EP46 | The Short Lease King: How To Get Rich From Short Lease Property’s - Jason Patterson
Jun 2, 2024
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Jason Patterson, known as the "Short Lease King," has spent over two decades mastering short lease properties. He shares insights on the new Leasehold Reform Act and offers strategies for negotiating lease extensions. Patterson reflects on his property journey, emphasizing perseverance and the importance of solid networking. He also discusses market dynamics, the advantages of leasehold investment, and exciting personal goals, including his dream of owning a Bentley, all while navigating the complexities of property investment.
Jason Patterson's journey from a supermarket job to becoming the 'Short Lease King' illustrates the transformative potential of strategic property investments.
The importance of legislative changes in making lease extensions more affordable highlights the growing opportunities in the short lease property market.
Continuous education and networking have been crucial for Patterson's success, showing the value of community in accelerating property investment growth.
Deep dives
Journey into Property Investment
The speaker began investing in property at the age of 23, driven by a desire for financial independence and freedom from conventional employment. Initially, he purchased flats due to their affordability compared to houses in North London, where he worked in a supermarket. This approach led him to recognize the importance of owning property as a means to generate passive income, which would enable a more comfortable lifestyle without the constraints of a traditional job. Over the years, his focus on flats, particularly those with short leases, evolved into a successful specialization that earned him the title 'Short Lease King'.
The Niche of Short Leases
Investing in short lease properties became a pivotal strategy for the speaker, allowing him to add significant value through lease extensions and refurbishments. He discussed the benefits of acquiring properties with short leases, highlighting that new legislative changes could make lease extensions more affordable and accessible, thus increasing demand. The speaker shared his experience of purchasing a flat with a lease under 80 years and successfully extending it, which provided a considerable return on his investment. This model of investing demonstrates how strategic acquisition and lease management can lead to substantial financial rewards.
Education and Networking Importance
The speaker emphasized the critical role of continuous education and networking in his property investing journey. He actively sought knowledge by attending property events, reading books, and engaging with other investors, which helped him stay motivated and informed about market trends. By connecting with successful property investors and professionals, he built a network that provided insight and guidance, ultimately accelerating his learning curve. This commitment to education laid a solid foundation for his property investments, demonstrating the value of community and resources for aspiring investors.
Strategies for Successful Investments
A key aspect of the speaker's strategy is the 'triple threat' approach, which involves investing in properties that allow for short lease extensions, refurbishments, and reconfigurations to maximize value. This method not only increases the property's market worth but also enhances rental income potential. The speaker candidly shared how he transitioned from basic buy-to-let properties to more complex investments that involve significant property improvements, indicating a growth in knowledge and confidence over time. By diversifying his strategies and embracing creative solutions, the speaker has effectively leveraged his investments for maximum returns.
Future Developments and Opportunities
Looking ahead, the speaker is exploring development opportunities, such as purchasing land to build new properties or acquiring more high-value short lease properties in central London. He expressed a desire to leverage existing assets to facilitate new projects, which could further enhance his portfolio's value. Additionally, he highlighted potential legislative changes that could reduce costs associated with lease extensions, presenting an opportunity for strategic growth in the short lease market. This focus on future developments underscores his proactive approach to adapting and thriving in a dynamic property landscape.
Jason Patterson who is also know as the Short Lease King has been in property for over two decades. Watch this episode as he reveals his thoughts on the new leasehold reform act.
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