The Progressive Property Podcast The only Way You Fail is if You Quit!
“The only way you fail in property is if you quit” Kevin started his property journey in 2003 and after the first 11 years was over £100,000 in debt. Since getting educated in 2014, he has built up a multi-million-pound property business with a cashflow of over £11,000 per month, lets over 200 rooms, owns over 30 single-let properties and is a speaker, trainer and mentor for Progressive Property. Today, Kevin shares with you his journey into propety, the struggles and the successes, tune in to discover how Kevin managed to build a multi-million-pound portfolio with none of his own money.
KEY TAKEAWAYS
- First interest in property in the late 1990s when studying quality management at University. Discovered that becoming a landlord and property investor could be a full-time job.
- 2002 moved to London to work for Laing O’Rourke and began living in shared accommodation with work colleagues and began discussing property. As a result, Kevin Attended a 3-day property seminar in London realised he wanted to do property full-time.
- In 2004 Kevin attended the Property Investors Show in London and was attracted to off-plan properties abroad (Estonia, Turkey, Bulgaria). At the time Kevin didn’t know how to creatively purchase properties without deposits. Unfortunately, Kevin wasn’t familiar with these areas and in 2007 when the crash came Kevin lost all of the money overall loosing £135,000 plus interest on the loans taken out to purchase them and the properties were never built. For a while Kevin forgot about property, working harder in his job to pay off his debts.
- In 2009, Kevin moved to Nottinghamshire as a quality manager and forgot about property. Then in 2013, Kevin was contacted by Progressive Property offering him tickets to the Property SuperConference at Wembley. Attending the event Kevin was inspired by the speakers on stage, all of which had been in debt, just like Kevin. It was then Kevin decided property could work for him.
- In 2014, at the Property SuperConference Kevin invested in a number of training courses with Progressive and began with creative strategies such as Rent2Rent, lease options and started to build a portfolio local to him that he knew. Kevin rented one property which he lived in and rented the rooms out to other tenants (HMO) and met his now wife as a result. Kevin continued his creative strategies renting another property with an option to buy and backfilled his rent2rent property portfolio with tenants to cover the rent and generate a profit. Kevin was essentially living for free and building up cashflow to replace his income.
- In 2016 Kevin left his job and become a full-time property investor.
- In 2017 Kevin was asked by Progressive Property to run some training on how he build his portfolio without any money. This is where No Money Down, Rent2Rent, Lease Options and the No Money Down matrix was formed. Kevin also formed JV partnerships and now has 11 companies focussed on property as an individual and as a partner.
- Kevin now lets over 200 rooms and owns or has a stake in over 30 single let properties that are either owned or controlled by creative Rent2Rent strategies or lease options.
- In 2017 Kevin set up a lettings agent to help manage his time and look after his property portfolio. This has now been scaled as a business by itself to break even and additionally save Kevin time and money to do other things.
- The first 11 years in property Kevin built a debt of over £100,000. Since 2014 and training with Progressive, Kevin has built up a multi-million property business with a cashflow of over £11,000 per month and has an aim of one property deal per month.
BEST MOMENTS
“Always take positive steps towards success”
“The only way you fail in property is if you quit”
“Invest locally”
“I buried my head in the sand and worked harder to pay off my property debts”
“I thought I needed deposits to secure property deals”
“I’d decided I want to do property full-time”
“Property is the one thing that as made more millionaires and billionaires than anything else”
“People have either made their money in property or have invested their money in property”
VALUABLE RESOURCES
https://www.amazon.co.uk/No-Money-Down-Property-Investing/dp/1909846767
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.
CONTACT METHOD
https://www.facebook.com/kevinMcDonnellProperty/
https://kevinmcdonnell.co.uk/
http://progressiveproperty.co.uk/