of doing it.
• 4:35
  Speaker 1: Like I always say, you ought to be doing it the new, modern way of doing it, the way that I've done it, the way that I show people how to do it now, so that you're not having to spend lots of money on other people's properties, but you can get hold of good properties right here, right now, from savvy investors.
• 4:49
  Speaker 1: You can take care of it, removing the hassle for those great investors and, of course, moving yourself forward.
• 4:56
  Speaker 1: Now, what did I say at the beginning of this video?
• 4:58
  Speaker 1: I said there's a few fundamentals that you need to make sure are right for you, and one of those is your reason why you're doing it.
• 5:06
  Speaker 1: So, if it is cashflow, make sure that if you're doing rent to rent, you are gonna get good cashflow.
• 5:13
  Speaker 1: I see far too many people going out there on their own just trying to get a deal, because they think they have to have that one or two deals under their belt before they can start doing good deals, and that is a mistake.
• 5:26
  Speaker 1: Why?
• 5:26
  Speaker 1: Because you can lose money as quickly as you can make money in property.
• 5:31
  Speaker 1: Let me just say that again to you you can lose money as quickly as you make money in property.
• 5:38
  Speaker 1: I have done good deals, I have done very good deals and I have done bad deals as well.
• 5:43
  Speaker 1: Luckily for me, my bad deals always cash flowed.
• 5:47
  Speaker 1: They were more due to not potentially taking on a property in the best area.
• 5:52
  Speaker 1: Okay, but I've been there, I've been around the block, I've made those mistakes and I've lived to tell the tale.
• 5:57
  Speaker 1: Why?
• 5:57
  Speaker 1: Because I've made sure that a deal is a good deal when I do it.
• 6:01
  Speaker 1: Okay.
• 6:02
  Speaker 1: Again, this is something that I help people with, I help my students with.
• 6:06
  Speaker 1: I always say to them send me over your numbers, use the spreadsheets.
• 6:10
  Speaker 1: And we've got free spreadsheet that you can download on the propertyunleashedcom website, thepropertyunleashedcom.
• 6:16
  Speaker 1: It's a free tool.
• 6:19
  Speaker 1: It's a free analyzing deal.
• 6:21
  Speaker 1: It's a free tool, it's a free analyzer.
• 6:24
  Speaker 1: Wait a minute, mark.
• 6:27
  Speaker 1: Wait a minute.
• 6:27
  Speaker 1: So visit thepropertyunleashedcom and download the free deal analyzing spreadsheet to stack rent to rent deals.
• 6:37
  Speaker 1: Please do that.
• 6:38
  Speaker 1: If nothing else, it's 100% free.
• 6:41
  Speaker 1: And the reason I put it on there is because I see so many people doing bad deals that don't cash flow.
• 6:46
  Speaker 1: So don't become what we say in the property industry a motivated buyer.
• 6:51
  Speaker 1: You want to be out there as a savvy business owner.
• 6:54
  Speaker 1: If the deal's not right for you, it doesn't stack or the landlord's, too greedy, walk away.
• 6:58
  Speaker 1: Okay, you may get that deal later on.
• 7:02
  Speaker 1: You may not, but there are plenty more deals out there for you to be able to get.
• 7:07
  Speaker 1: But for me, as I say, when I started out I needed the cash flow.
• 7:10
  Speaker 1: But I didn't do rent to rent.
• 7:13
  Speaker 1: I didn't get into property.
• 7:14
  Speaker 1: I didn't build any of these businesses for cash flow.
• 7:17
  Speaker 1: I did it deep down inside to prove to myself that I could start something from scratch, that I could actually make it work, make money from it.
• 7:28
  Speaker 1: And also I have two sons.
• 7:30
  Speaker 1: I wanted to prove to them that they can get out there in life and do whatever it is that they want to do.
• 7:36
  Speaker 1: So if they want to get out there and they want to go and get a job and do what everybody else does, that's fine, they can do.
• 7:43
  Speaker 1: But I wanted them to see that they don't have to do, that they can start something for themselves.
• 7:49
  Speaker 1: They can build something for themselves.
• 7:50
  Speaker 1: They can build something for themselves.
• 7:51
  Speaker 1: I'll support them every step of the way, but I needed to show them that they could do that.
• 7:56
  Speaker 1: Now I have done that.
• 7:58
  Speaker 1: I have shown them and now it's up to them and their path.
