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Rent-2-Rent Essentials, Strategies for Property Management Success Now · The Property Unleashed Podcast

• 0:00
  Speaker 1: Five things you need when getting into rent-to-rent.
• 0:02
  Speaker 1: Hello, my name is Marflux Jordan.
• 0:15
  Speaker 1: It's great to have you joining me here today.
• 0:16
  Speaker 1: So these are the five things that you must make sure that you're following when getting in or building a successful rent-to-rent business.
• 0:26
  Speaker 1: Now, if you're here watching this and you're wondering to yourself what is rent-to-rent, well, rent-to-rent is where you take on a landlord's property.
• 0:34
  Speaker 1: You manage that property and look after that property as if it was your own and you pay them a guaranteed rent.
• 0:41
  Speaker 1: You take on all of the maintenance or minor maintenance, should I say.
• 0:45
  Speaker 1: You take on the utility costs, okay, and you look after the property, as I said, as if it is your property.
• 0:52
  Speaker 1: So what are the benefits that are in this for the landlord?
• 0:55
  Speaker 1: Well, at the end of the day, the landlord gets their property looked after to the highest standard.
• 0:59
  Speaker 1: They get a guaranteed rent, so they get no voids.
• 1:02
  Speaker 1: They don't have any tenants messing them about or anything, because we deal with all of that.
• 1:07
  Speaker 1: And, of course, you can do this with two different property strategies as well.
• 1:11
  Speaker 1: You can do it with HMOs, houses of Multiple Occupation, where you rent the properties out on a room-by-room basis.
• 1:18
  Speaker 1: Or, of course, you can use the service accommodation Holiday, let Airbnb call it what you will.
• 1:24
  Speaker 1: You can use properties for that as well.
• 1:26
  Speaker 1: What you will find is out there, there will be already property set up for this when it comes to HMOs.
• 1:33
  Speaker 1: So I always look for existing HMOs, properties that have already got a license, an HMO license, that have already got all the regulations in place, all the fire doors and everything like that, because then it keeps my costs down when I get into this great strategy.
• 1:50
  Speaker 1: It means I haven't got to spend all of this of my own money on other people's properties.
• 1:55
  Speaker 1: So for you, you really want to be looking at existing HMOs when it comes to those sort of things.
• 2:01
  Speaker 1: Service accommodation can be a higher startup cost.
• 2:04
  Speaker 1: Why?
• 2:04
  Speaker 1: Because normally you've got to furnish it, you've got to give the property maybe a bit of a paint and uplift it and things.
• 2:10
  Speaker 1: And then, of course, you also need to look at regulations in your area.
• 2:14
  Speaker 1: In 2024, we could be getting more and more regulations from the government when it comes to service accommodation, so do make sure you stay on top of those.
• 2:23
  Speaker 1: But there are certain things now that you will need in place for a service accommodation, such as fire doors in some instances and having the regulations that your local councils are putting out there, of course.
• 2:36
  Speaker 1: Check the local government website, check the local councils and make sure that you're always operating any of your properties compliantly to the best standards possible.
• 2:46
  Speaker 1: Why?
• 2:46
  Speaker 1: Because we want to be property professionals.
• 2:49
  Speaker 1: We want to be out there doing the best job.
• 2:51
  Speaker 1: So what are the five things you need to make use of this fantastic strategy?
• 2:56
  Speaker 1: Well, at number one, it is knowledge.
• 2:59
  Speaker 1: Okay, now, if you don't know anything about rent to rent and you're quite new to this, then do check out the propertyunleashedcom.
• 3:07
  Speaker 1: That is my website.
• 3:08
  Speaker 1: I have some free tools and training on there for you to be able to learn more about HMOs, service accommodation, rent to rent and being able to do good deals.
• 3:19
  Speaker 1: There's a free deal analyzer as well.
• 3:21
  Speaker 1: If you click on the website, you go down to the free resources section.
• 3:24
  Speaker 1: Click on that and you can help yourself to a whole host of free tools, resources and training to get you started.
• 3:31
  Speaker 1: Okay, we've got to be doing this in the right manner.
• 3:33
  Speaker 1: We've got to be doing this in the right way, so make sure that you go and check that out.
• 3:37
  Speaker 1: But you need knowledge.
• 3:39
  Speaker 1: So get some books.
• 3:40
  Speaker 1: Get some books, some property investing books.
• 3:42
  Speaker 1: Some rent to rent books and things.
• 3:44
  Speaker 1: Start reading the books.
