The Progressive Property Podcast Toni & Nick Thorpe Give the Low Down on Student Lets
Nick Thorpe has been a mentor with the Progressive Academy for 8 years, having sourced over 450 properties of his own and building and exiting multiple businesses. Nick joins Toni to talk about the multiple property strategies he has used over the years, his biggest challenges and why he settled into the sector of student accommodation.
KEY TAKEAWAYS
- One of Nick’s most challenging projects was his first development, converting properties in Brighton into HMO. He was living in Leeds at the time so it was difficult to project manage from a distance, especially with some of the difficulties he faced and he only broke even.
- Nick has also partnered with the wrong people previously which has caused him to lose money.
- Nick noticed that there were many student landlords in his area that had been doing the same thing year in and year out so he decided to disrupt the space, bringing in more aesthetically pleasing options in great locations.
- Bringing people in-house to help with his projects is something Nick has replicated across all his property investments.
- Having the right location is essential for student lets.
- You need to understand what’s important to students specifically, such as good wifi and local amenities.
BEST MOMENTS
“You had an intention and you built a business around it”
“It really worked that was the niche, I could make it look very good and at a decent cost”
“That’s the standard now, but it wasn’t then”
“There are accommodation shortages according to UCAS”
“Literally find out what people want and give it to them”
VALUABLE RESOURCES
MSOPI – Multiple Streams of Income:
https://www.progressiveproperty.co.uk
ABOUT THE HOST
Kevin McDonnell is a Speaker, Author, Mentor & Professional Property Investor. He is an expert when it comes to creative property investment strategies. His book No Money Down: Property Invest talks about how to control and cash flow other people’s property to create financial freedom.
CONTACT METHOD
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