• 8:01
  Speaker 1: But that was my reason why when I started, yes, I needed financial gain, I needed money, but I always went out there to make it a win-win for everybody.
• 8:10
  Speaker 1: We are looking at helping people.
• 8:13
  Speaker 1: I took voluntary redundancy, so I left my job.
• 8:17
  Speaker 1: In 2019, with no rent-to-rents, with no business, just an idea, a concept, a vision and a passion to succeed, and anybody can do it.
• 8:27
  Speaker 1: You don't have to be special or anything like that.
• 8:30
  Speaker 1: You've just got to want the will to succeed.
• 8:33
  Speaker 1: You've got to want this, and that's another thing.
• 8:36
  Speaker 1: At the very beginning, that you have to make sure that you do is that you know why you're doing it.
• 8:41
  Speaker 1: You know you really want to do it and you want to achieve it, and then you can get out there and you can make it happen.
• 8:48
  Speaker 1: If you don't have any of those ingredients, trust me, when it becomes hard and it will become hard at times you will quit, you will become demoralized, you will stop doing the things that will get you results, you will say it doesn't work and you will walk away.
• 9:04
  Speaker 1: And a lot of people do that.
• 9:06
  Speaker 1: And you know what?
• 9:07
  Speaker 1: If it's not right for you, walk away, okay, don't build yourself anything that isn't right for you.
• 9:13
  Speaker 1: But if you are passionate about it, if you do really want to build a successful rent to rent business, ie a property management business that you can systemize, potentially you can put people in it that do the things that you don't want to do, that manage the tenants for you or the customers that take the calls, you can do that.
• 9:33
  Speaker 1: It will take time, it will take effort, it will take a lot of work, but you can do that and then you can start just focusing and enjoying life doing the things that you want to enjoy.
• 9:43
  Speaker 1: But you will have to put the work in.
• 9:47
  Speaker 1: So if you're ready to put the work in, then you're in the right place.
• 9:56
  Speaker 1: You know we've got lots of videos here, lots of podcast episodes as well, that help you.
• 9:59
  Speaker 1: We've got free tools and resources that can help you at the propertyunleashedcom website.
• 10:01
  Speaker 1: So do check those out, do help yourself to those, but do make sure that you're not afraid to invest in yourself.
• 10:08
  Speaker 1: Now I'm not selling you anything here.
• 10:10
  Speaker 1: What I'm saying is invest in yourself is the time to learn.
• 10:13
  Speaker 1: So watch the videos, listen to the podcast, read the books, invest a bit of money in yourself if you feel like you need that, but do make sure you take the time to learn everything that you can possibly learn, because, as the old saying goes, you don't know what you don't know.
• 10:31
  Speaker 1: So surround yourself with like-minded people.
• 10:35
  Speaker 1: Reach out to people who have achieved what it is that you want to achieve.
• 10:38
  Speaker 1: Ask them how they've done it.
• 10:40
  Speaker 1: Chances are they're going to be very open to having a chat with you about this.
• 10:44
  Speaker 1: And hey, if you have to spend a bit of money to learn, like I've done and like so many other successful people have done, then do not.
• 10:51
  Speaker 1: Do not hold yourself.
• 10:53
  Speaker 1: Get out there and do things, but make sure, a you can afford to do it and, b it is 100% exactly what you want to be doing.
• 11:04
  Speaker 1: So for me, when I started my rent-to-rent business, you'll have your own ideas on what you want to achieve from this, but for me, it was to build a business and a brand in my area to be proud of.
• 11:15
  Speaker 1: I needed to build up cashflow.
• 11:17
  Speaker 1: I needed a cashflowing business that would bring me in money each and every month to pay for A my life and my living my lifestyle but also to then be able to invest back in properties myself, to start building my own property portfolio.
• 11:32
  Speaker 1: I needed a business which was low startup costs.
• 11:36
  Speaker 1: Okay, I needed to build a business with low startup costs because I didn't have a lot of money and I needed to find the right landlords to work with or agents to work with that didn't need me to put thousands and thousands of pounds into their properties.
• 11:55
  Speaker 1: The most I've ever spent is 900 pounds and that was for a couple of carpets and some paint.
• 11:59
  Speaker 1: I've done it for next to nothing.
• 12:00
  Speaker 1: I've done it for a couple of hundred quid, and I show people how to do that as well.