• 3:45
  Speaker 1: Listen to the podcast.
• 3:47
  Speaker 1: I have a podcast.
• 3:48
  Speaker 1: This goes out as a podcast as well the property and lease podcast, available on all good podcast platforms, but equally, if you're here with me, on YouTube as well.
• 3:57
  Speaker 1: We talk about rent to rent all the time.
• 4:00
  Speaker 1: Watch my videos, listen to what I have to say.
• 4:02
  Speaker 1: I put a lot of free content out there to help and support people in doing rent to rent in the right manner, and so do a lot of other people as well.
• 4:09
  Speaker 1: So check it all out, see what resonates with you, see what sort of strategy, what sort of rent to rent business you want to be building.
• 4:17
  Speaker 1: And I always say you want to be looking at building a business in property.
• 4:21
  Speaker 1: Don't have it as a hobby, don't have it as a sideline.
• 4:24
  Speaker 1: Systemize it, building out of the business, build it as something you can be proud of.
• 4:29
  Speaker 1: That can potentially get you out of that corporate job, out of that nine to five slave job that I used to have.
• 4:36
  Speaker 1: I've been out of that now for nearly six years and I tell you what's the best moves that I've ever done.
• 4:41
  Speaker 1: But listen to the podcast, watch YouTube channels, read the books and see if it really resonates with you.
• 4:48
  Speaker 1: Okay, a lot of people look at rent to rent in property investing terms as a startup strategy, and maybe it is.
• 4:55
  Speaker 1: It is a good strategy that you can get into.
• 4:56
  Speaker 1: You don't need buckets full of money, you don't need massive deposits on other people's properties and things like that, so it is a great little strategy to be getting into if you have little or no money, but you still need to be making sure that you're gonna do a good job.
• 5:12
  Speaker 1: Anybody that tells you you can get into rent to rent, you can get out of a property, you can go and sit on a beach and everything, or just be hunky dory is not telling you the full picture.
• 5:22
  Speaker 1: So do make sure that you don't get sold a dream.
• 5:26
  Speaker 1: Okay, rent to rent is a business.
• 5:28
  Speaker 1: You are gonna have to put work into it.
• 5:30
  Speaker 1: You are gonna have to systemize things.
• 5:32
  Speaker 1: You are gonna have problems.
• 5:35
  Speaker 1: Okay, anything in property or anything in business is going to be hard.
• 5:40
  Speaker 1: Okay, recognize that it's going to be hard and if you have a passion for this and it's something that you really, really feel that you want to do, then it won't matter when it's hard.
• 5:50
  Speaker 1: The one thing is if you're sat around in your life now watching this quite cozy, maybe you got a little job but you hate it.
• 5:56
  Speaker 1: You wanna get out of there.
• 5:57
  Speaker 1: You wanna start something in property but really deep down inside you think it to yourself.
• 6:02
  Speaker 1: I don't really want all the hassle and the problems that this is gonna bring me.
• 6:06
  Speaker 1: Let me tell you something whatever you do in life, if you're going to put yourself out there and build something is gonna bring problems.
• 6:14
  Speaker 1: What you wanna look at problems is good.
• 6:17
  Speaker 1: If I've got more problems, then I'm pushing myself.
• 6:20
  Speaker 1: Okay.
• 6:21
  Speaker 1: That means you also have to find the solutions for those.
• 6:24
  Speaker 1: So make sure you surround yourself with a like-minded people that can help you have those solutions or tell you those solutions.
• 6:30
  Speaker 1: Get yourself a coach or a mentor that can help you with that, who have been there, who are basically achieving and doing what it is that you want to do.
• 6:37
  Speaker 1: We do have training on that as well the Rent-A-Rent Business Builder for HMOs and the Ultimate Service to Accommodation Business Builder for Service to Accommodation, of course, but you can join one of those you know those are paid trainings if you wanna go down that avenue and invest in yourself.
• 6:53
  Speaker 1: But then you are investing to put yourself into a community of like-minded people all pushing to achieve goals, all looking out for each other, all helping each other.
• 7:02
  Speaker 1: So there is plenty of ways for you to gather knowledge out there, but first of all, just go for all the free stuff.
• 7:09
  Speaker 1: Make sure it's something that you really, really wanna do and if you do, then go for it, 100% go for it.
• 7:15
  Speaker 1: Give it everything you've got and you will get out there and you will achieve what it is you want to do.
• 7:20
  Speaker 1: You only quit or you only fail, should I say, when you quit, so don't quit.
