The Progressive Property Podcast Throwback: The 10 Worst Tenants I've Ever Had
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In today's throwback episode, Kevin discusses why not to listen to those advising to steer clear of London investments, why the ‘tenant buyer’ strategy is the most hands free of them all and how to sort the good builders from the bad.
KEY TAKEAWAYS
- Over the last few months, people have started the question if it is wise to invest in London, given the way of the world. That is because the masses are questioning London. Observe the masses, and do the opposite. Interest rates are going to drop to negative, so there has probably never been a better time in history to raise money to help invest in properties.
- Many people would consider single lets the most ‘hands free’ strategy. However with single lets you often have the management, the maintenance, the voids and the inspections. With a tenant buyer, it is completely hands free strategy. You don’t need a letting agent or a maintenance team and you can do it remotely as it is completely outsourced to the tenant buyer.
- If you're setting up a limited company, you should be putting a personal loan into that company. When running a limited company you need to ensure you get a property tax accountant . Everything from mobile phones to office supplies can be put through the company as company property rather than putting it through your own name.
- If you ring a builder up and he says he can come tomorrow, they’re likely a bad builder. The good builders are always busy. The moment you get a property agreed, you need to find a builder. You will get the keys anywhere between 4-8 weeks after the agreement, leaving it until then to find a good builder will cost you.
- You need two years of company accounts in order to qualify for mortgages in your company name. You can start by doing rent to rent and lease options in order to build up your accounts.
- Many people want to quit their jobs to become property investors. The reality is, you do not need to quit your job.Managing your time is a better step than quitting your job. You have got plenty of time to do property in your spare time, if you are smarter with your free time. Aim to quit your job later but first you should build up cash flow and passive income.
- If you are just starting out and do not have the funds or knowledge to invest in property yet, it is a good idea to go and work for an investor and offer to work for free. Find the big player in your area and ask how you can help them. They will give you some work to do and you will learn from their expertise.
BEST MOMENTS
“Raising money has never been easier”
“You don’t find it difficult to raise money, you find it difficult to try, you find it difficult to ask.”
“Quitting your job is not the route to success.”
“If you give, you will receive.”
VALUABLE RESOURCES
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.
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