• 12:03
  Speaker 1: So make sure that you do this properly, that your numbers are good, that you're taking on good deals, that you're working with people you want to work with and it's 100% what you want to be doing, so that you can replace that income of yours as quickly as possible, if that's what you need.
• 12:17
  Speaker 1: Some people like to do this alongside the full-time job.
• 12:20
  Speaker 1: I say that's the best way to actually get out there and build a successful business alongside a full-time job, because it gets rid of that worry that you might potentially have when you're trying to do this to keep the lights turned on at home.
• 12:33
  Speaker 1: So the way that I got out there was in eight months I managed to get eight HMO deals over the line.
• 12:40
  Speaker 1: I found those deals using a mixture of marketing strategies, so I used landlord letters.
• 12:46
  Speaker 1: I got out there, I spoke to letting agents.
• 12:49
  Speaker 1: I also had referrals.
• 12:51
  Speaker 1: Once I was out there, once people got to know me, landlords were referring me to their friends and, equally to that, I made sure and I made time to get out there and network at business events, at property events, at all sorts of networking events.
• 13:04
  Speaker 1: Why?
• 13:04
  Speaker 1: Because I want to be known as the property professional in my area and I'm talking about myself a lot in this video to help you really, to guide you and show you what can be done.
• 13:15
  Speaker 1: I took action when I had fear and mark my words.
• 13:18
  Speaker 1: I had fear.
• 13:19
  Speaker 1: I said stupid things in the beginning.
• 13:21
  Speaker 1: I got things wrong.
• 13:22
  Speaker 1: I made mistakes and do you know what?
• 13:24
  Speaker 1: I am still here.
• 13:25
  Speaker 1: It's all good.
• 13:26
  Speaker 1: I've learnt from those and I've got better.
• 13:29
  Speaker 1: And chances are, most of the time when you're talking to somebody, if you say something wrong or you forget to say something, it's only you.
• 13:38
  Speaker 1: It's only you that knows that that has happened.
• 13:41
  Speaker 1: Just keep going with your conversation, keep rolling on.
• 13:44
  Speaker 1: Chances are they're not listening anyway.
• 13:46
  Speaker 1: They're only listening to the bits that work for them and you do not have to find a hundred landlords to have a hundred deals.
• 13:55
  Speaker 1: If that's the case, or even ten, you don't have to find ten landlords to potentially take on ten rent-to-rent deals, you may only need four.
• 14:02
  Speaker 1: Why?
• 14:03
  Speaker 1: Because most landlords out there most, not all, but most landlords out there have more than one property.
• 14:08
  Speaker 1: Okay, I've taken on three properties from one landlord, two properties from one landlord, four properties from one landlord and some properties have been five beds when they've been HMO.
• 14:20
  Speaker 1: Some properties have been 11 beds when they've been HMO.
• 14:24
  Speaker 1: So there's a different range there.
• 14:26
  Speaker 1: So, realistically, to get a handful of properties to get you out of your day job, you may only need five properties, cash flowing between £500 to £1,000 per month, fully tenanted, to get you out of that danger or to give you that time, freedom, or to let you help other family members.
• 14:44
  Speaker 1: Maybe you do like your job and you just want to stay in that.
• 14:46
  Speaker 1: Like I say, there are crazy people out there that do enjoy this, but you may only need to find one landlord, two landlords, maybe even three, to get five deals.
• 14:55
  Speaker 1: Three people, if you put it that way to me.
• 14:57
  Speaker 1: You said to me well, maybe you wanted 10.
• 14:59
  Speaker 1: Maybe you want to replace your wage, you want to make enough money to be able to buy your own property portfolio and to be able to have some nice houses, some nice cars, some nice lifestyle as well.
• 15:11
  Speaker 1: So maybe for you it's 10 properties.
• 15:13
  Speaker 1: 10 properties, cash flowing each and every month, mean that you can put the systems in place which I've done, you can put the people in place which I've done as well and you can start living the life that you desire.
• 15:24
  Speaker 1: 10 properties, and if I said to you a maximum of six landlords could be potentially all you need to find, okay, and that is a maximum.
• 15:31
  Speaker 1: You may only need five, but let's say six.
• 15:33
  Speaker 1: Six landlords to manage 10 properties.
• 15:36
  Speaker 1: That is, six people.