• 7:26
  Speaker 1: So if this is something that you really want to do and build, then we can help you with that.
• 7:30
  Speaker 1: We have a lot of successful students as well.
• 7:32
  Speaker 1: In fact, you'll see a lot of testimonials on the website.
• 7:34
  Speaker 1: So next, at number two, what you want to be doing is, once you've got the knowledge, you know exactly what it is you want to do.
• 7:40
  Speaker 1: I'm looking at doing HMOs or I'm looking at doing service accommodations with my rent to rent deals that I find you then need to schedule in time Okay, time, a time to learn, time to find out, more time to get out there, time to go on viewings, time to put your marketing together, time to do things.
• 8:00
  Speaker 1: So you really want to build in a schedule.
• 8:02
  Speaker 1: I use Google Calendar as a schedule and that is what myself and my team Put in my diary.
• 8:10
  Speaker 1: So if it's in my diary, it gets done.
• 8:12
  Speaker 1: Okay.
• 8:12
  Speaker 1: If it's not in my diary, then and it's important there must be a good reason why it's not there.
• 8:17
  Speaker 1: Okay, at the end of the day, I live to my schedule, I live to my calendar and you should be doing the same.
• 8:22
  Speaker 1: So if you've got a demanding full-time job and you're thinking of doing this alongside that, no problems whatsoever.
• 8:28
  Speaker 1: As little as three to four hours a week spent on your rent to rent business Can give you massive, massive dividends.
• 8:37
  Speaker 1: Moving forward can really help you supercharge your results.
• 8:40
  Speaker 1: But you have to schedule stuff in.
• 8:42
  Speaker 1: If you're anything like me, potentially you might sit down, you might pick up your phone.
• 8:46
  Speaker 1: You might think I tell you what I'm going to call some agents.
• 8:48
  Speaker 1: The next minute you find yourself on Instagram or Facebook.
• 8:51
  Speaker 1: You're scrolling, you're on TikTok.
• 8:53
  Speaker 1: You've lost an hour of your life.
• 8:54
  Speaker 1: All of a sudden you've got to go back to your job because you were on your lunch break and all of a sudden you're feeling a bit that this heart and a bit deflated.
• 9:01
  Speaker 1: Oh, I'll do that tomorrow, but you go to bed.
• 9:03
  Speaker 1: You've let yourself down.
• 9:05
  Speaker 1: Schedule it in what you need to do, but make sure that you schedule in achievable tasks.
• 9:11
  Speaker 1: I see a lot of people and I work with a lot of people as well to help them, and I did this myself, which is how I know that everybody sort of does it in themselves.
• 9:22
  Speaker 1: We set big, lofty goals.
• 9:24
  Speaker 1: So you might say to yourself I want to get ten properties, ten rent to rent deals in 12 months.
• 9:30
  Speaker 1: Brilliant girl.
• 9:30
  Speaker 1: I would say double it, go for 20, and if you only get halfway, you still hit your goal.
• 9:34
  Speaker 1: A lot of people say, well, I wanted four properties that only got two.
• 9:37
  Speaker 1: I'm not very happy about that.
• 9:39
  Speaker 1: We should have gone for eight.
• 9:40
  Speaker 1: So make sure you double your main goal to really push yourself out there, and if you only get halfway, you've still achieved what you initially wanted.
• 9:48
  Speaker 1: But secondly, on a day-to-day level, put tasks and targets in your schedule, in your diary, that you can hit.
• 9:57
  Speaker 1: Then they're to a point easy.
• 10:00
  Speaker 1: You do not need to stretch yourself each and every day.
• 10:03
  Speaker 1: If you want to talk to I'm going to call ten agents a day?
• 10:07
  Speaker 1: Whoa.
• 10:08
  Speaker 1: In the beginning we're all like that Whoo, we're gonna do this, we're gonna make sure that this happens.
• 10:12
  Speaker 1: And then what happens is we don't, something happens and we call one agent.
• 10:17
  Speaker 1: Oh, we don't call any.
• 10:18
  Speaker 1: And then we start to think, oh, I'll do it tomorrow, I'll do it tomorrow.
• 10:21
  Speaker 1: And then you build up to the end of the week.
• 10:23
  Speaker 1: Well, this week I wanted to talk to you all my lunch breaks 50 agents and I've spoken to 14.
• 10:28
  Speaker 1: All of a sudden, you start to become disheartened, you start to doubt yourself.
