The Progressive Property Podcast Sean's Success Stories: BRRR (Buy, Refurbish, Rent, Refinance) with Damian
Sean interviews Damian Mulhern, a property investor who transformed his life from running an aggregates business to building a successful property portfolio. Damian shares his journey from feeling stuck in his previous business to discovering the BRRR strategy and successfully executing multiple deals.
KEY TAKEAWAYS
- Transitioning from a saver to an investor mindset is crucial for financial growth. Damian learned that keeping money in savings accounts actually loses value due to inflation, leading him to explore investment opportunities that generate returns while he sleeps.
- The BRRR (Buy, Refurbish, Rent, Refinance) strategy can be incredibly powerful when executed correctly. Damian's success story of turning a £118,000 property into a £365,000 HMO demonstrates how adding value through strategic improvements can lead to exceptional returns.
- Managing risk in property investment isn't about avoiding it entirely but taking calculated steps. Damian advocates for getting structural surveys when needed and maintaining lower LTV ratios (60-65%) on some properties to ensure portfolio stability.
- Finding motivated sellers is key to securing good deals, but it's essential to know when to negotiate and when to accept asking price. Sometimes, paying full price for a below-market-value property creates a win-win situation.
- Networking and being part of a property community is invaluable for success. Learning from others' mistakes and experiences can save thousands of pounds and accelerate your property journey significantly.
- Setting ambitious goals while maintaining quality is vital for long-term success. Despite owning nine properties, Damian sees himself at the beginning of his journey, aiming for ten HMOs next year and eventually owning commercial buildings in Manchester city centre.
BEST MOMENTS
"Knowledge without action is just knowledge... if you don't implement that idea, the idea doesn't actually exist in reality for anybody."
"A saver is, wants to put it in a bank account however, an investor understands the economics of it... they want to put it in a place where it starts to work when you're sleeping."
"If you're the most experienced person in the room, you're in the wrong room."
"I just want to own some big, beautiful buildings in Manchester City Centre... and just be proud of the quality because the figures will come."
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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