• 15:38
  Speaker 1: Six people willing to work with you in your area is all you have to find, six people.
• 15:44
  Speaker 1: Do you think you could find six people to work with?
• 15:47
  Speaker 1: Six people to be able to help?
• 15:49
  Speaker 1: Don't always think of the end task.
• 15:52
  Speaker 1: I want 10 properties.
• 15:53
  Speaker 1: I need to find 10 landlords.
• 15:55
  Speaker 1: That can seem daunting.
• 15:56
  Speaker 1: You may find one landlord One of my students, stuart.
• 15:59
  Speaker 1: One landlord.
• 16:00
  Speaker 1: Four deals, four deals, brilliant stuff, okay.
• 16:05
  Speaker 1: Another one, sharon.
• 16:07
  Speaker 1: She found two estate agents for six deals.
• 16:10
  Speaker 1: Two estate agents she got in with for six deals Completely changed her life.
• 16:15
  Speaker 1: She was earning over five, six thousand pounds a month when they're fully tenanted.
• 16:19
  Speaker 1: Now that's the other thing.
• 16:20
  Speaker 1: When they're fully tenanted, you are going to have voids.
• 16:22
  Speaker 1: You are going to have small maintenance fees.
• 16:23
  Speaker 1: You are going to have some costs, so make sure you factor those in when you're stacking your deals, but make sure fundamentally, that this is what you want to do.
• 16:34
  Speaker 1: And then watch all the videos, listen to all the podcasts, read all the books, reach out to people who have done it, dm me if you need any help or assistance on that.
• 16:44
  Speaker 1: Facebook, instagram, linkedin, very, very active on all of those, more than happy to answer any questions, to point you in the right direction, to see if it's right for you.
• 16:53
  Speaker 1: The first question I'll ever ask is what do you want to achieve and what are you passionate about?
• 16:58
  Speaker 1: If you're passionate about serviced accommodation units, then that's the strategy that you want to be focusing on.
• 17:04
  Speaker 1: Again, we can help you with that.
• 17:09
  Speaker 1: As I say, I went for HMOs.
• 17:10
  Speaker 1: We now have serviced accommodation.
• 17:10
  Speaker 1: We have all sorts of different things as well.
• 17:11
  Speaker 1: We have a few buy-to-lets in there as well, so you can really mix up your portfolio and have it working for you in the background.
• 17:18
  Speaker 1: So I hope this episode's helped you and got you thinking Okay, got you thinking, getting yourself out there.
• 17:23
  Speaker 1: Make sure that you're thinking about these things and make sure that you're checking out and you're connecting with people who are thinking like you are Okay, but don't rush this.
• 17:34
  Speaker 1: You don't have to rush this.
• 17:35
  Speaker 1: It's not going anywhere.
• 17:36
  Speaker 1: But what I will say to you, if you are on the fence now and you do know that you want to do this okay, I know that feeling because I've been there, done it myself I didn't think that I had any options.
• 17:47
  Speaker 1: I didn't think there was anywhere for me to be able to turn.
• 17:50
  Speaker 1: I didn't think that I could leave my corporate job.
• 17:52
  Speaker 1: I was worried.
• 17:53
  Speaker 1: I had a wife, two kids, a mortgage to pay and I thought to myself I'm trapped.
• 17:58
  Speaker 1: I know I want to do something, but I'm trapped, and the only person that could actually change that and get out of there was me.
• 18:06
  Speaker 1: Okay, the sooner I realized that it was my own mindset and myself that had to take those steps forward and you can take it slowly or you can take it as quickly as you want but as soon as I realized that my life changed.
• 18:20
  Speaker 1: I hope you've watched this and you know your purpose Now.
• 18:23
  Speaker 1: Whether it is deal sourcing, whether it's rent to rent, whether it's whatever it is that you wanna be doing, I hope that in some small way, with this episode, I've helped you understand that it's gotta be right for you, the numbers have gotta be right, and then go out there and give it 110% of everything you have.
• 18:42
  Speaker 1: Why?
• 18:43
  Speaker 1: Because if you do that and you are consistent and persistent in what you're doing and your approach, you can achieve anything, and you will Thank you for watching or listening, and do feel free to reach out to me if you need any help or support or have any questions, or put them in the comments below, if you can so do.
• 19:02
  Speaker 1: I look forward to you joining me in the next episode.
• 19:05
  Speaker 1: Bye for now.