• 10:31
  Speaker 1: You know, that's when a little voices inside your head start to doubt you in things.
• 10:35
  Speaker 1: So set targets that are achievable.
• 10:37
  Speaker 1: If you want to talk to agents each and every day, at least set a target to talk to one, maybe two if you talk to five.
• 10:43
  Speaker 1: If you talk to ten, even better.
• 10:45
  Speaker 1: But set a target that you can achieve.
• 10:47
  Speaker 1: Why?
• 10:48
  Speaker 1: Because your subconscious mind will start to see you as a winner.
• 10:54
  Speaker 1: Okay, I wanted to call two agents a day.
• 10:57
  Speaker 1: I called three on Monday, I called two on Tuesday, I called three on Wednesday, I called one on Thursday, but I called another three on Friday.
• 11:04
  Speaker 1: You're a winner, okay, rather than I need to call five agents each day.
• 11:09
  Speaker 1: Boom, boom.
• 11:09
  Speaker 1: I need to call three, I need to call two, I need to call four.
• 11:12
  Speaker 1: Then all of a sudden, you're telling yourself you're a loser and we wanna be winners.
• 11:16
  Speaker 1: So we have to make sure on a day to day level, no matter what it is and I'm just talking about talking to agents any tasks that you need to be doing, and you can start incorporating this into your life now, before you've even got a property, business and things.
• 11:28
  Speaker 1: Set achievable goals, okay, but make sure it's scheduled and make sure you've got the time to do it.
• 11:33
  Speaker 1: And if you are time poor, you, you, yes, you need to make time.
• 11:39
  Speaker 1: Stop thinking about it.
• 11:41
  Speaker 1: I can't do it.
• 11:42
  Speaker 1: I've got young kids.
• 11:43
  Speaker 1: They're up at the crack of dawn and then when they go to bed at night I'm too tired to do anything.
• 11:47
  Speaker 1: That is fine.
• 11:48
  Speaker 1: Then, right here, right now, is not the right time for you to be starting anything new.
• 11:53
  Speaker 1: It's a time for you to be concentrating on your family and getting your kids into that toddler stage or into those routines where you can find more time.
• 12:00
  Speaker 1: But each and every one of us can find time.
• 12:03
  Speaker 1: When I started doing this, my kids were relatively young and I didn't want to not see them or spend time with them, but I had a very, very demanding job, a long, long hours.
• 12:14
  Speaker 1: But I made sure that, hey, I'd either get up early in the morning and get it done, which wasn't great because the young kids, they were always up early, so that sort of ruined any routines I was getting into.
• 12:24
  Speaker 1: Then what I used to do was come home, chill out, so to speak, with the family.
• 12:29
  Speaker 1: It would be mail times, it would be baths, story times, stuff, put them to bed and then I would have an hour each night, an hour each night with my headphones on, maybe with my laptop in front of me, but sat by my wife.
• 12:41
  Speaker 1: So we were still there, we were still communicating and things.
• 12:44
  Speaker 1: She'd be watching any TV programs that she wants.
• 12:47
  Speaker 1: But I was getting it done, I was fitting it in, and you may not be able to do it each and every day, so don't give yourself a hard time over it, but just make sure that you get something done, okay.
• 12:58
  Speaker 1: So at number three, it's all about being active.
• 13:01
  Speaker 1: You have to be active in your property business.
• 13:06
  Speaker 1: Okay, you cannot set and forget everything.
• 13:10
  Speaker 1: Okay, there are certain things that you can set up and have them going out in the background your marketing materials, maybe, letters and things if you're doing HMOs and you're marketing out to the landlords to see if they will rent their properties or let their properties to you.
• 13:24
  Speaker 1: But you can set all of that up.
• 13:25
  Speaker 1: But you've gotta be active in what you're doing.
• 13:27
  Speaker 1: You cannot hide behind training modules.
• 13:30
  Speaker 1: You cannot hide behind books.
• 13:32
  Speaker 1: You have to get out there, you have to put yourself out there and for some of you it'll be easy and for some of you it'll be very, very hard.
• 13:40
  Speaker 1: I get out there, I talk to people.
• 13:42
  Speaker 1: I enjoy that.
• 13:43
  Speaker 1: I find it quite easy.
• 13:45
  Speaker 1: But I was still nervous when I began.
• 13:47
  Speaker 1: I was still felt like a bit of a fraud, if I'm quite honest with you, because I was starting out and it was all new to me.
• 13:52
  Speaker 1: But you have to be putting yourselves out there, okay.
