The Progressive Property Podcast My Open & Honest Breakdown of My Hardest Year in Property
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After arguably the most turbulent and difficult times in the property market, Kev wants to share his challenges, his wins, and reflect on the past year and offer tips on what you can do in the coming months too.
KEY TAKEAWAYS
- Kev has done more deals in the past 12 months than any other year!
- Take some time over Christmas and plan your thoughts and business model for the next year. Think about what methods and funds you will need to use and set your goals.
- Thorough research is as important as ever, do viewings and ask all the questions. Something that didn’t look as good a deal on paper might surprise you.
- You will waste time, but if you don’t put in time when things don’t work out, you won’t get as many wins for the times when things do.
- Hire people who are already in jobs. The best people in the business will always already have employment.
- There are many schemes across the country to improve D/E rated EPC properties. Look in your local area as it may make help you with existing tenanted properties.
- Look at future planning in your areas, if you buy in places in line of regeneration/--- then you could get great deals in those areas now before they are improved.
- Mortgage rates are significantly higher than they were a few months ago but really this is the market correcting itself, 3% isn’t historically that high. This could present some opportunities for people who can’t afford the higher rates.
- Your tenants are your customers. They allow you to run your business and pay you and your staff wages. 98% of tenants are great.
- Budget for everything and then if you have bad tenants that don’t pay on time or damage your property then you can afford to cover it.
- Plan for rent arrears with rent guarantee insurance.
BEST MOMENTS
“As I’ve learnt a lot in the last few months and managed to come through to the other side with a lot more resilience”
“Pretty much 97% of our cash is back out of the deals and available to do more deals next year”
“Be resilient, be ready and go for everything you absolutely can”
“The whole country is panicking about interest rates right now”
“I don’t see them as my tenants I see them as my customers”
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.
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