The Progressive Property Podcast Why Now is the Perfect Time to Start Your Property Empire - Interview with No Money Down Success Story Phil Leslie
Many people can be skeptical when you tell them you are able to have a successful property business using little to none of your own money, listen in today as Kevin is joined by Phil who is just one of the many success stories to come out of the No Money Down training. Together they discuss the concept of no money down, how to have confidence in your abilities to succeed in the industry as well as why now is the perfect time to start your property empire.
KEY TAKEAWAYS
- The concept of no money down means that you will either be using very little of your own money or using somebody else’s money. No money down is all about leverage, you need to be able to leverage other people and their money or leverage specific tools that you can then use to your advantage.
- There are several different ways you can remove a tenant should they be causing you problems. Firstly, you can politely ask them to leave and appeal to their good nature. Secondly, you are able to serve them with a section 21 notice which is an eviction notice (maybe on hold due to COVID-19). You can also pay a tenant a reasonable amount of money to leave and finally, you could apply for a section 8 which is a rent arrear eviction notice.
- If you feel like you are lacking the confidence to pursue a new career in property a great piece of advice is to ‘just go ahead and do it!’ You may face criticism from some individuals, however, you will face this no matter what you are doing in the property industry. In the mastermind groups at Progressive, everyone is supportive and it is a welcoming and safe environment whereby you are surrounded by like-minded people.
- More millionaires and billionaires are created at the time of an economic crisis than in any other time. There are huge opportunities coming into the property sector. Observe the masses of people who are likely to avoid investing their money into a new property and then do the opposite of that. Get into property now or else you will risk looking back in a few years time at the opportunities you had and wish you would’ve listened.
- No money down is about learning the tools which will allow you to purchase the property you want through investment, JV partnerships or other options. Once you have the keys to the property, you are then able to implement the leasing strategy you desire. This could be anything from a HMO to rent to rent strategy. Quite often too many people are too focused on the leasing strategy that they don’t know to remember to focus on how to physically purchase the property in the first place. It is important to first gain the tools before focusing on the strategy.
BEST MOMENTS
“No money down is literally no money. You can do a deal with no money!”
“You have just got to get out there and do it. If you don’t market yourself how is anybody going to know who you are?”
“Get on the boat. The boat is sailing whether you join it or not.”
VALUABLE RESOURCES
No Money Down Book
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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