• 13:55
  Speaker 1: So you have to be making sure that you are making those calls to agents.
• 13:59
  Speaker 1: You know what I mean.
• 14:00
  Speaker 1: If somebody says to you you can do a rent-to-rent business and all you have to do is run Facebook ads, you're gonna miss a lot of deals from agents and landlords with letters or just run letters.
• 14:10
  Speaker 1: Then you're gonna be mission again, from talking to agents to potentially being on Facebook.
• 14:15
  Speaker 1: Now, I've never ran any social media marketing ads, but I would say that you do need to be posting about your business on social media, maybe on a business page.
• 14:23
  Speaker 1: You do need to be talking to agents and you do need to be sending out marketing in your area.
• 14:27
  Speaker 1: Now, if you're doing service accommodation, it's gonna be a different type of marketing than it is for an HMO.
• 14:33
  Speaker 1: So just remember that you can't just take a generic letter or I wouldn't really take anything off of chat GPT.
• 14:40
  Speaker 1: You know you can get them to write you a marketing letter, but is it gonna be from you?
• 14:45
  Speaker 1: Take it as a template, if potentially that's what you need, but then look at what it is in that letter that you can put in there to make it from you, make it personal.
• 14:56
  Speaker 1: People wanna do business with you because they wanna build relationships with you.
• 15:01
  Speaker 1: Property is all about relationships.
• 15:03
  Speaker 1: It's also, when you're looking at doing these types of deals, it's all about finding a problem.
• 15:08
  Speaker 1: Listen, if a landlord, if an agent, doesn't have a problem, they are not gonna do a deal with you.
• 15:14
  Speaker 1: If they are sat and businesses booming and they're all happy away, everything's letting.
• 15:18
  Speaker 1: Why would they need you?
• 15:20
  Speaker 1: They don't need you.
• 15:21
  Speaker 1: So we need to find agents that are struggling with certain properties or in certain areas.
• 15:26
  Speaker 1: Likewise with the landlords.
• 15:28
  Speaker 1: Now you might get some landlords contact you, really just contact you, to say, well, what could you offer me, what could you give me?
• 15:34
  Speaker 1: Why?
• 15:35
  Speaker 1: Because they haven't really got a problem.
• 15:36
  Speaker 1: They're just interested to see if they can make a bit more money.
• 15:39
  Speaker 1: Okay, they haven't got a problem.
• 15:41
  Speaker 1: So a lot of the times you'll speak to these people or I see some of my students speaking to these sort of people and then in the next breath they're like well, I nearly had a deal.
• 15:49
  Speaker 1: You never had a deal, they were just fishing.
• 15:52
  Speaker 1: They would just see them what they could get the knowledge out of you to see what you could do.
• 15:56
  Speaker 1: Don't worry about it.
• 15:57
  Speaker 1: Move on to the next person.
• 15:58
  Speaker 1: Find the person who's got a problem.
• 16:01
  Speaker 1: Any deals that I have done and I've done quite a few deals in this day and age now have come because there's a problem, the landlord's got a problem, the agent's got a problem, somebody's got a problem that I can go in there and fix.
• 16:12
  Speaker 1: And you can't fix all the problems as well.
• 16:15
  Speaker 1: Okay, but you need to be getting out there.
• 16:18
  Speaker 1: You need to be networking as well.
• 16:20
  Speaker 1: Go to property networking events, go to business networking events.
• 16:23
  Speaker 1: Tell everybody what you're doing.
• 16:25
  Speaker 1: Make sure you've got some business cards.
• 16:28
  Speaker 1: Somebody tried to tap my phone the other day at the networking event because they had one of these fancy cards.
• 16:32
  Speaker 1: It's like a credit card.
• 16:34
  Speaker 1: They tap on your phone and their details go into your phone.
• 16:36
  Speaker 1: Wow, amazing, absolutely brilliant.
• 16:39
  Speaker 1: Do you know what, though?
• 16:40
  Speaker 1: After five minutes, after they've done that, I'd completely forgotten about them.
• 16:44
  Speaker 1: I'd forgot their details.
• 16:46
  Speaker 1: We're in my phone and I'm off chatting to the next people.
• 16:49
  Speaker 1: What I do remember is, the next day after a networking event, the little pile of cards that I take out of my pocket and I put onto my desk and then I follow up with people.
• 17:01
  Speaker 1: So if you're one of these people wondering around tapping your card on people's phones and all their details are going in there, that's great for you.
• 17:08
  Speaker 1: Trust me, you're going to probably be forgotten pretty quickly.
• 17:12
  Speaker 1: Have a business card as well.
• 17:14
  Speaker 1: You can tap and do what you want with all of those.
• 17:16
  Speaker 1: You cannot be traditional old business cards.
• 17:19
  Speaker 1: And if you haven't gotten it and you are looking at starting a property business and you want people to remember.
• 17:23
  Speaker 1: You stick your photograph on it as well.
• 17:25
  Speaker 1: Nice professional picture of you.
• 17:27
  Speaker 1: You don't have to be the best in the world, you just need to put it out there so that people know about you.
• 17:32
  Speaker 1: The more people that know about you, the more people can do business with you.
• 17:37
  Speaker 1: At number four, we need to be resilient.
• 17:39
  Speaker 1: Now, what do I mean by resilient?
• 17:41
  Speaker 1: Trust me, you're going to get a lot of rejections.
• 17:43
  Speaker 1: You're going to get a lot of notes.
• 17:45
  Speaker 1: You're going to learn a lot of people that you feel maybe are messing you about.
• 17:49
  Speaker 1: That is all part of the business.
• 17:52
  Speaker 1: That is all part of the game that we play.
• 17:55
  Speaker 1: I look at property investing as a serious business, but I play as a game, a game I want to win.
• 18:01
  Speaker 1: So what do I have to do to win?
• 18:03
  Speaker 1: I have to be consistent and persistent in my approach.
• 18:06
  Speaker 1: I need to be transparent and I want to be authentic and genuinely myself.
• 18:11
  Speaker 1: If you want to do business with me, this is the person you're doing business with.
• 18:14
  Speaker 1: There's no fake smoke screens or anything like that.
• 18:17
  Speaker 1: People say to me I haven't even got a deal.
• 18:19
  Speaker 1: So when a landlord says to me how many properties are you managing at the moment and I say none.
• 18:23
  Speaker 1: Oh, they're not going to want to do business with me.
• 18:25
  Speaker 1: No, none of you put it like that.
• 18:27
  Speaker 1: But if you actually said, at the moment we're building this property business up in the area, we are looking for our first clients, obviously our first clients will be our special clients.
• 18:37
  Speaker 1: They will have a warm and soft place in our heart.
• 18:40
  Speaker 1: Why?
• 18:40
  Speaker 1: Because they are the first people that we've worked with, and we're not also looking at being a massive agency.
• 18:46
  Speaker 1: We are just looking at working with the right sort of people and looking after their properties and doing the best job for them in this area.
• 18:54
  Speaker 1: We're not looking at being the biggest, but we are looking at being the best at what we do.
• 18:58
  Speaker 1: You say that to somebody rather than just like well, no, I'm not actually managing any properties at the moment, but you'll be my first.
• 19:04
  Speaker 1: Which one would you go for?
• 19:06
  Speaker 1: Would you go for the second one or would you go for the first one?
• 19:09
  Speaker 1: At the end of the day?
• 19:09
  Speaker 1: And the first one was me explaining to you how we are going to look after your properties and everything now.
• 19:15
  Speaker 1: But you need to be resilient.
• 19:16
  Speaker 1: You need to get ready for rejection.
• 19:18
  Speaker 1: You're going to get loads of rejection.
• 19:20
  Speaker 1: Now you might speak to one person, and Chris, one of my students, spoke to one person, got the deal from him, boom, happy days.
• 19:27
  Speaker 1: Or, like me, I spoke to about.
• 19:30
  Speaker 1: Well, I viewed about 14 properties.
• 19:32
  Speaker 1: I probably put offers in for about eight different properties until I actually got my first deal.
• 19:37
  Speaker 1: So I went through a lot of trial and error.
• 19:40
  Speaker 1: I had to be very, very resilient, and was there times when I thought this isn't going to work?
• 19:46
  Speaker 1: Were there times when I thought is this ever going to happen, or is it just going to take forever?
• 19:52
  Speaker 1: It took me four months from when I started to get my first deal.
• 19:56
  Speaker 1: Felt like an eternity, but the one thing was my mind I was never going to give up.
• 20:01
  Speaker 1: I was going to be consistent and persistent.
• 20:03
  Speaker 1: I was going to tweak things, I was going to change things.
• 20:05
  Speaker 1: I was going to see how people reacted to certain things.
• 20:08
  Speaker 1: That I'm saying when I'm explaining my services and that is what I did, okay.
• 20:12
  Speaker 1: So at number four, you have to be resilient, okay.
• 20:17
  Speaker 1: And at number five is you have to be able to take action.
• 20:21
  Speaker 1: Now you might say, well, number three was active.
• 20:24
  Speaker 1: Taking action, being active, and they're the same things.
• 20:27
  Speaker 1: What I mean is at number five is you have to know a good deal from a bad deal.
• 20:33
  Speaker 1: There's too many people doing bad deals.
• 20:36
  Speaker 1: On paper the deal looks amazing, but maybe the property is just not in the right area.
• 20:42
  Speaker 1: You know, I see this all the time.
• 20:44
  Speaker 1: People have shown properties that went around.
• 20:46
  Speaker 1: Look at this on paper this is going to make me blah, blah, blah, but when push comes to shove and the reality sets in, they can't get the right people to stay in the property or they can't get the right tenants in that area and it just doesn't work.
• 20:59
  Speaker 1: So by being active, you have to make sure that you know.
• 21:04
  Speaker 1: You know the people you're getting out there, you're putting your services out there, but by taking action, that is the practice that you need to be taking when you're going to do a good deal, when you get a good chance of a good deal.
• 21:15
  Speaker 1: And my first deal, actually, when I walked into that property, I almost felt this is a good deal, this is a deal, and I hadn't even done the numbers, but I just my gut instinct said to me that if we're going to get this business up and running, this property here is a great place to start.
• 21:32
  Speaker 1: Okay, you will have that.
• 21:34
  Speaker 1: You'll walk into some properties and you'll be like nah, nah, something in your mind, something in your guts telling you listen to it.
• 21:41
  Speaker 1: Okay, it's very, very important.
• 21:42
  Speaker 1: Don't become a motivated buyer.
• 21:44
  Speaker 1: I would going out there just trying to grab any deals.
• 21:47
  Speaker 1: But you want to be taking action.
• 21:49
  Speaker 1: So I always say to somebody go to the property on lease website, download the free deal, analyze the spreadsheet that I give you and start practicing your numbers.
• 21:57
  Speaker 1: Start stacking deals.
• 21:59
  Speaker 1: Okay, look on spare room, look on right move, look wherever you like rental properties or HMOs.
• 22:05
  Speaker 1: What are the room rates and things?
• 22:06
  Speaker 1: It's a five bed, so the room rates are these because this is what they're advertising.
• 22:10
  Speaker 1: Start filling in the little boxes and start practicing utilities.
• 22:14
  Speaker 1: I think will be this utilities will be that cancer, taxes, this waters that you know, even if you're making the numbers up.
• 22:20
  Speaker 1: But you can pretty much do your research on Google in your area for your numbers.
• 22:24
  Speaker 1: Okay, and if you're stuck with how to calculate, you know gas, electrics and things like that in a property, what I would say is use 125 pounds per room.
• 22:36
  Speaker 1: So if you have a five bed property you're going to be looking at, basically 625 pounds for the utilities and all those sort of costs, but it'll start giving you an idea of about the rent that you can actually start offering the landlords.
• 22:50
  Speaker 1: And a lot of landlords will not be upfront with you.
• 22:53
  Speaker 1: They'll basically give you figures as if the property was 100% occupied, that they never had to spend any money on maintenance or anything like that, whereas we know for a fact that we need to be factoring in a management fee of at least 10% at least a 10% from maintenance issues throughout the year as well, and we want to, of course, be making sure that we're factoring in any void periods.
• 23:15
  Speaker 1: You know, I've spoken to landlords before and I've said to them your voids are quite high, aren't they?
• 23:19
  Speaker 1: From what you've been telling me, and when it comes to the negotiations, they're like well, it's not as bad as you thought and it was like, well, we just walked around your six bed property.
• 23:26
  Speaker 1: You said that room's been empty for the last three months and that room currently is empty.
• 23:30
  Speaker 1: So it lets you at least start putting some figures into practice and if you can you know, if you can get the information from people and be able to you know, point these things out to people then when it does come to the negotiations.
• 23:41
  Speaker 1: We're not here to rip anybody off, we're just here to do a good deal.
• 23:45
  Speaker 1: It's got to be a win for them, it's got to be a win for us, so that we can get together, we can do a great job, we can look after their property.
• 23:52
  Speaker 1: But you need to be able to take action when you find the right deal.
• 23:55
  Speaker 1: So if you can stack the numbers, if you can stack the deal which I like to say then you can take action quickly.
• 24:02
  Speaker 1: And the more you do this, I can now really walk up to a property in my area Now, not in everybody's area, but in my area.
• 24:11
  Speaker 1: I can look at it from the outside.
• 24:12
  Speaker 1: I can basically, off the top of my head, know the numbers that we're paying on the properties and things like that.
• 24:17
  Speaker 1: I pretty much know by the time I've viewed that property what I can offer, but I would never offer it.
• 24:21
  Speaker 1: Then I always take it away just to make sure that I'm correct on everything.
• 24:25
  Speaker 1: No harm in doing your due diligence and making sure everything works out and everything is correct for you, but you want to be starting to get there.
• 24:32
  Speaker 1: It will take time for you to do this and don't think you have to tink everything off the top of your head Again, use the spreadsheet under the free resources at thepropertyunleashcom.
• 24:42
  Speaker 1: So those are the five things, which is basically have the knowledge.
• 24:44
  Speaker 1: Make sure you know what it is that you want to be doing.
• 24:47
  Speaker 1: Make sure you know what you are doing, okay, schedule the timing.
• 24:51
  Speaker 1: Have a planner, have a schedule, set it.
• 24:54
  Speaker 1: Don't set it and forget it, as they say.
• 24:56
  Speaker 1: Set it on a Friday, ready for the next week.
• 24:58
  Speaker 1: Plan out your days before you get to those days and take action on those.
• 25:03
  Speaker 1: Be active.
• 25:04
  Speaker 1: Get out there, networking, speaking to agents, sending out your marketing, building up a portfolio of clients potentially to be able to speak to.
• 25:12
  Speaker 1: Number four is obviously, be resilient, or start to build resilience into your day to day.
• 25:17
  Speaker 1: Get ready for rejection.
• 25:19
  Speaker 1: Get ready for no, there's nothing personal.
• 25:21
  Speaker 1: Don't remove the emotion.
• 25:22
  Speaker 1: Actually Remove the emotion from it.
• 25:24
  Speaker 1: Don't take anything to heart.
• 25:26
  Speaker 1: It's just business.
• 25:28
  Speaker 1: Okay.
• 25:28
  Speaker 1: And the last one, number five, is take action.
• 25:32
  Speaker 1: If you get a chance of a good deal, strike Okay.
• 25:35
  Speaker 1: Ask yourself at the very beginning would I be scared of getting a deal?
• 25:40
  Speaker 1: Most of us are, and most of us want to get a deal, but it still scares us.
• 25:45
  Speaker 1: So face, face those fears.
• 25:48
  Speaker 1: Ask yourself what scares me.
• 25:49
  Speaker 1: It scares me to get a deal and it to be a bad deal and I lose money, okay, okay, will you survive?
• 25:56
  Speaker 1: Will you live?
• 25:57
  Speaker 1: You know, can you?
• 25:58
  Speaker 1: Can you make more money?
• 25:59
  Speaker 1: Of course money ebbs and flows.
• 26:01
  Speaker 1: Yes, of course you can.
• 26:02
  Speaker 1: Okay, but at least you've faced that fear.
• 26:05
  Speaker 1: Doing a bad job, getting the wrong sort of clients in, getting the wrong tenants in, are all fears that you will have.
• 26:10
  Speaker 1: But make a little note of all of those fears and then write down some reasons why you can still do those deals.
• 26:16
  Speaker 1: And, trust me, if you actually do that, write it all down and you really still believe that you cannot overcome those fears, then this probably isn't the right thing for you.
• 26:24
  Speaker 1: But if you can and you can overcome those fears, then you know you're on the right track.
• 26:30
  Speaker 1: I hope this episode has helped you.
• 26:32
  Speaker 1: Please feel free to subscribe, like and share it.
• 26:34
  Speaker 1: We are trying to grow this, trying to build it all to help everybody out there.
• 26:39
  Speaker 1: New content coming out each and every week.
• 26:42
  Speaker 1: Visit thepropertyanleaguecom, come and reach out to me on Facebook or Instagram or LinkedIn.
• 26:47
  Speaker 1: You'll know me.
• 26:48
  Speaker 1: I've got a blue tick by the side, so you do notice me.
• 26:50
  Speaker 1: Come and say hello and if anything I can help you with, then let me know.
• 26:55
  Speaker 1: I look forward to you joining me in the next episode.
• 26:57
  Speaker 1: I will see you there.
• 26:59
  Speaker 1: Bye for now.